Articles Posted in Estate Planning

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 concern. You may have excellent…

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 ($10,240,000 per couple) without having…

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 you know the benefits of…

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 55% on January 1, 2013.…

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 who die without a will…

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 – strengthened multi-member LLC’s, but…

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: it solves everything. While the…

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 corporate entities,…

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 real estate, and requires advice…

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 N/A 2011 35% $5 million…