Florida Trust & Probate Attorneys Blog
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DURABLE POWER OF ATTORNEY FROM DON LEWIS TO CAROLE BASKIN dated November 21, 1996
Articles Posted in Trust Law
Stimulus Checks Update: How Much? When?
How Much?
Here is an updated calculator from Turbotax: Stimulus Check Calculator
When Will Checks Arrive?
Unable to Fulfill Your Contractual Obligations Due to Covid-19?
By: Jacqueline R. Bowden Gold, Esq. and Phil Rarick, Esq.
The Coronavirus has left the US economy in a stand still. It has forced businesses to shut down and events to be cancelled or postponed across the nation – creating significant anxiety for small business owners. During these times, many businesses are unable to or fear they will become unable to fulfill their contractual obligations.
Here is a term you’ve probably heard before but never paid much attention to: Force Majeure. If you are unable to fulfill your contractual obligations or are worried that the obligor (the person who has a duty to perform) under an existing contract will not perform, Force Majeure is an important provision to look for in your contract.
14 Point Estate and Asset Protection Plan Checklist for An Unprecedented Year: 2020
By Phil Rarick & Jacqueline Bowden Gold, Estate & Business Law Attorneys
______#1. Coronavirus Check Calculator. Here is a simple, handy calculator describing who qualifies for the federal pandemic legislation checks and determines the amount of the check. Click here: Coronavirus Checks Calculator
When Will Checks Arrive? Secretary Mnuchin said that direct deposits will start going out April 17 followed by checks in the mail. It is not clear how long it will take the Treasury Department to get these checks out by mail – some experts caution it could take weeks or months.
READ THIS BEFORE DRAFTING YOUR OWN WILL
By: Jacqueline R. Bowden Gold, Miami Lakes and Weston Estate Planning Attorney
Don’t make the mistake of drafting your own Will and estate plan to save money. With general forms available and online companies that claim to walk you through the “easy” drafting process, it is common to fall prey to their low-priced services. As a Florida Probate and Medicaid Planning attorney, I see the harmful after- effects of “do it yourself” wills: high legal fees to clean up ambiguities and sometimes open warfare among the family because of lack of clarity regarding the decedent’s true wishes.
For other common mistakes not discussed in this article read: 5 Common Mistakes with Do It Yourself Florida Wills.
Florida Treasure Hunt: Check It Now! Florida Unclaimed Property Law
By Phillip B. Rarick, Esq., Miami Asset Protection Attorney
If you have never checked Florida’s web site for lost accounts and abandoned property you should do so – immediately. You may be pleasantly surprised!
You may think that it is not possible that you have any “unclaimed” property held by the State of Florida – and you could be wrong.
One Thing Every Parent Should Have For Their Children- Instructions!
By Phil Rarick, Weston Estate Planning Attorney
You and your spouse are finally going out for the evening. The babysitter, a high school student, has arrived and you are loading the young woman with last minute instructions: time for bed, make sure the kids brush their teeth, books to read little Tommy, etc, etc. What is ironic is many such fretful parents leave more instructions for their babysitter when they are out for a brief night out than they do if they would suddenly die.
Many parents have life insurance to provide for their spouse and children. What is missing here is that life insurance without detailed instructions could mean that your son or daughter gets a windfall when they turn 18 and then proceed to blow it on a hot car and high living – your dream of them getting a quality post high school education is up in smoke.
Ensuring You Get Paid to Represent A Florida Trustee – And Avoiding A Conflict of Interest Sandtrap
By: Phillip B. Rarick, Weston Estate Planning Attorney
In 2008 Florida passed an amendment to our Trust Code designed to allow a Trustee to use trust funds to pay legal fees incurred in defending a breach of trust litigation without prior court approval, so long as the Trustee gave notice to qualified beneficiaries of its intent to do so.
On its face, Florida Statute, F.S. 736.0802(10), seems to give the Trustee access to Trust funds to defend itself, but on closer examination, it creates a potential conflict of interest sandtrap.
Why Every Attorney Over Age 35 Should Consider an Asset Protection Trust – Now!
By Phil Rarick, Esq.
May the odds be with you – but frankly they are not:
- A recent study indicated that the average lawyer can now expect three legal malpractice claims during his or her career.
Florida’s Sweeping Elective Share
By Phillip B. Rarick, Esq., Miami Probate Attorney
Florida’s 30% elective share law was completely rewritten in 2001 because the old law could be easily circumvented by placing assets in a revocable trust or using non-probate transfers (e.g. life insurance, IRAs etc.) In an effort to curtail such tactics, the legislature overhauled the statute and broadened the share. The result is an expansive elective share that sweeps into the decedent’s “elective estate” many non-probate assets. See F.S. §732.201 —§732.2155.
What Is Included? Florida’s elective share statute retains the 30% share under prior law, but introduces the concept of the “elective estate” (sometimes referred to as “augmented estate”) that consists of the following property interests under F.S. §732.2035: