Miami asset protection lawyer

Watch for this Scam: Florida Center of Corporations

Published on: June 18, 2013 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Probate Attorney

We endeavor to keep you up on scams directed at Florida businesses and here is another one. Special thanks for this Scam Alert to alert readers Josefina Piedra and Tere Kipp.

If you receive a letter appearing to be an “official” letter from the state of Florida advising that you need to send in about $56 to secure a Certificate of Status for your corporation watch out. This is a scam. The company sending you this letter is called Florida Center of Corporations. It has a Davie, Florida post office box. This company is not a state government agency even though the letter and envelope make it look like one.

UNDERSTANDING LIVING TRUSTS: A QUICK GUIDE IN PLAIN ENGLISH

Published on: April 27, 2013 | by Rarick & Bowden Gold

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

I am pleased to announce that we have published on our web site a quick and easy explanation of living trusts. Click here: Understanding Living Trusts. Note: A PowerPoint presentation will appear in your lower task bar; click the presentation.

Every person should have a living trust, regardless of whether you have $10,000 or $900,000.

Transfer of Florida Homestead to a Revocable Trust: Assessing The Risks and Benefits

Published on: April 16, 2013 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq. and Ashley Fernald

In Florida there is frequently the difficult issue of whether to transfer homestead to a revocable living trust. The client wants to avoid probate and therefore generally wants to transfer the homestead to the trust. However, since the Bosonetto case in 2001, there has been uncertainty as to whether homestead transferred to a revocable trust jeopardizes it’s protection from creditors under Florida’s renowned homestead law.

In Bosonetto, an elderly woman who was about to have a final judgment of more than $100,000 held against her, used most of her invested money to purchase a Florida home. In re Bosonetto, 271 B.R. 403 (Bankr. M.D. Fla. 2001). This was homestead property, but was held in a revocable trust. The Plaintiff argued that trusts cannot claim homestead property as exempt. The court noted that the exemption from forced sale under the Florida Constitution was only applicable to property held by a natural person. The court concluded that because the property was held by the trust, “and because a trust is not a natural person, Defendant Bosonetto may not claim the Florida property is covered by the homestead exemption.” Id. at 407.

Watch For This Scam: Corporate Records Service

Published on: January 10, 2013 | by Rarick & Bowden Gold

By Miami Trust Attorney Phillip B. Rarick, Esq.

Last year I reminded you of a state-wide corporate scam called Compliance Services. Well, they are at it again!

Recently (approximately January 7-11, 2013) you may have received a letter that looks like an “official” letter from the state of Florida by a company called Corporate Records Service, or an email from a company called Compliance Services (not to be confused with the Florida corporation, Compliance Services, Inc.) asking for a fee of $125 for corporate minutes. BEWARE. This is a scam. These notices are not from the Department of State, Division of Corporations. Minutes are not required to be posted with the Florida Secretary of State. Rather, they should be prepared and filed in your corporate book.

Standby Florida Elective Share Trusts

Published on: October 6, 2012 | by Rarick & Bowden Gold

By Miami Probate Attorney Phillip B. Rarick, Esq.

Florida’s elective share statute allows attorneys to draft standby Florida elective share trusts. (For a summary of Florida’s elective share see our post: Florida’s Sweeping Elective Share.) As of April 23, 2002, trusts that create property interests contingent upon an election being made are now qualified to fund the spouse’s elective share interests. The requirements for such a trust are set forth at F.S. §732.2025(2) and include: (1) surviving spouse must be entitled to use of the property for life or have all of the income payable as least annually; (2) the surviving spouse has the right to make the trust productive of income or convert it within a reasonable time; and no person other than the spouse has the power to distribute income or principal to anyone other than the spouse.

Rarick, Beskin & Garcia Vega has been trusted by numerous law firms and many families during the past 18 years for probate, estate planning, trust and asset protection cases. To schedule an appointment, call (305) 556-5209 or email info@raricklaw.com.

