Estate Planning

Understanding Step-Up in Basis

Published on: July 23, 2024 | by Rarick & Bowden Gold

A Crucial Tool for Estate Planning

By: Jacquel ine R. Bowden Gold, Miami Estate Planning Attorney

Step-up in basis is a tax provision in the United States that can significantly benefit those who inherit assets. By resetting the value of an inherited asset to its fair market value at the time of the decedent’s death, this provision can potentially minimize capital gains taxes when the asset is sold. Understanding how step-up in basis works and how to effectively receive it can be crucial for effective estate planning and maximizing the value of inherited assets.

6 Ways to Avoid Guardianship

Published on: July 15, 2024 | by Rarick & Bowden Gold

By Jacqueline R. Bowden Gold, Miami Estate Planning Attorney

Many people are concerned about their family avoiding probate upon their passing, but how can you avoid guardianship proceedings? As people age, the risk of cognitive decline and physical disabilities can sometimes necessitate guardianship, where a court appoints someone to make decisions on behalf of the elder. However, guardianship can be restrictive and often perceived as a loss of autonomy. Fortunately, there are several ways to avoid guardianship and ensure that you or your elder family members retain control over their lives and decisions for as long as possible. These measures are not only essential for maintaining independence but also crucial for avoiding guardianship proceedings and reducing associated costs. Here are some effective strategies:

Avoid Guardianship for Elder

Durable Power of Attorney (DPOA)

Planning for Guardianship of Minor Child During the Coronavirus Outbreak

Published on: May 7, 2020 | by Rarick & Bowden Gold

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.

Contract Review: Does Covid-19 Excuse Performance?

Published on: April 21, 2020 | by Rarick & Bowden Gold

by: Phillip B. Rarick, Esq.

We have been helping small business owners survive and thrive – in good times and bad – for over 25 years. Here is how we may be able to help you in this current challenging business environment.

1. Contract Review and Force Majeure. A Force Majeure clause is a standard clause in many contracts. If you have a contract you are trying to get out of – or the reverse – if you have a person trying to nullify performance under your existing contract the interpretation of the “Force Majeure” clause will be a determining factor.

The Paycheck Protection Fund Is Dry – But Don’t Give Up!

Published on: April 20, 2020 | by Rarick & Bowden Gold

by: Phillip B. Rarick, Esq.

Here is the good news/bad news I received from my bank today regarding my Paycheck Protection Program (PPP) Application: The good news: your application has been approved; the bad: the SBA is out of money and you must wait for Congress to refund the program!

Although I have heard of a few small businesses that have received funding I am guessing that most persons reading this letter have encountered similar frustrations. Note: if you have received funding, please so reply.

Special 2020 Asset Protection Checklist

Published on: April 20, 2020 | by Rarick & Bowden Gold

by: Phillip B. Rarick, Esq.

The Covid-19 Pandemic has changed the world as we know it and presented daunting challenges we have not encountered in our life time. It requires a total review of your estate plan and business entities to assure you are taking full advantage of Florida laws designed to protect your family and business.

The hard new reality: What plan was best for you prior to 2020 may not be what is best for you today

Durable Power of Attorney from Don Lewis to Carole Baskin

Published on: April 17, 2020 | by Rarick & Bowden Gold

Select link below to view PDF

DURABLE POWER OF ATTORNEY FROM DON LEWIS TO CAROLE BASKIN dated November 21, 1996

5 Quick Tips On Maxing Out Loan Forgiveness

Published on: April 17, 2020 | by Rarick & Bowden Gold

by: attorney Phillip B. Rarick

You can always count on the Americans to do the right thing – after they’ve tried everything else. – Winston Churchill.

Millions of small business owners and self-employed have filed for loans under the Paycheck Protection Program because part or all of the loan can be forgiven if you retain your employees and maintain their salary levels.

Stimulus Checks Update: How Much? When?

Published on: April 16, 2020 | by Rarick & Bowden Gold

How Much?

Here is an updated calculator from Turbotax: Stimulus Check Calculator

When Will Checks Arrive?

Florida Trust Services For Family Law Attorneys

Published on: August 9, 2015 | by Rarick & Bowden Gold

By Phil Rarick, Esq., Miami Trust Attorney

Family law attorneys are increasingly using trusts to secure and safeguard the payment of financial obligations in their marital settlement agreements. Such trusts can provide the following key benefits:

Security that payments will be made in a timely fashion