Florida Trust & Probate Attorneys Blog

When Bad Things Happen To Good Families: Keeping Peace In The Family Upon Death Of Family Matriarch Or Patriarch

Published on: January 29, 2019 | by Rarick & Bowden Gold

A Short Story With a Big Lesson

Everyone admired the Anderson family. Walter and Joan had 5 children and had worked hard all their lives to give their children the best of American life: each child received a car when they were a junior in high school – provided they had a 3.2 GPA. Two children went to FSU, two went to University of Miami, and one to Cornell. They all enjoyed the benefits from Walter and Joan’s small business – a flower import business next to the Miami airport. Walter and Joan had started the business 45 years ago, the year they were married, and it had grown into a business with 19 employees and many good customers including Publix.

Ensuring You Get Paid to Represent A Florida Trustee – And Avoiding A Conflict of Interest Sandtrap

Published on: January 29, 2019 | by Rarick & Bowden Gold

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.

3 Ways Your Thoughtful Florida Will Can Be Made Meaningless

Published on: January 23, 2019 | by Rarick & Bowden Gold

By: Phil Rarick

Here is a scenario we see more and more with persons who try to do estate planning themselves, specifically Florida Wills, without consulting with an experienced estate planning attorney. Louise has three adult daughters, Erma, Madeline, and Roseanne. The daughters are all close and speak to each other at least once a week. Louise wants to treat them all equally. Louise has four major assets: her home, a traditional IRA, a checking account, and a savings account.

Louise downloads a Florida Will form on the internet and says each child is to get one-third of everything she might own at death. She is careful to sign the will before a notary and two witnesses with a “Self-Proving Affidavit”. Louise dies, and the daughters schedule a meeting with a Probate Attorney. At the meeting the probate attorney informs the daughters that the Will is good under Florida law. However, despite the Will, 100% of the assets go to Erma. Madeline and Roseanne are not happy. How can this happen?

Three Common Problems We See With Non-Florida Wills

Published on: January 8, 2019 | by Rarick & Bowden Gold

By: Jacqueline R. Bowden Gold

Our office handles probate estates for many out of state residents through our Florida Counsel services. In handling the estates there are three common problems we see with Non-Florida Wills that can easily be avoided by consulting with a Miami Estate Planning attorney. If you have a non-Florida resident who owns Florida real estate an ancillary administration may be required upon their passing. You should consider these problems when drafting their Will:

Naming an out of State Attorney as Personal Representative or Executor.

Strengthen Your Prenuptial Agreement With A Nevada Asset Protection Trust

Published on: November 14, 2018 | by Rarick & Bowden Gold

By Phil Rarick

All modern passenger jet planes have at least two engines. Similar reasoning applies to prenuptial agreements. Many will argue that a good prenuptial agreement should fly safely on its own without the need for a “second engine.” However, a second engine could be a Nevada Asset Protection Trust (“APT”) that could only be contested in a Nevada court. Simply by requiring a litigant to seek redress in another jurisdiction will present a strong financial and psychological deterrent to a disgruntled spouse seeking to overturn the prenuptial agreement. Two engines are safer and stronger than one!

Here are two initial objections that I hear from some of my Family Law attorney friends:

Why Every Attorney Over Age 35 Should Consider an Asset Protection Trust – Now!

Published on: November 12, 2018 | by Rarick & Bowden Gold

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.

Your Florida Single Member LLC Is A Fortress – A Sand Castle Fortress!

Published on: November 6, 2018 | by Rarick & Bowden Gold

By Phil Rarick, Esq.

The Message.

Apparently the message has not got out: In 2011, the legislature threw Florida single member LLC’s under the bus. In a compromise with the bank lobbyists called the Olmstead Patch, multi-member Florida LLC’s (or limited liability companies) were given charging order protection, but a Florida single member LLC receive none. This means a Florida single member LLC can be easily attacked because creditors are not limited to a charging order; rather creditors can foreclose on their interests. See F.S. 605.0503. Olmstead V. F.T.C. Also See Olmstead Patch.

8 Point “Porcupine” Asset Protection Strategy

Published on: October 9, 2018 | by Rarick & Bowden Gold

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.

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

Florida’s Sweeping Elective Share

Published on: October 6, 2018 | by Rarick & Bowden Gold

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:

10 Point Checklist For Florida Corporate Entities

Published on: January 3, 2018 | by Rarick & Bowden Gold

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.