By: Phillip B. Rarick, Esq., Miami Trust Attorney I am pleased to announce that we have published on our web site a quick and easy explanation of living trusts. Click here: Understanding Living Trusts. Note: A PowerPoint presentation will appear in your lower task bar; click the presentation. Every person…
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 Attorney Phillip B. Rarick, Esq. Last year I reminded you of a state-wide corporate scam called Compliance Services. Well, they are at it again! Recently (approximately January 7-11, 2013) you may have received a letter that looks like an “official” letter from the state of Florida by…
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…
The time from to open and close a Florida probate estate depends on the type of administration – and of course upon the attorney. If the attorney is not experienced in Florida probate or does not concentrate in this field, expect the probate to take much longer and cost more.…
By Phillip B. Rarick, Esq., Miami Probate Attorney I. Executive Summary Attorney’s fees and personal representative’s (“PR”) fees make up most of the costs for Florida Probate. The biggest cost are usually attorney fees. Florida probate attorney fees depend on whether the proceeding is Summary Administration – usually the quickest and…
Answer by Miami Trust Attorney Phillip B. Rarick, Esq. Below is a summary of the basic obligations of a successor trustee of a trust. Note: Trust administration requires strict compliance with the trust terms and often analysis of complex tax requirements. If you are a successor trustee, we can help.…