By Phillip B. Rarick, Esq., Miami Asset Protection Attorney
Click Here: Asset Protection in Florida – Part 2 – Tenancy By Entirety
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By Phillip B. Rarick, Esq., Miami Asset Protection Attorney
Click here: Part 1 – Homestead and Other Protected Assets
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By Phillip B. Rarick, Miami Asset Protection Attorney
On occasion, I am invited to speak to small business groups regarding tips on how best to protect your business and investments from rogue lawsuits – or any lawsuit.
Those who have heard my presentation know about the basketball that I bring to each presentation. I coached youth basketball for many years, and one of the first points we drilled was protecting the “rock” or the ball. To win games, you better first protect the rock.
By Phillip B. Rarick, Miami Asset Protection Attorney
If you filed your annual report for your Florida corporate entities by May 1 this reminder is not for you. Read no further.
However, if you did not file by May 1, and pay the annual registration fee for your corporate entity, you should know that all corporate entities not reinstated prior to September 19 will be dissolved. (The Florida Secretary of State begins the process of dissolving entities on September 19 and is scheduled to complete this task on September 26.)
By: Ruzy Behnejad and Phillip B. Rarick, J.D.
Executive Summary
In Florida, creditors have a two year statute of limitations period to file claims against the estate or trust of a decedent. However, upon opening a probate estate, a Personal Representative (“PR”) or Executor, can take action to shorten this claim window. First, the PR can serve all reasonably ascertainable creditors with Formal Notice and the creditor will then have only 30 days to file a claim. Second, the PR can reduce the claim period window to 90 days by publishing a Notice To Creditors.
Real estate attorneys and professionals are without a doubt familiar with the FIRPTA withholding rules on U.S. property sales and rental income for foreign investors. The technical term for such investors is “non-resident alien”; this is an investor who does not hold a green card and meets other requirements.
Taxes that are often over-looked before a foreign investor purchases property in the United States are the Federal estate and gift taxes on foreign investment. While welcoming foreign investment, the U.S. nevertheless imposes a high estate and gift tax on the portion of the foreign individual’s gross estate – those assets controlled by the taxpayer and situated in the U.S. – that exceed $60,000. (For U.S. citizens this exemption is now $5.25 million.)
The tax rate is 40% for all assets in the gross estate over $60,000.
By: Phillip B. Rarick, Miami Asset Protection Attorney
The Family Limited Partnership, (the full legal name is family limited liability limited partnership (FLLLP) is designed to accomplish asset protection, tax and non-tax goals.
First, it provides protection from claims of creditors for the partnership assets. Creditors of a partner can only obtain a charging order entitling them to a share of partnership distributions. They cannot become partners and cannot participate in the management of the partnership, unless the other partners elect them to partnership.
By Phillip B. Rarick, Miami Asset Protection Attorney
An increasingly popular off-shore asset protection jurisdiction is Nevis Island. Nevis has enacted modern, strong trust and limited liability company (LLC ) laws exceptionally difficult to penetrate by any creditor.
For example, to attack an interest in a Nevis Island LLC, a Florida creditor has to go to a Nevis court to get a charging lien. It is unclear whether a Nevis Court would even recognize a Florida judgment: Officials in Nevis have told one commentator they know of no instance where a U.S. creditor has obtained a charging lien in Nevis to enforce a U.S. judgment.
By: Ruzy Behnejad
Executive Summary
In recent years, because of an increase in estate tax exemption amounts, the legal field of estate planning has seen a significant trend towards the drafting of irrevocable Spousal Lifetime Access Trusts (“SLAT”). These trusts are designed to preserve and pass on family wealth to younger family members, while also maintaining the power to “undo” the gift by allowing the spouse to force distributions of the trusts assets to the spouse. The SLAT can also have significant advantages with respect to asset protection. The SLAT provides a powerful shield protecting family assets from the grantor’s creditors or creditors of any family member.
By: Phillip B. Rarick, Miami Probate Attorney
Note: This is a first in a series of short reports on the subject of avoiding elder abuse scams – a subject of considerable importance in south Florida. However, these reports are for persons of all ages.
Example From Real Life: An attorney I know exceptionally well was scammed for a $3,000 deposit by a roofer after Hurricane Andrew a number of years ago. The roofer claimed to be working under his bosses’ license. Name of this attorney? See the author’s name above!
Florida Trust & Probate Attorneys Blog
