Virtually all states are looking to increase tax revenues and Florida is no exception. One area in which the state is becoming more aggressive is the collection of documentary stamp taxes. As outlined in Florida Statue §201.02, this stealth tax must be considered in virtually all transfers of interests between or within Florida…
I. Executive Summary Florida probate attorney fees depend on whether the proceeding is Summary Administration – usually the quickest and least expensive – or Formal Administration. Many factors will enter into the fees, including whether the probate is contested, is subject to estate and other taxes, involves the sale of…
The scheduled rates and exemptions are as follows Year Top Gift & Estate Tax Rate Gift Tax Exemption Amount Estate Tax Exemption Amount GST Tax Rate GST Exemption Amount 2009 45% $1 million $3.5 million 45% $3.5 million 2010 0 estate tax / 35% gift tax $1 million N/A 0…
A common over-sight of persons moving to Florida is failing to take their trust. They may have packed their trust and taken it with them, but the trust situs remains in their original state. This is usually a mistake. The fact that a client has moved to Florida will not…
Introduction The Florida legislature recently enacted the “Florida Power of Attorney Act” (“FPOA”, Fla. Stat. §§709.2101-.2402), fundamentally overhauling existing law, and making sweeping new changes. Even though the new law recognizes durable power of attorneys (“DPA’s) executed under the prior law, we are advising clients to update their DPA, if…
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…
By Phillip B. Rarick, Esq., Miami Probate Attorney Introduction The commencement of a Florida guardianship is typically used in two situations – either when a person may be incapacitated or when a minor receives assets in excess of $15,000. If a guardianship is sought because someone may be incapacitated, then typically…
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…
By Phillip B. Rarick, Esq., Miami Asset Protection Attorney Executive Summary: Last summer in the case of Olmstead V. F.T.C the Florida Supreme Court held that a charging order is not the exclusive remedy against a single member LLC and indicated that it may not be the exclusive remedy against…
By Phillip B. Rarick, Miami Trust Attorney Time for a Spring Check-Up for your Florida corporate entities. This note is our annual reminder to review your Florida corporations, LLC’s (limited liability companies), or partnerships. Here is our 7 Point Checklist: 1. Annual Minutes Up-to-date? 2. Are any Special Meeting Minutes…