Corporate

ASSET PROTECTION CHECKLIST FOR FLORIDA SMALL BUSINESS OWNER

Published on: February 27, 2015 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Asset Protection Attorney*

Action Item	Done
Homestead is under ½ acre if in municipality; if not in municipality then under 160 acres Note: Consider leaving mortgage on property – even if not necessary – as excellent asset protection option. The mortgage can be paid down to avoid creditor attack.
Trust systems in place for children and loved ones and integrated withcreditor protection structures
Vacation home is titled in LLC, Limited Partnership, or Tenancy by Entireties
Rental properties are titled in Florida LLC or Limited Partnership. If single, consider Delaware LLC
All Florida LLC’s have (1) Operating Agreement with charging order protection; (2) separate bank account; (3) multi-member
All corporate records have been annually reviewed by corporate attorney
Exposed equity investments protected by asset protection structure Note: Exposed investments are those not protected by Florida law. Protected investments are IRA’s, 401k’s, annuities, pension plans, life insurance, Florida pre-paid tuition plans, and 529 plans.
If married, checking/savings account owned as Tenancy By Entireties (TBE) Note: Confirm by going to bank and checking the bank signature card.
Auto and motor vehicles : If married, title in name of person who drives vehicle the most; not in joint name
Boats or jet skies: Title in name of LLC
Adequate property and casualty insurance
Adequate auto, vehicle, and boat insurance
Umbrella liability insurance Note: Confirm with agent that there are no gaps
If professional: adequate malpractice insurance and experienced malpractice agent who specializes in such coverage
Team of caring and qualified advisors, including CPA, attorney, investment advisor, and insurance agent

For more information, contact Phil Rarick, a Miami asset protection attorney, at (305) 556-5209 or info@raricklaw.com.

* With special thanks for ideas from Alan Gassman, Esq., estate & asset protection planning attorney and guru.

Special Note

The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced Miami asset protection attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.

Three Smart Legal Points To Know if You Own a Boat – or Jet Skies

Published on: March 1, 2014 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Asset Protection Attorney

The saddest and most tragic call I have ever received as a lawyer came when a parent called and said her teenage son, while operating a jet ski, had run over a young girl who happened to be about the age of my daughter. I declined the case. The young girl later died, and of course there was a large law suit.

These are the nightmare scenarios you never want to encounter. Of course, the most obvious, common sense step to avoid such tragedies is to make sure that whoever is operating your boat or jet ski is well trained on operation of the vessel and in fact follows safe, recommended operating procedures. With the excellent and free Coast Guard training programs in south Florida there is no excuse not to take advantage of these programs.

When Do You Need To File Notice Of Change Of Ownership Or Control (Form DR-430) For An Entity Owning Florida Real Estate?

Published on: October 30, 2013 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq., Miami Trust Attorney

Summary:

The following Alert discusses the Florida real estate form DR-430 required to be filed upon the cumulative transfer or control of more than 50% of the legal entity that owned the property, or transfer of more than 50% of ownership interest.

Florida Deadline For Dissolution of Corporate Entities Is September 19

Published on: September 14, 2013 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Asset Protection Attorney

If you filed your annual report for your Florida corporate entities by May 1 this reminder is not for you. Read no further.

However, if you did not file by May 1, and pay the annual registration fee for your corporate entity, you should know that all corporate entities not reinstated prior to September 19 will be dissolved. (The Florida Secretary of State begins the process of dissolving entities on September 19 and is scheduled to complete this task on September 26.)

EIGHT KEY BENEFITS OF THE FAMILY LIMITED PARTNERSHIP

Published on: July 19, 2013 | by Rarick & Bowden Gold

By: Phillip B. Rarick, Miami Asset Protection Attorney

The Family Limited Partnership, (the full legal name is family limited liability limited partnership (FLLLP) is designed to accomplish asset protection, tax and non-tax goals.

First, it provides protection from claims of creditors for the partnership assets. Creditors of a partner can only obtain a charging order entitling them to a share of partnership distributions. They cannot become partners and cannot participate in the management of the partnership, unless the other partners elect them to partnership.

Florida Attorney General Cracks Down On Florida Center of Corporations

Published on: July 3, 2013 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Probate Attorney

Two weeks ago we reported a scam directed at Florida businesses by a company named Florida Center of Corporations located in Davie, Florida. I am pleased to now report that the Florida Attorney General secured a temporary injunction and asset freeze against this company on July 2. See SunSentinel.com, July 3, 2013 (Davie firm’s assets frozen).

The deceptive practice goes like this. After a company incorporates, the Florida Center of Corporations sends out a letter appearing to be an “official” letter from the state of Florida advising you to send in about $56 to secure a Certificate of Status for your corporation. According to the SunSentinel article, more that 12,000 businesses fell for this scam and sent in money.

Watch for this Scam: Florida Center of Corporations

Published on: June 18, 2013 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Probate Attorney

We endeavor to keep you up on scams directed at Florida businesses and here is another one. Special thanks for this Scam Alert to alert readers Josefina Piedra and Tere Kipp.

If you receive a letter appearing to be an “official” letter from the state of Florida advising that you need to send in about $56 to secure a Certificate of Status for your corporation watch out. This is a scam. The company sending you this letter is called Florida Center of Corporations. It has a Davie, Florida post office box. This company is not a state government agency even though the letter and envelope make it look like one.

Watch For This Scam: Corporate Records Service

Published on: January 10, 2013 | by Rarick & Bowden Gold

By Miami Trust Attorney Phillip B. Rarick, Esq.

Last year I reminded you of a state-wide corporate scam called Compliance Services. Well, they are at it again!

Recently (approximately January 7-11, 2013) you may have received a letter that looks like an “official” letter from the state of Florida by a company called Corporate Records Service, or an email from a company called Compliance Services (not to be confused with the Florida corporation, Compliance Services, Inc.) asking for a fee of $125 for corporate minutes. BEWARE. This is a scam. These notices are not from the Department of State, Division of Corporations. Minutes are not required to be posted with the Florida Secretary of State. Rather, they should be prepared and filed in your corporate book.

Asset Protection in Florida: Five Common Mistakes – Five Tested Solutions

Published on: September 16, 2012 | by Rarick & Bowden Gold

By Miami Asset Protection Attorney Phillip B. Rarick, Esq.

In our litigious society anyone can become a target of a plaintiff seeking to get a money judgment against you personally. In today’s real estate market, where it is usually impossible to negotiate with the lender, deficiency judgments are a major concern. You may have excellent car or property insurance, but a good personal injury attorney will typically seek to go beyond the insurance limits and name you as a defendant if the damages are substantial. Owning assets that are exposed is an invitation to a lawsuit.

Thanks to the Internet, it is now easy for a creditor to find every piece of real estate that you own. In fact, if you own real estate for commercial or investment purposes, you might as well publish your property holdings on the front page of the Miami Herald because it now takes minutes to find what property you own on the Internet.

Beware of Florida Single Member LLC’s: Seven Ways to Avoid this Sand Trap

Published on: July 25, 2012 | by Rarick & Bowden Gold

By: Phillip B. Rarick, J.D., and Jay R. Beskin, J.D.

Miami Asset Protection Attorneys

Background Summary: