By Phillip B. Rarick, Esq. and Ashley Fernald In Florida there is frequently the difficult issue of whether to transfer homestead to a revocable living trust. The client wants to avoid probate and therefore generally wants to transfer the homestead to the trust. However, since the Bosonetto case in 2001,…
By Miami Trust Attorneys Phillip B. Rarick, Esq. and Jay R. Beskin, Esq. We averted one Fiscal Cliff. How does the new “Taxpayer Relief Act” passed by the Senate on New Year’s Eve impact estate and gift taxes for the American family? Here are three key points: 1. Estate and…
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 …
By Miami Asset Protection Attorney Phillip B. Rarick, Esq. In our litigious society anyone can become a target of a plaintiff seeking to get a money judgment against you personally. In today’s real estate market, where it is usually impossible to negotiate with the lender, deficiency judgments are a major…
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…
By Miami Trust Attorney Phillip B. Rarick, Eq. Is there someone in your family who has or may have special needs? Does someone in your family currently receive, or potentially in the future will be receiving, government benefits for their medical or other needs? If so, it is important that…
Answer by Miami Trust Attorney Phillip B. Rarick, Esq. The estate tax exemption for 2012 is $5.12 million; estates above $5.12 million are taxed at the rate of 35%. Unfortunately, absent congressional action, the estate tax exemption will fall back to $1 million per person with a top rate at…
Answer by Phillip B. Rarick, Miami Probate Attorney Everyone has a will, whether you know it or not. If you fail to plan for this certainty, the state of Florida has a will for you: it is called intestate succession. A common question we get from relatives of family members…
By: Phillip B. Rarick, J.D., and Jay R. Beskin, J.D. Miami Asset Protection Attorneys Background Summary: Last year in a blog we advised you that the “Olmstead Patch” – the Florida legislature’s attempt to fix a hole in the Florida LLC statute as a result of the 2010 Olmstead decision…
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: …