Articles Posted in asset protection

Differences Between a Revocable Trust and an Irrevocable Trust By Phil Rarick, Weston Trust Attorney, and Jasmine Benitez, Legal Assistant When planning your estate, choosing the right type of trust is crucial. Two of the most common options are revocable trusts and irrevocable trusts. While revocable and irrevocable trusts serve important roles in managing and…

Does a Florida Land Trust Provide Asset Protection? By Phil Rarick, Weston Trust Attorney, and Jasmine Benitez, Legal Assistant Many real estate investors wrongly believe that a Florida Land Trust can offer asset protection. While this type of trust is known for providing privacy and simplifying estate planning, they do not provide comprehensive protection from…

by: Phillip B. Rarick, Esq. Here is the good news/bad news I received from my bank today regarding my Paycheck Protection Program (PPP) Application: The good news: your application has been approved; the bad: the SBA is out of money and you must wait for Congress to refund the program! Although I have heard of…

by: Phillip B. Rarick, Esq. The Covid-19 Pandemic has changed the world as we know it and presented daunting challenges we have not encountered in our life time. It requires a total review of your estate plan and business entities to assure you are taking full advantage of Florida laws designed to protect your family…

by: attorney Phillip B. Rarick You can always count on the Americans to do the right thing – after they’ve tried everything else. – Winston Churchill. Millions of small business owners and self-employed have filed for loans under the Paycheck Protection Program because part or all of the loan can be forgiven if you retain…

How Much? Here is an updated calculator from Turbotax: Stimulus Check Calculator When Will Checks Arrive? If you signed up for direct deposit on either your 2018 or 2019 tax return, the IRS reportedly will start issuing electronic deposits on April 9 and they should show up in your bank account by April 14. However,…

By Phillip B. Rarick, Esq., Miami Trust Attorney State laws provide numerous legal opportunities for protecting your family’s hard earned wealth. See my recent article: Asset Protection for the Small Business Owner: 7 Key Strategies. An important domestic strategy is a Domestic Asset Protection Trust or DAPT. Because of the ever more stringent IRS reporting…

By Phil Rarick, Esq. Here is a simple fact: most small businesses cannot afford or even survive a major dispute between partners if the dispute ends up in court. Such disputes can doom the small business due to interruption of the company business, distract the principal partners from focusing on growth, and soak up all…

Now may be an excellent time to attack a common misunderstanding about living revocable trusts: These trusts do not protect your assets if you are sued. If you can be sued, your revocable trust can be sued. Some people believe that the living trust is like a “pink pill” solution: it solves everything. While the…

By Phillip B. Rarick, Esq. and Gene C. Sulzberger, CFP®, J.D. In the United States there are multiple estate and gift tax traps if you are not a U.S. citizen or your spouse is not. If you are a non-resident, or a resident with a Green Card and own property in Florida or other parts…