Asset Protection

FLORIDA DOMICILE CHECKLIST

Published on: May 13, 2014 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq., Miami Trust Attorney

A. Domicile vs. Residence

“Domicile” and Residence are two different legal terms, but often confused. A person can have only one domicile, but any number of residences in different states. Domicile is your actual residence in the state joined with your intention to make that state your permanent home. In order to establish a new domicile, you must first abandon your old “domicile”, but not necessarily your old “residence.” The Florida test is both a subjective and objective test. The following checklist is a list of important objective criteria.

The New Consensus From Heckerling: The Estate Planning World Has Flipped 180 Degrees By ATRA

Published on: March 24, 2014 | by Rarick & Bowden Gold

How fundamentally has the 2012 American Taxpayer Relief Act (ATRA) changed estate planning? It may have taken a year for this consensus to develop, but the simple answer that was apparent at the recent 48^th Annual Heckling Institute on Estate Planning is this: Profoundly; there is a new paradigm in estate planning.

Paul Lee, the National Managing Director of Bernstein Global Wealth Management, captured the essence of the new consensus in his presentation. The new law increases the estate tax exemption to $5.34* million per person and $10.68* million for a married couple. With the increased exemptions and permanence of portability of the deceased spouse unused exclusion (DSUE), Mr. Lee’s major Take-Away Points are:

Estate planning is now far more complicated for estates above the $5.34* million threshold

Three Smart Legal Points To Know if You Own a Boat – or Jet Skies

Published on: March 1, 2014 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Asset Protection Attorney

The saddest and most tragic call I have ever received as a lawyer came when a parent called and said her teenage son, while operating a jet ski, had run over a young girl who happened to be about the age of my daughter. I declined the case. The young girl later died, and of course there was a large law suit.

These are the nightmare scenarios you never want to encounter. Of course, the most obvious, common sense step to avoid such tragedies is to make sure that whoever is operating your boat or jet ski is well trained on operation of the vessel and in fact follows safe, recommended operating procedures. With the excellent and free Coast Guard training programs in south Florida there is no excuse not to take advantage of these programs.

Bad Advice You Hear All The Time

Published on: February 9, 2014 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq., Miami Trust Attorney

Quote: There are three things that are real – God, human folly and laughter. The first two are beyond our comprehension. So we must do what we can with the third. – John F. Kennedy

Here are five bad items of advice – that you hear all the time from otherwise smart persons:

Comprendiendo Fideicomiso de Vida Para Residentes de la Florida

Published on: January 25, 2014 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq., Miami Trust Attorney

¿Qué es un fideicomiso de vida? ¿Cómo ayuda a evitar la legalización? ¿Por qué la mayoría de familias están usando un fideicomiso de vida en vez de un testamento para proporcionar para sus queridos? Estas preguntas y muchas más tienen respuesta en nuestro informe popular, Comprendiendo Fideicomiso de Vida Para Residentes de la Florida.

Gracias a nuestra asistente legal Jacqueline Bowden, y nuestra pasante Tamara Bauza, ahora tenemos disponible una traducción en español del informe. Para obtener una copia haga clic aquí: Comprendiendo Fideicomiso de Vida Para Residentes de la Florida.

When Do You Need To File Notice Of Change Of Ownership Or Control (Form DR-430) For An Entity Owning Florida Real Estate?

Published on: October 30, 2013 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq., Miami Trust Attorney

Summary:

The following Alert discusses the Florida real estate form DR-430 required to be filed upon the cumulative transfer or control of more than 50% of the legal entity that owned the property, or transfer of more than 50% of ownership interest.

A Tribute To The Greatest Generation

Published on: October 28, 2013 | by Rarick & Bowden Gold

By Phillip B. Rarick

This summer my family had the opportunity to travel to France. It was a busy trip, and we saw many spectacular works of art and architecture by past generations of artists.

The most special trip was our visit Normandy, where a generation of Americans representing the diversity of this country, challenged and beat back one of the darkest forces ever assembled in human history. Here are a few pictures from this trip.

The “Son-In-law Problem”: Keeping Your Wealth Safe – And Out of Reach From Your Daughter’s Husband

Published on: October 22, 2013 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Asset Protection Attorney

Let’s face it. If you have adult children, now married or considering marriage, you are a little concerned that your daughter’s husband could someday inherit your hard earned wealth. (Or maybe it’s your son’s wife.)

So, how do you protect your property, and make sure it goes to only your adult children (or your grandchildren) and not your child’s spouse?

Before the Wedding: 3 Legal Points Every Parent Should Know (Or Why a Prenuptial Agreement May Be A Smart Idea)

Published on: October 12, 2013 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Asset Protection Attorney

Introduction

The Big Announcement: your daughter tells you she plans to marry Hank, a great guy. She is so excited – and in love! The last thing you want to do is discuss “practical issues”. But, at the right time, it will be important to discuss “practical issues” to help prevent future heartbreak – and hardship.

Asset Protection In Florida, Part 4: Off-Shore Planning

Published on: October 12, 2013 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq., Miami Asset Protection Attorney

Click Here: Off-Shore Planning

Note: PowerPoint Presentation will appear in bottom task bar.