By Phillip B. Rarick, Esq., Miami Trust Attorney
Executive Summary
A Domestic Asset Protection Trust or DAPT is an exceptionally strong structure for protecting family assets. However, a Hybrid DAPT, developed by Nevada attorney Steve Oshins, can add another layer of protection that will make the DAPT even more imposing and difficult to attack by a creditor.
By Phillip B. Rarick, Esq., Miami Trust Attorney
A common question we receive for persons who have prepared revocable living trusts is what do I do about title or registration for my cars. Unless your car is a Maserati or you have a collection of valuable old cars, here are three rules to follow if you live in Florida:
1. Do not title or register the car in your trust. A car is more likely to be a “lawsuit on wheels” than a valuable asset. There is no advantage to putting your car in the trust as cars do not need to be probated in Florida unless you have more than two cars in your name. If you have a collection of cars, then contact our office for further advice.
By Phillip B. Rarick, Esq., Miami Trust Attorney
Introduction
Parents of children with autism have many daunting tasks. One task that is often put off until it is too late is making sure you have a back-up plan if you can no longer care for your child. You are the primary care giver for your child. If you become disabled or die, do you have a plan? Do you have instructions to care for your child? Have you designated persons whom you trust and who could care for your child if you cannot not provide such care?
By Phillip B. Rarick, Esq., Miami Probate Attorney
A family member has died, and you are the Personal Representative or Executor named in their will. Your job is to find a probate attorney. You probably have three objectives: you want an attorney who will handle the legal tasks (1) efficiently; (2) as quickly as possible, and (3) in the least expensive way.
Efficiently and As Quickly As Possible
By Phillip B. Rarick, Esq., Miami Trust Attorney
Define Your Objectives – and Ask The Right Questions
Many persons seeking to retain an attorney for preparing a living trust often ask the wrong question, which is simply this: What is the cost for a living trust? This is usually mistake number one. Of course you want to minimize costs. But paying even $10 for a legal instrument that does not accomplish your objectives is worthless. The place to start is to identify your objectives, and then find the legal plan that will accomplish these objectives at the least cost.
By Phillip B. Rarick, Miami Probate Attorney
Two weeks ago we reported a scam directed at Florida businesses by a company named Florida Center of Corporations located in Davie, Florida. I am pleased to now report that the Florida Attorney General secured a temporary injunction and asset freeze against this company on July 2. See SunSentinel.com, July 3, 2013 (Davie firm’s assets frozen).
The deceptive practice goes like this. After a company incorporates, the Florida Center of Corporations sends out a letter appearing to be an “official” letter from the state of Florida advising you to send in about $56 to secure a Certificate of Status for your corporation. According to the SunSentinel article, more that 12,000 businesses fell for this scam and sent in money.
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.
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.
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.
By Miami Trust Attorneys Phillip B. Rarick, Esq. and Jay R. Beskin, Esq.
We averted one Fiscal Cliff. How does the new “Taxpayer Relief Act” passed by the Senate on New Year’s Eve impact estate and gift taxes for the American family? Here are three key points:
1. Estate and Gift Tax rates are increased to 40%
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