Asset Protection in Florida: Five Common Mistakes – Five Tested Solutions

Published on: September 16, 2012 | by Rarick & Bowden Gold

By Miami Asset Protection Attorney Phillip B. Rarick, Esq.

In our litigious society anyone can become a target of a plaintiff seeking to get a money judgment against you personally. In today’s real estate market, where it is usually impossible to negotiate with the lender, deficiency judgments are a major concern. You may have excellent car or property insurance, but a good personal injury attorney will typically seek to go beyond the insurance limits and name you as a defendant if the damages are substantial. Owning assets that are exposed is an invitation to a lawsuit.

Thanks to the Internet, it is now easy for a creditor to find every piece of real estate that you own. In fact, if you own real estate for commercial or investment purposes, you might as well publish your property holdings on the front page of the Miami Herald because it now takes minutes to find what property you own on the Internet.

Moving to Florida: Tips On How To Avoid The Tax Traps

Published on: October 8, 2011 | by Rarick & Bowden Gold

A common over-sight of persons moving to Florida is failing to take their trust. They may have packed their trust and taken it with them, but the trust situs remains in their original state. This is usually a mistake.

The fact that a client has moved to Florida will not generally mean that the law governing the trust has moved here as well even if the client is the settlor, beneficiary, or trustee of the original trust. Clients moving to Florida are well advised to have all their trusts reviewed by a Florida attorney regarding such issues as:

Transfer of governing law or place of administration

New Florida Durable Power of Attorney Law Makes Sweeping Changes

Published on: September 21, 2011 | by Rarick & Bowden Gold

Introduction

The Florida legislature recently enacted the “Florida Power of Attorney Act” (“FPOA”, Fla. Stat. §§709.2101-.2402), fundamentally overhauling existing law, and making sweeping new changes. Even though the new law recognizes durable power of attorneys (“DPA’s) executed under the prior law, we are advising clients to update their DPA, if more than a year old, because the changes are so comprehensive. For Florida licensed attorneys who receive our Alert, we are making available at cost our new “Super DPA’s” drafted to take advantage of the new law.

Effective Date: The effective date of the FPOA is October 1, 2011. “Legacy” POA’s, or those signed before October 1, 2011, are not invalid, but the action of the agents or attorneys-in-fact under Legacy POA’s must be interpreted under the new law.

FLORIDA GUARDIANSHIP QUICK REFERENCE GUIDE

Published on: June 25, 2011 | by Rarick & Bowden Gold

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

Introduction

The commencement of a Florida guardianship is typically used in two situations – either when a person may be incapacitated or when a minor receives assets in excess of $15,000. If a guardianship is sought because someone may be incapacitated, then typically the court sets two hearings. At the first hearing the court determines whether the person is incapacitated; at the second, the court appoints a guardian if the person is determined to be incapacitated. Often, these hearings are combined. The court has the option of appointing a limited or a plenary guardian.

Olmstead Patch Bill Signed by Governor: Multi-Member Florida LLC’s Improved As Asset Protection Entity

Published on: June 11, 2011 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq., Miami Asset Protection Attorney

Executive Summary:

Last summer in the case of Olmstead V. F.T.C the Florida Supreme Court held that a charging order is not the exclusive remedy against a single member LLC and indicated that it may not be the exclusive remedy against a multi-member LLC. 2010 WL 2518106 (Fla. June 24, 2010.) This case revealed a major flaw in Florida law for LLC’s: it showed that a Florida LLC could be attacked more easily since the creditor of a single member LLC was not limited to a charging order against a LLC member, but rather could step into the shoes of the member. The new legislation, HB 253, signed by the Governor on May 31, makes clear that a charging order is the exclusive remedy against a multi-member and single member LLC. However, for a single member LLC, the new law provides a significant exception that creditors may be able to utilize to penetrate the LLC, rendering single member LLC’s still vulnerable.