Justia Badge
The Florida Bar - Board Certified
Miami Lakes - Bar Association
Avvo Rating 10.0
Weston Bar Association
Avvo Clients Choice 2016
DC Bar
Indiana State Bar Association
Ullinois State Bar Association
The Virginia Bar Association
Miami Lakes Chamber of Commerce

May the odds be with you –but frankly they’re not.    More than 60% of doctors over the age of 55 have been sued at least once, according to a new survey by the American Medical Association (AMA).  Doctors are not the only professionals at risk. Virtually all small business owners and professionals face multiple risks from the person injured at a party on  one of your properties, the “friend” who borrows your jet ski and hits a swimmer,  dissatisfied customers, disgruntled employees, and unhappy ex-partners.

It is a simple reality: We live in a hostile legal environment, and the chance you will not face costly litigation at some point in your career is not good. The good news is that you can fight back.  Here is a quick summary of our “Porcupine” Asset Protection Strategy with tested legal strategies that can help protect your investments and property.

  1. Make Your Assets As Unattractive as Possible to Attack with a Good Asset Protection Strategy

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:

By Phil Rarick, Estate Planning Attorney

______#1. Successor Trustee. This is the person you have appointed to step into your legal shoes if you become incapacitated – in other words, one of the most important estate planning decisions you can make. Who have you appointed to take charge if you are incapacitated? What is the order of succession of trustees? If you have any question whatsoever about your order of succession, please call the office at (305) 556-5209.

______#2. Asset 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 (limited liability company) or LP (limited partnership). Do you know which assets you own that are protected and which are exposed? If not, we can help analyze this important issue.

By Phillip B. Rarick, Miami Lakes and Weston Estate Planning Attorney

Note: This 10 Point Checklist is for those persons who have interests in one or more Florida entities, such as a corporation,  limited liability company (LLC),  or  limited Partnership (LP).

1.     Annual Fees.   In January the State of Florida will send notices via email reminding you that annual fees for each corporate entity are due no later than May 1.   Do not wait to get an email notice from the state, as your fees are due regardless of whether you get a notice.   Remember:   The deadline to pay these fees is May 1 without penalty.

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?

Exploring Immigration Options: The Best Visas for Investors, Executives & Skilled Workers

by: Elizabeth Blandon, Board-Certified Immigration Attorney

For investors, business executives and skilled workers, there are several excellent immigration programs available that can help you to live and work in the United States –in most cases you will also be able to bring your immediate family members.

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:

Contact Information