miami trust attorney

10 Point Checklist For Florida Corporate Entities

Published on: January 3, 2018 | by Rarick & Bowden Gold

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.

Seven Point Year End Checklist

Published on: November 17, 2016 | by Rarick & Bowden Gold

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:

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.

FBAR Filing Deadline is June 30; Summary of Reporting Requirements for Off-Shore Assets

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

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.

When Can A Non-Resident Of Florida Serve As The Personal Representative For A Probate Estate?

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

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:

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.

5 Key Rights of a Florida Trust Beneficiary

Published on: March 16, 2016 | by Rarick & Bowden Gold

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.

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 Probate or Trust Administration Document Checklist

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

____ 1. Minimum of 10 death certificates (these can usually be obtained through the funeral home)

____ 2. Original Will and all codicils (or amendments to the Will)

Note: If you have the original, either personally deliver to the attorney’s office or send via Federal Express or certified mail.

10 Important Legal Rights for “Qualified Beneficiaries” under a Florida Trust

Published on: September 14, 2015 | by Rarick & Bowden Gold

Know your rights. If you are a qualified beneficiary of a Florida trust you have important legal rights protected by Florida law.

The trustee of an irrevocable trust in Florida is a fiduciary with numerous responsibilities that run like a laser beam to the qualified beneficiaries. See our 12 Point Summary of Florida Trustee Duties. “Qualified beneficiaries” are generally all beneficiaries who are current beneficiaries, intermediate beneficiaries, and first-line remainder beneficiaries, whether vested or contingent. See F.S. 736.0103(16)

The Trustee has a core duty to keep the “qualified beneficiaries” of an irrevocable trust reasonably informed of the trust and its administration. If you are a qualified beneficiary” of an irrevocable Florida trust you have the following “information” rights under F.S. 736.0813:

Securing Payment of Child Support with a Children’s Safe Harbor Trust

Published on: August 18, 2015 | by Rarick & Bowden Gold

By: Phillip B. Rarick, Esq.

Most divorce judgments call for one of the parties to obtain a life insurance policy for securing the payment of child support, alimony or some other financial obligation. Let’s assume the obligation is solely child support: a potential mistake is failure to secure payment of the policy premiums by use of an irrevocable Children’s Safe Harbor Trust structured as a spendthrift trust.

For securing the payment of child support, the settlement agreement should have specific language that may read as follows: