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?
By Phillip B. Rarick, Esq., Miami Asset Protection Attorney
Click Here: Part 3: The Asset Protection Ladder
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By Phillip B. Rarick, Esq., Miami Asset Protection Attorney
Click Here: Asset Protection in Florida – Part 2 – Tenancy By Entirety
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By Phillip B. Rarick, Esq., Miami Asset Protection Attorney
Click here: Part 1 – Homestead and Other Protected Assets
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By Phillip B. Rarick, Miami Asset Protection Attorney
On occasion, I am invited to speak to small business groups regarding tips on how best to protect your business and investments from rogue lawsuits – or any lawsuit.
Those who have heard my presentation know about the basketball that I bring to each presentation. I coached youth basketball for many years, and one of the first points we drilled was protecting the “rock” or the ball. To win games, you better first protect the rock.
Real estate attorneys and professionals are without a doubt familiar with the FIRPTA withholding rules on U.S. property sales and rental income for foreign investors. The technical term for such investors is “non-resident alien”; this is an investor who does not hold a green card and meets other requirements.
Taxes that are often over-looked before a foreign investor purchases property in the United States are the Federal estate and gift taxes on foreign investment. While welcoming foreign investment, the U.S. nevertheless imposes a high estate and gift tax on the portion of the foreign individual’s gross estate – those assets controlled by the taxpayer and situated in the U.S. – that exceed $60,000. (For U.S. citizens this exemption is now $5.25 million.)
The tax rate is 40% for all assets in the gross estate over $60,000.
By: Phillip B. Rarick, Miami Probate Attorney
Executive Summary
Failure to obtain court approval under Florida guardianship law of a pre-suit structured settlement exceeding $15,000 on behalf of a Florida minor child could result in the settlement being disaffirmed by the minor on reaching majority or within a reasonable time thereafter. See F.S. 744.387(3)(a)
By Phillip B. Rarick Esq., Miami Probate Attorney
The following documents are usually needed to open a testate Florida ancillary probate:
Court-authenticated copy of:
By: Phillip B. Rarick, Miami Asset Protection Attorney
The Family Limited Partnership, (the full legal name is family limited liability limited partnership (FLLLP) is designed to accomplish asset protection, tax and non-tax goals.
First, it provides protection from claims of creditors for the partnership assets. Creditors of a partner can only obtain a charging order entitling them to a share of partnership distributions. They cannot become partners and cannot participate in the management of the partnership, unless the other partners elect them to partnership.
By Phillip B. Rarick, Miami Asset Protection Attorney
An increasingly popular off-shore asset protection jurisdiction is Nevis Island. Nevis has enacted modern, strong trust and limited liability company (LLC ) laws exceptionally difficult to penetrate by any creditor.
For example, to attack an interest in a Nevis Island LLC, a Florida creditor has to go to a Nevis court to get a charging lien. It is unclear whether a Nevis Court would even recognize a Florida judgment: Officials in Nevis have told one commentator they know of no instance where a U.S. creditor has obtained a charging lien in Nevis to enforce a U.S. judgment.
Florida Trust & Probate Attorneys Blog
