Miami estate planning attorney

What Is A Living Trust- And What Are the Benefits?

Published on: December 30, 2014 | by Rarick & Bowden Gold

Within the past 10 years, the Living Trust has replaced the Will as the best way to care for you and your loved ones because it can avoid the fees, cost, and stress of court intervention in the event of mental incapacity or death. Properly funded, a living trust can help you keep legal control in your family or with persons you trust and avoid having a judge – an unknown third person – make decisions about your personal affairs.

A living trust is simply detailed, legally binding instructions to care for you and your family. There are three key players in a trust. First, the Trustmaker or grantor; this is the person who makes the trust. Second, the Trustee, whose job is to follow the instructions of the trust exactly and to the spirit of the trust. The third role are the Beneficiaries. The Trustee’s fiduciary duties run like a laser beam to the beneficiaries: every penny of the Trust must be used in the best interests of the beneficiaries.

Initially, you can act in all three roles in your living trust: You can be the trustmaker, trustee and beneficiary. Your spouse, children, or other loved ones can also be beneficiaries.

Deadline for Annual Gifting is December 31; Consider Gifting Trust

Published on: December 20, 2014 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Trust Attorney

You have a valuable tax benefit from the IRS, but the deadline for taking advantage of this benefit is December 31. The IRS allows you to gift $14,000 per recipient each year tax free; if married, you can gift $28,000 per person.

Example: If you are married and have two children, you can gift $56,000 without incurring any gift taxes or using part of your lifetime gift tax exemption. (This exemption is $5.34 million; next year it will be $5.43 million.)

9 Key Benefits Available to Florida Same-Sex Couples: U.S. Supreme Court Clears Way For Critical State Benefits Effective January 6

Published on: December 20, 2014 | by Rarick & Bowden Gold

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

Same-sex marriage will likely be legal in Florida beginning January 6 as a result of a historic 7-2 ruling by the U.S. Supreme Court yesterday, December 19. This ruling, denying Attorney General Pam Bondi’s request to extend a stay preventing the state from recognizing the marriages of eight same sex couples, may signal the state’s last defense of a constitutional ban on same-sex marriage in line with the over-whelming national trend to strike down such bans.

The ruling has profound legal consequences for Florida same-sex couples. This Alert reviews six Federal benefits available now, and three state benefits that will be available January 6 barring any further legal developments, which are unlikely as Attorney General Bondi has now conceded that the stay will end January 5.

7 Point Checklist for Pre-Divorce Planning

Published on: August 6, 2014 | by Rarick & Bowden Gold

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:

Estate Planning For Florida Same Sex Partners or Spouses: What You Should Know About TBE Delaware LLC’s

Published on: June 8, 2014 | by Rarick & Bowden Gold

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

Asset Protection Checklist For The Florida Small Business Owner

Published on: May 26, 2014 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Wealth Protection Attorney*

ASSET PROTECTION CHECKLIST FOR THE FLORIDA SMALL BUSINESS OWNER

Bad Advice You Hear All The Time

Published on: February 9, 2014 | by Rarick & Bowden Gold

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:

When Do You Need To File Notice Of Change Of Ownership Or Control (Form DR-430) For An Entity Owning Florida Real Estate?

Published on: October 30, 2013 | by Rarick & Bowden Gold

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

Summary:

The following Alert discusses the Florida real estate form DR-430 required to be filed upon the cumulative transfer or control of more than 50% of the legal entity that owned the property, or transfer of more than 50% of ownership interest.

The “Son-In-law Problem”: Keeping Your Wealth Safe – And Out of Reach From Your Daughter’s Husband

Published on: October 22, 2013 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Asset Protection Attorney

Let’s face it. If you have adult children, now married or considering marriage, you are a little concerned that your daughter’s husband could someday inherit your hard earned wealth. (Or maybe it’s your son’s wife.)

So, how do you protect your property, and make sure it goes to only your adult children (or your grandchildren) and not your child’s spouse?

Asset Protection In Florida, Part 3: The Asset Protection Ladder

Published on: October 12, 2013 | by Rarick & Bowden Gold

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

Click Here: Part 3: The Asset Protection Ladder

Note: PowerPoint Presentation will appear in bottom task bar.