miami trust lawyer

What Is A Living Will (It is Not a Will)

Published on: January 2, 2015 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Trust Attorney

A Living Will is not a will and it is not a living trust. It is simply detailed, legally binding instructions to your physician that you do not want to be maintained in a persistent vegetative state if there is zero possibility of recovery.

The term “living will” is confusing because it is not a will. A better name is Declaration Regarding Life Prolong Procedures. Such a Declaration is important to most persons because, at the end of life, they do not want to maintained in a vegetative state if there is absolutely no possibility of recovery.

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

Transfer of Motor Vehicles after Owner’s Death: How to Avoid Probate in Florida

Published on: May 19, 2014 | by Rarick & Bowden Gold

By Cristina M. Fernandez, Esq.

A. The Question

A common question we encounter is how to transfer the title of a motor vehicle upon the death of its owner.

FLORIDA DOMICILE CHECKLIST

Published on: May 13, 2014 | by Rarick & Bowden Gold

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

A. Domicile vs. Residence

“Domicile” and Residence are two different legal terms, but often confused. A person can have only one domicile, but any number of residences in different states. Domicile is your actual residence in the state joined with your intention to make that state your permanent home. In order to establish a new domicile, you must first abandon your old “domicile”, but not necessarily your old “residence.” The Florida test is both a subjective and objective test. The following checklist is a list of important objective criteria.

The New Consensus From Heckerling: The Estate Planning World Has Flipped 180 Degrees By ATRA

Published on: March 24, 2014 | by Rarick & Bowden Gold

How fundamentally has the 2012 American Taxpayer Relief Act (ATRA) changed estate planning? It may have taken a year for this consensus to develop, but the simple answer that was apparent at the recent 48^th Annual Heckling Institute on Estate Planning is this: Profoundly; there is a new paradigm in estate planning.

Paul Lee, the National Managing Director of Bernstein Global Wealth Management, captured the essence of the new consensus in his presentation. The new law increases the estate tax exemption to $5.34* million per person and $10.68* million for a married couple. With the increased exemptions and permanence of portability of the deceased spouse unused exclusion (DSUE), Mr. Lee’s major Take-Away Points are:

Estate planning is now far more complicated for estates above the $5.34* million threshold