miami will lawyer

How to Title Your Cars or Vehicles: Three Rules To Know

Published on: July 7, 2013 | by Rarick & Bowden Gold

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.

Autism: What Every Parent Should Know About Special Needs Trusts

Published on: July 7, 2013 | by Rarick & Bowden Gold

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?

Standby Florida Elective Share Trusts

Published on: October 6, 2012 | by Rarick & Bowden Gold

By Miami Probate Attorney Phillip B. Rarick, Esq.

Florida’s elective share statute allows attorneys to draft standby Florida elective share trusts. (For a summary of Florida’s elective share see our post: Florida’s Sweeping Elective Share.) As of April 23, 2002, trusts that create property interests contingent upon an election being made are now qualified to fund the spouse’s elective share interests. The requirements for such a trust are set forth at F.S. §732.2025(2) and include: (1) surviving spouse must be entitled to use of the property for life or have all of the income payable as least annually; (2) the surviving spouse has the right to make the trust productive of income or convert it within a reasonable time; and no person other than the spouse has the power to distribute income or principal to anyone other than the spouse.

Rarick, Beskin & Garcia Vega has been trusted by numerous law firms and many families during the past 18 years for probate, estate planning, trust and asset protection cases. To schedule an appointment, call (305) 556-5209 or email info@raricklaw.com.

Federal Gift Tax Update: The Window May Close Soon

Published on: September 2, 2012 | by Rarick & Bowden Gold

By Miami Trust Attorneys Phillip B. Rarick, Esq. and Jay R. Beskin, Esq.

I. The Opportunity – And The Problem.

The Opportunity: Gifts to family members and others are free of the U.S. gift tax if under the exemption. Specifically, U.S. Citizens in 2012 can give away assets worth $5,120,000 ($10,240,000 per couple) without having to pay any federal estate tax or gift tax.

FAST TRACK FLORIDA PROBATE

Published on: June 25, 2011 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Probate Attorney

Introduction

Most states have streamlined probate procedures for smaller estates. Florida’s procedure is called Summary Administration and can be used to expedite administration of estates not exceeding $75,000 or when the decedent has been dead for more than two years. F.S. 735.201(2). It avoids the appointment of a Personal Representative (or “Executor” in other states). Summary Administration should always be considered for small estates; however, as discussed below, it may not always be the most practical option.