First, let’s hope you don’t need this. But, if you do, here is a checklist of key estate planning items that should be considered prior to filing a petition for dissolution of marriage:
Note: This is a partial list of key items. Invariably there are other considerations. Consult your estate planning attorney.
1. Revise living revocable trust or will:
Introduction
Florida same-sex partners and same gender couples who were legally married in a state outside of Florida and have now moved to Florida should consider using a TBE (Tenants by Entireties) Delaware LLC to own Florida real estate or intangible property. Here is why.
Strategy
By Phillip B. Rarick, Miami Wealth Protection Attorney*
ASSET PROTECTION CHECKLIST FOR THE FLORIDA SMALL BUSINESS OWNER
By Phillip B. Rarick, Esq., Miami Trust Attorney
A. Domicile vs. Residence
“Domicile” and Residence are two different legal terms, but often confused. A person can have only one domicile, but any number of residences in different states. Domicile is your actual residence in the state joined with your intention to make that state your permanent home. In order to establish a new domicile, you must first abandon your old “domicile”, but not necessarily your old “residence.” The Florida test is both a subjective and objective test. The following checklist is a list of important objective criteria.
How fundamentally has the 2012 American Taxpayer Relief Act (ATRA) changed estate planning? It may have taken a year for this consensus to develop, but the simple answer that was apparent at the recent 48th Annual Heckling Institute on Estate Planning is this: Profoundly; there is a new paradigm in estate planning.
Paul Lee, the National Managing Director of Bernstein Global Wealth Management, captured the essence of the new consensus in his presentation. The new law increases the estate tax exemption to $5.34* million per person and $10.68* million for a married couple. With the increased exemptions and permanence of portability of the deceased spouse unused exclusion (DSUE), Mr. Lee’s major Take-Away Points are:
By Phillip B. Rarick, Miami Asset Protection Attorney
The saddest and most tragic call I have ever received as a lawyer came when a parent called and said her teenage son, while operating a jet ski, had run over a young girl who happened to be about the age of my daughter. I declined the case. The young girl later died, and of course there was a large law suit.
These are the nightmare scenarios you never want to encounter. Of course, the most obvious, common sense step to avoid such tragedies is to make sure that whoever is operating your boat or jet ski is well trained on operation of the vessel and in fact follows safe, recommended operating procedures. With the excellent and free Coast Guard training programs in south Florida there is no excuse not to take advantage of these programs.
By Phillip B. Rarick, Esq., Miami Probate Attorney
We have written about this issue in the past, but it is one that keeps popping up. Here are the relevant facts. Note: I have changed some facts to avoid disclosure of private information.
Recently, we reviewed a New York will where the drafting attorney named himself and his client’s CPA as Personal Representative for the estate. Neither the attorney nor the CPA were blood related to the client and neither were residents of Florida.
By Phillip B. Rarick, Esq., Miami Trust Attorney
Quote: There are three things that are real – God, human folly and laughter. The first two are beyond our comprehension. So we must do what we can with the third. – John F. Kennedy
Here are five bad items of advice – that you hear all the time from otherwise smart persons:
By Phillip B. Rarick, Esq., Miami Trust Attorney
¿Qué es un fideicomiso de vida? ¿Cómo ayuda a evitar la legalización? ¿Por qué la mayoría de familias están usando un fideicomiso de vida en vez de un testamento para proporcionar para sus queridos? Estas preguntas y muchas más tienen respuesta en nuestro informe popular, Comprendiendo Fideicomiso de Vida Para Residentes de la Florida.
Gracias a nuestra asistente legal Jacqueline Bowden, y nuestra pasante Tamara Bauza, ahora tenemos disponible una traducción en español del informe. Para obtener una copia haga clic aquí: Comprendiendo Fideicomiso de Vida Para Residentes de la Florida.
By Phillip B. Rarick, Esq., Miami Probate Attorney
I. Determining Survivors
The personal representative has a duty to bring an action for the wrongful death of the decedent. F.S. 768.20. The Act provides for damages for the estate and “survivors”. Survivors include the surviving spouse, “minor children” under 25 years of age, and in some instances parents.
Florida Trust & Probate Attorneys Blog
