Trust Law

Does A Trust Need to Be Recorded, Filed or Registered in Florida?

Published on: October 18, 2017 | by Rarick & Bowden Gold

Does A Trust Need to Be Recorded, Filed or Registered in Florida?

One of the most common questions I get as a Weston estate planning attorney is, do I need to record my living trust? Some persons believe that a trust needs to be publicly recorded like a corporation or a deed. This is generally wrong; not only is recording not required or needed for most trusts, in most cases recording would negate one of the chief benefits of a trust: confidentiality. Let’s look at more specific questions.

Does a Living Revocable Trust Need To Be Recorded During the Life of the Trustmaker?

Four Problems With “Simple Wills” In Florida

Published on: October 6, 2017 | by Rarick & Bowden Gold

By: Phil Rarick, Estate Planning Attorney

Many persons are tempted to have a “Simple Will” in which they want everything they own at death to go outright first to their spouse, and if the spouse does not survive then to their children in equal shares. Rather than take the time to consult with a Weston estate planning attorney, many persons are tempted to write the Will themselves, using will forms they see advertised on TV. Read more: 5 Common Mistakes With Florida Do-It-Yourself Wills

In our practice we have seen many so-called “Simple Wills”. Most have big problems that end up costing the family much more fees and causing more stress than if the person had the Will drafted by an experienced Weston estate planning attorney. Here are just four big problems, but there are many more:

Three Big Threats To Your Children Over 18 – And How To Protect Them

Published on: February 20, 2017 | by Rarick & Bowden Gold

Three Big Threats To Your Children Over 18 –

And How To Protect Them

By Phil Rarick, Weston Estate Planning Attorney

Seven Point Year End Checklist

Published on: November 17, 2016 | by Rarick & Bowden Gold

By Phil Rarick, Miami Trust Attorney

Hard to believe we are in mid-Fall and 2016 is coming to a close. Now may be a good time to sit down with a Miami trust attorney and review your estate plan. One of the biggest problems we see with individual estate plans is failure to keep the plan updated to ensure that it continues to meet the changing needs of your dynamic family. Here is a short checklist:

Marriage/Divorce.Has there been a marriage, divorce, or separation of anyone named in your will or trust – such as your adult children or grandchildren? Most persons want to ensure that their hard earned money goes to their children – or grandchildren – not to any spouses.

5 Reasons Nevada Is Best State For Asset Protection Trust

Published on: June 12, 2016 | by Rarick & Bowden Gold

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

State laws provide numerous legal opportunities for protecting your family’s hard earned wealth. See my recent article: Asset Protection for the Small Business Owner: 7 Key Strategies.

An important domestic strategy is a Domestic Asset Protection Trust or DAPT. Because of the ever more stringent IRS reporting requirements for off-shore entities, DAPT’s are becoming a popular asset protection tool. See Hybrid Asset Protection Trust

FBAR Filing Deadline is June 30; Summary of Reporting Requirements for Off-Shore Assets

Published on: June 5, 2016 | by Rarick & Bowden Gold

By Phil Rarick, Weston Estate Planning Attorney

This report is a reminder that the FBAR or Report of Foreign Bank and Financial Account is due June 30. The FBAR is required for U.S. persons having a financial interest or signature authority over one or more foreign financial accounts, including a bank account, brokerage account, mutual fund, trust, estate, pension, cash value life insurance, or other type of foreign financial account having an aggregate value over $10,000 at any time during 2015.

Note: A U.S. person may have a reporting obligation even though the foreign financial account does not generate any taxable income.

When Can A Non-Resident Of Florida Serve As The Personal Representative For A Probate Estate?

Published on: May 5, 2016 | by Rarick & Bowden Gold

By Phillip B. Rarick, J.D, Miami Probate Attorney

Note: Special thanks to Illinois attorney John E. Fish for the following question, which is one of the most frequent questions we receive.

Executive Summary:

5 Key Rights of a Florida Trust Beneficiary

Published on: March 16, 2016 | by Rarick & Bowden Gold

Phillip B. Rarick, Esq., Miami Trust Attorney

Florida law requires that a trust must keep the qualified beneficiaries of a trust “reasonably informed of the trust and its administration.” F.S. 736.0813. A “qualified beneficiary” is a current beneficiary, intermediate beneficiary, or first-line remainder beneficiary. F.S. 736.0103(16). These information rights fall into two broad categories for a Florida trust beneficiary: the Duty To Inform and the Duty to Account as follows.

Note: The notice requirements discussed here typically apply to an irrevocable trust not a living revocable trust where the settlor (trustmaker) is not incapacitated. If the settlor becomes incapacitated or dies, then these notice requirements likely do apply.

Florida Successor Trustee Checklist

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

By Phillip B. Rarick, Miami Trust Attorney

You are named the successor trustee and the trustmaker has just died. No doubt these are difficult times, but thankfully there are many resources to help. The following is a checklist of initial important tasks to help guide you after the funeral or memorial service.

Note: You are not required to accept the trustee duties. However, if you begin to act as successor trustee you will likely be held responsible for all acts as the trustee to the beneficiaries and the IRS. Therefore, do not begin to take any actions as Trustee before you know what your duties are. Consult a Miami trust attorney and see our 12 Point Summary of Florida Successor Trustee Duties.

Florida Probate or Trust Administration Document Checklist

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

____ 1. Minimum of 10 death certificates (these can usually be obtained through the funeral home)

____ 2. Original Will and all codicils (or amendments to the Will)

Note: If you have the original, either personally deliver to the attorney’s office or send via Federal Express or certified mail.