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.…
Answer by Miami Trust Attorney Phillip B. Rarick, Esq. The most common purpose of the Irrevocable Life Insurance Trust (“ILIT”) is to help preserve the full value of the policy by protecting the insurance proceeds from the U.S. federal estate tax – currently at a 40% rate. The ILIT is…
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 Miami Trust Attorney Phillip B. Rarick, Esq. The best way to avoid probate is to have a basic estate plan that includes a living revocable trust as your master set of instructions to make sure you give what you have, the way you want, and when you want.…
Answer by Miami Probate Attorney Phillip B. Rarick, Esq. It can be expensive. According to a study by the American Association of Retired Persons (AARP), attorney fees for probate are usually three percent or more of the estate’s gross value. Florida presumptive statutory probate fees for attorneys (F.S. 733.6171) are…
Answer by Miami Probate Attorney Phillip B. Rarick Esq. Probate is the legal process through which the court makes sure that, when you die, your Will is legally valid, your debts are paid and your assets are distributed according to your Will and Florida law. It is a bureaucratic, costly,…
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…