Asset Protection Checklist For Single Professionals
By Phil Rarick, Esq. & Jacqueline Bowden Gold, Esq., Miami Asset Protection Attorneys
Florida has good laws to protect your business, real estate investments, and equity investments. Are you taking advantage of these laws? Take this three-minute survey for a quick assessment.
1. Is your Florida homestead titled only in your name?
Florida homestead is one of the best-protected assets in the U.S.A. However, if not properly titled, then homestead protection could be jeopardized. We review homestead deeds at no cost to our clients.
Yes No N/A Don’t know
2. Do each of your LLCs have an Anti-Olmstead Operating Agreement updated since 2012?
Florida LLC law changed substantially in 2012 due to the very significant Olmstead decision. If there is a threat of insolvency your LLC may need special provisions to secure favorable tax treatment.
Yes No N/A Don’t know
3. If you have LLCs, does your Operating Agreement state that there are 2 or more members?
A single member Florida LLC offers you virtually no protection.
Yes No N/A Don’t know
4. Are your rental properties and vacation home titled in a multi-member LLC?
If not, these properties are “low hanging fruit” and exposed to creditors.
Yes No N/A Don’t know
5. If you have equities and bonds that are not IRAs, 401ks, or otherwise qualified, do you have a Multi-Layered Asset Protection Strategy to protect these investments?
Yes No N/A Don’t know
6. Are you confident you have not named a minor child (under age 18) as beneficiary or owner of any bank account, life insurance, or annuity?
Never name a minor the beneficiary of anything as this could trigger guardianship proceedings upon your death.
Yes No N/A Don’t know
7. If you have a business partnership, do you have a buy-sell agreement in case your partner divorces, becomes incapacitated, dies, or wants to sell his or her shares?
Absolutely necessary – unless you are okay with having your partner’s spouse as your new partner!
Yes No N/A Don’t know
8. Is your estate plan designed to avoid court intervention in your personal or business affairs in the event of mental incapacity or death?
Court intervention in the affairs of a small business operation often means a business interruption that will cripple or destroy the business. Our courts are simply not equipped to run a small business.
Yes No N/A Don’t know
9. Do you have a post 2012 Florida Durable Power of Attorney that designates a person you trust unconditionally to make financial decisions for you if you are unable to do so because of mental incapacity?
Every person over 18 should have a strong Florida Specific Durable Power of Attorney that is up-to-date. If you are a parent, this includes your adult children.
Yes No N/A Don’t know
10. If you have a corporation or P.A. (Professional Association) are (a) your corporate records up-to-date; (b) stock certificates accurately reflect your ownership; and (c) stock certificates conform to your IRS income tax returns?
Yes No N/A Don’t know
11. Have your estate plan and business entities been reviewed within the past 3 years by an experienced estate planning attorney?
Yes No N/A Don’t know
If you answered “No” or “Don’t know” to any question, then you may wish to consult and review this issue with a Miami asset protection attorney. We are available via office meetings, Zoom, or telephone conferences.
Call (305) 556-5209 or email Christy, our paralegal, at cmedina@raricklaw.com. Let us know how we can help!