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Articles Tagged with miami trust attorney

By Phillip B. Rarick, Esq.,  Miami Lakes and Weston Estate Planning Attorney

Within the past week, the Florida Department of State began sending notices by email to all persons with interests in Florida corporate entities, such as LLC’s, corporations, and limited partnerships.  These reports are due May 1, 2019 and there is no waiver of the $400 late fee if you miss this deadline.

The official Florida web site  at www.sunbiz.org has “Consumer Notices”  to alert you to bogus web sites that try to scam persons who file these reports.

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

Florida’s 30% elective share law was completely rewritten in 2001 because the old law could be easily circumvented by placing assets in a revocable trust or using non-probate transfers (e.g. life insurance, IRAs etc.)  In an effort to curtail such tactics, the legislature overhauled the statute and broadened the share.  The result is an expansive elective share that sweeps into the decedent’s “elective estate” many non-probate assets.  See F.S. §732.201 —§732.2155.

What Is Included?  Florida’s  elective share statute retains the 30% share under prior law, but introduces the concept of the “elective estate” (sometimes referred to as “augmented estate”)  that consists of the following property interests under F.S. §732.2035:

By Phillip B. Rarick, Miami Lakes and Weston Estate Planning Attorney

Note: This 10 Point Checklist is for those persons who have interests in one or more Florida entities, such as a corporation,  limited liability company (LLC),  or  limited Partnership (LP).

1.     Annual Fees.   In January the State of Florida will send notices via email reminding you that annual fees for each corporate entity are due no later than May 1.   Do not wait to get an email notice from the state, as your fees are due regardless of whether you get a notice.   Remember:   The deadline to pay these fees is May 1 without penalty.

You will miss this deadline if you do not read carefully – and you may need a magnifying glass to find it.  Within the past two weeks you should have received in the mail a “Notice of Proposed Property Taxes” or “TRIM Notice” from your county property tax appraiser.  Buried at the bottom of your  Notice in small print is an important deadline for appealing your tax assessment.

Clearly, the county does not want to encourage you to appeal your property taxes.

Note these deadlines:

By Phil Rarick, Miami Trust Attorney

Hard to believe we are in mid-Fall and 2016 is coming to a close.   Now may be a good time to sit down with a Miami trust attorney and review your estate plan.  One of the biggest problems we see with individual estate plans is failure to keep the plan updated to ensure that it continues to meet the changing needs of your dynamic family. Here is a short checklist:

  1. Marriage/Divorce.Has there been a marriage, divorce, or separation of anyone named in your will or trust – such as your adult children or grandchildren?  Most persons want to ensure that their hard earned money goes to their children – or grandchildren –  not to any spouses.

By Phil Rarick, Weston Estate Planning Attorney

This report is a reminder that the FBAR or Report of Foreign Bank and Financial Account is due June 30.    The FBAR is required for U.S. persons having a financial interest or signature authority over one or more foreign financial accounts, including a bank account, brokerage account, mutual fund, trust, estate, pension, cash value life insurance, or other type of foreign financial account having an aggregate value over $10,000 at any time during 2015.

Note:  A U.S. person may have a reporting obligation even though the foreign financial account does not generate any taxable income.

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

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.

By Phillip B. Rarick, J.D, Miami Probate Attorney

Note: Special thanks to Illinois attorney John E. Fish for the following question, which is one of the most frequent questions we receive.

Executive Summary:

Checklist for Amending your revocable trust

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.

Phillip B. Rarick, Esq., Miami Trust Attorney

Florida law requires that a trust must keep the qualified beneficiaries of a trust “reasonably informed of the trust and its administration.” F.S. 736.0813.  A “qualified beneficiary” is a current beneficiary, intermediate beneficiary, or first-line remainder beneficiary. F.S. 736.0103(16).  These information rights fall into two broad categories for a Florida trust beneficiary:  the Duty To Inform and the Duty to Account as follows.

Note:  The notice requirements discussed here typically apply to an irrevocable trust not a living revocable trust where the settlor (trustmaker) is not incapacitated.  If the settlor becomes incapacitated or dies, then these notice requirements likely do apply.

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