Miami estate planning attorney

Is Your Living Trust Up To Date? 10 Point Checklist For Amending Your Revocable Trust

Published on: April 5, 2016 | by Rarick & Bowden Gold

Checklist for Amending your revocable trust

Note: Your revocable living trust is designed to be as dynamic as your family. It serves as the master set of instructions to care for you and your family. Therefore, when there are big changes in your family, you may need an experienced Miami trust attorney to amend your revocable trust.

______#1. Marriage/Divorce. Has there been a marriage, divorce, or separation of anyone named in your will or trust? If there has been a marriage of an adult child (without a prenuptial agreement) you may need to amend your revocable trust to make sure monies designated for this adult child are protected.

What Is The Federal Estate Tax Exemption for 2016?

Published on: January 13, 2016 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq. and Jay R. Beskin, Esq.

2016 Federal Estate Tax Exemption: $5.45 Million

For 2016 the federal estate and gift tax exemption is now $5.45 million – up from $5.43 million in 2015. This means a single U.S. citizen can leave $5.45 million to their family members and friends and pay no estate tax if they die in Florida since Florida does not have an estate tax. (As some commentators have stated, Florida is a great place to die. For states where you don’t want to die see Where Not To Die)

Florida Personal Representative Checklist

Published on: October 27, 2015 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Probate Attorney

You are named the personal representative (or executor in other states) and a loved one or family member has just died. No doubt these are difficult times, but thankfully there are many resources for help. The following is a checklist of initial important tasks to help guide you after the funeral or memorial service.

Note: You are not required to accept the Personal Representative duties. Before you can legally act on behalf of the estate you will likely need to secure Letters of Administration issued by a Florida probate court that officially designate you as the legal authority in charge of the estate. Therefore, you should not take action as Personal Representative before you know your duties and what potential claims you may face from estate beneficiaries and creditors. Consult a Miami probate attorney and see our 10 Basic Legal Rights for Beneficiaries Under a Florida Will.

Florida Successor Trustee Checklist

Published on: October 27, 2015 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Trust Attorney

You are named the successor trustee and the trustmaker has just died. No doubt these are difficult times, but thankfully there are many resources to help. The following is a checklist of initial important tasks to help guide you after the funeral or memorial service.

Note: You are not required to accept the trustee duties. However, if you begin to act as successor trustee you will likely be held responsible for all acts as the trustee to the beneficiaries and the IRS. Therefore, do not begin to take any actions as Trustee before you know what your duties are. Consult a Miami trust attorney and see our 12 Point Summary of Florida Successor Trustee Duties.

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

Consider Non-Family Member as Successor Trustee

Published on: July 13, 2015 | by Rarick & Bowden Gold

One of the most important decisions a baseball manager must make is his batting order – it can mean the difference between a win or loss. (We will not digress to the Marlin’s management decisions – although this is tempting.)

One of the most important decisions you can make for your estate plan is your batting order of successor trustees: who do you want to step up to the plate for you if you cannot? It is important to place in position those persons in whom you have complete trust. Your successor trustee is charged with managing your financial affairs. This person is a fiduciary, and therefore under the law has a high fiduciary duty to follow your trust instructions exactly, pay all taxes on time, keep a good accounting of all monies coming in and going out – these are just a few of the many tasks. For a good summary of successor Trustee duties see our report: 12 Point Summary of Florida Successor Trustee Duties.

Many persons prefer to name a family member as a successor trustee – such as an older child. However, this position can sometimes cause conflict and disharmony in the family – especially when the older child must make discretionary decisions about distributions of trust funds to the other children.

Successor Trustee Duties

Published on: April 27, 2015 | by Rarick & Bowden Gold

12 Point Summary of Florida Successor Trustee Duties

Note: Trust administration requires strict compliance with the trust terms and often analysis of complex tax requirements. A trustee is a fiduciary and is held to a high standard of care under Florida law. If you are a successor trustee, we can help. It is important that you follow the advice of an experienced Trust Administration Attorney to avoid or reduce estate taxes or income taxes and to protect yourself against personal liability. Not only are the expenses of an attorney and CPA typically considered routine trust expenses, but failure to utilize such services can expose the trustee to personal liability.

Show Loyalty To All Trust Beneficiaries. Even if the successor trustee is himself a beneficiary, as trustee he has the duty of loyalty to all the other beneficiaries, including the remaindermen. Remaindermen are beneficiaries who do not have a current interest in the trust income or principal, but have a future interest in the trust.

What is a Durable Power of Attorney- And Why Is It So Important?

Published on: March 3, 2015 | by Rarick & Bowden Gold

By: Jacqueline R. Bowden and Phillip B. Rarick, Miami Estate Planning Attorneys

A power of attorney is a legal instrument you may give to a trusted family member or friend (commonly called your attorney-in-fact or agent) to manage your financial affairs and act on your behalf. The person creating the document is referred to as the principal. A Durable Power of Attorney (DPA) differs as it remains effective after the principal becomes incapacitated. In order for a DPA to remain effective it must include language stating that subsequent incapacity will not affect the powers of your agent.

Note: Florida’s Durable Power of Attorney law was completely rewritten effective October 1, 2011. See New Florida Durable Power of Attorney Law Makes Sweeping Changes. If you have a DPA dated prior to October, 2011, we strongly recommend that you update your DPA.

7 Point Legal Checklist for Same Sex Couples: Critical Action Items To Review Now

Published on: January 5, 2015 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq. and Jacqueline R. Bowden, Esq.

For same-sex couples living in Florida, now is the time to take full advantage of rights long delayed to make sure that your spouse or partner is cared for come rain or shine. Here is a checklist of some of the most important action items.

Living Revocable Trust: Make instructions to care for your spouse and children. Every couple should have detailed, legally binding instructions to care for their loved ones. The best way to accomplish this is to prepare or update your living revocable trust. Such a trust can help avoid court intervention in the event of disability or death and make sure all your hard earned money goes to your spouse or children in a wise and prudent way. For more information about Florida living trusts, see our Quick Reference Guide: Understanding Living Trusts for Florida Residents.

What Is A Living Will (It is Not a Will)

Published on: January 2, 2015 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Trust Attorney

A Living Will is not a will and it is not a living trust. It is simply detailed, legally binding instructions to your physician that you do not want to be maintained in a persistent vegetative state if there is zero possibility of recovery.

The term “living will” is confusing because it is not a will. A better name is Declaration Regarding Life Prolong Procedures. Such a Declaration is important to most persons because, at the end of life, they do not want to maintained in a vegetative state if there is absolutely no possibility of recovery.