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Articles Posted in Estate Planning

By Phil Rarick,  Esq., and Jacqueline Bowden Gold, Esq., Miami Asset Protection Attorneys

Pros and cons of marriage | The Week UK
If you have creditor threat, do you know what assets are easily exposed to creditors?   Do you know what assets are already protected by Florida law? Take this three minute survey for a quick assessment. Your family will thank you!

1. Is your Florida homestead in your name and spouse as “Tenants By Entireties”?

By Phil Rarick, Esq. & Jacqueline Bowden Gold, Esq., Miami Asset Protection Attorneys

Unmarried and Single Americans Week: September 18-24, 2022
The Covid-19 Pandemic has changed the world as we know it and presented daunting challenges we have not encountered in our life-times. It requires a total review of your estate plan and business entities by an experienced Miami asset protection attorney to assure you are taking full advantage of Florida laws designed to protect your assets from creditors.

Take this three minute survey for a quick assessment – it may be the most valuable survey you take this year!

Curve Balls to Watch for In New Florida Trust Director Law

By Phillip B. Rarick, Miami Trust Attorney, and Hannah S. Rarick, J.D. Candidate

Effective as of last year July 1, 2021, Florida is now 1 of 15 states to enact the Uniform Directed Trust Act (FUDTA), F.S. §§736.1401 to .1416, that allows a third party other than the Trustee to take over some part of the trust administration – such as supervision of a small family business. This third party is called a Trust Director (or directing Trustee) in the new statute; but is also commonly referred to as a Trust Advisor under prior law or Trust Protector in other jurisdictions.

https://www.rblawfl.com/blog/wp-content/uploads/2022/08/MIAMI-SKYLINE-SUNSET.2-250x300.jpgBy Phillip B. Rarick, Miami Trust Attorney and Hannah S. Rarick, J.D. Candidate

Florida’s short 6-month statute of limitations on a trust accounting can be a sand trap for the qualified beneficiary of a Florida trust. Here are some quick tips based upon our years of experience as Miami Trust attorneys.

Statutory Language

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By Phil Rarick, Miami Trust Attorney

Naming a minor child as a beneficiary of a will, life insurance policy, IRA, 401K, bank account or any other source of fund is almost always a substantial mistake for four reasons:

  1. If the funds are over $15,000 a guardian ad litem may need to be appointed by the court for the minor to access the funds upon death or disability of the parent. See F.S. 744.301. Court costs to petition the court and secure such funds on behalf of the minor could estimate from $3,000 to $5,000.

By: Phil Rarick & Jacqueline Bowden Gold, Estate & Business Law Attorneys

Note:    Rarick, Beskin & Bowden Gold is dedicated to helping families protect their hard-earned wealth regardless of size – we provide basic estate planning for families with modest savings and advanced planning for those with substantial wealth.

_____1. Wealth Protection. Do you have any rental real estate that is in your individual name or an S corporation? Do you have a single member LLC? This is low hanging fruit for any potential creditor, and likely needs to be protected by placing the property in a multi-member LLC. Do you know which assets you own that are protected and which are exposed? If not, we can help analyze this important issue. Schedule a Wealth Protection consultation by calling Christy at (305) 556-5209.

By: Jacqueline R. Bowden Gold

It is no surprise that Florida is different from the other 49 states.  (Exhibit A: Google “Florida Voter Recount”)  What is confusing to some probate attorneys outside the state – and many within the state –  is our unique Procedure for “Probating” Homestead Property.   Pursuant to Florida Statute 733.607, protected Florida homestead property is not considered a probate asset, so why does it usually require a probate proceeding?

First, we must define what is homestead. Homestead is real property, of no more than 160 contiguous acres outside a municipality, or no more than one-half of an acre of contiguous land in a municipality, owned by a natural person, and the improvements on it. Art. X, §4(a), Fla. Const. In addition, to qualify for homestead it must be the decedent’s primary or permanent residence prior to death and the property must be owned by a natural person.

By: Jacqueline R. Bowden Gold

Our very own, Miami Lakes Estate Planning attorney Jaqueline R. Bowden-Gold, was recently featured on Porch.com as an expert contributor. In this article, Will And Estate Planning: Advice From The Experts, Attorney Bowden-Gold answers what can be considered the most important part of your estate plan, How do I leave specific items to specific heirs?

Leaving specific tangible items can be simple, yet perhaps the most important part of your estate plan. This is your chance to leave your legacy or family heirlooms to the right people. In Florida, the easiest way is to prepare a Last Will or Living Trust with an incorporated Memorandum of Tangible Items (“Memorandum”).

By Phil Rarick, Esq. and Jacqueline Bowden Gold, Esq.,  Miami Lakes and Weston Estate Planning Attorneys,with special thanks for comments  by Rick Stockton, Esq. of Holland & Knight, a primary author of the Lawgic Florida Wills and Trust program.

Editor’s Note:  The following is a public service Alert from Rarick & Beskin, P.A.  This firm does not offer  or recommend Remote Online Notarization Service providers.

As previously reported, Florida’s new Remote Online Notarization law became effective January 1st of this year for all documents except for wills, trusts and other testamentary instruments, that becomes effective July 1. See Florida’s Remote Online Notarization Begins January 1.

By: Jacqueline R. Bowden Gold, Miami Lakes Estate Planning Attorney

When preparing an estate plan everyone plans for distribution or preservation of their assets to make sure their minor child, adult child or families are taken care of. People often overlook planning for the event of being mentally incapacitated and asking this important question: What if you are just not available? Covid-19 has given people a new perspective with the overwhelming amount of hospitalizations. Front line workers are often forced to make the difficult decision of being separated from their minor children to avoid them contracting the virus.

Now more important than ever every parent should plan for guardianship of their minor children.

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