Estate Planning

Seven Point Year End Checklist

Published on: November 17, 2016 | by Rarick & Bowden Gold

By Phil Rarick, Miami Trust Attorney

Hard to believe we are in mid-Fall and 2016 is coming to a close. Now may be a good time to sit down with a Miami trust attorney and review your estate plan. One of the biggest problems we see with individual estate plans is failure to keep the plan updated to ensure that it continues to meet the changing needs of your dynamic family. Here is a short checklist:

Marriage/Divorce.Has there been a marriage, divorce, or separation of anyone named in your will or trust – such as your adult children or grandchildren? Most persons want to ensure that their hard earned money goes to their children – or grandchildren – not to any spouses.

5 Reasons Nevada Is Best State For Asset Protection Trust

Published on: June 12, 2016 | by Rarick & Bowden Gold

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

State laws provide numerous legal opportunities for protecting your family’s hard earned wealth. See my recent article: Asset Protection for the Small Business Owner: 7 Key Strategies.

An important domestic strategy is a Domestic Asset Protection Trust or DAPT. Because of the ever more stringent IRS reporting requirements for off-shore entities, DAPT’s are becoming a popular asset protection tool. See Hybrid Asset Protection Trust

When Can A Non-Resident Of Florida Serve As The Personal Representative For A Probate Estate?

Published on: May 5, 2016 | by Rarick & Bowden Gold

By Phillip B. Rarick, J.D, Miami Probate Attorney

Note: Special thanks to Illinois attorney John E. Fish for the following question, which is one of the most frequent questions we receive.

Executive Summary:

Is Your Living Trust Up To Date? 10 Point Checklist For Amending Your Revocable Trust

Published on: April 5, 2016 | by Rarick & Bowden Gold

Checklist for Amending your revocable trust

Note: Your revocable living trust is designed to be as dynamic as your family. It serves as the master set of instructions to care for you and your family. Therefore, when there are big changes in your family, you may need an experienced Miami trust attorney to amend your revocable trust.

______#1. Marriage/Divorce. Has there been a marriage, divorce, or separation of anyone named in your will or trust? If there has been a marriage of an adult child (without a prenuptial agreement) you may need to amend your revocable trust to make sure monies designated for this adult child are protected.

What Is The Federal Estate Tax Exemption for 2016?

Published on: January 13, 2016 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq. and Jay R. Beskin, Esq.

2016 Federal Estate Tax Exemption: $5.45 Million

For 2016 the federal estate and gift tax exemption is now $5.45 million – up from $5.43 million in 2015. This means a single U.S. citizen can leave $5.45 million to their family members and friends and pay no estate tax if they die in Florida since Florida does not have an estate tax. (As some commentators have stated, Florida is a great place to die. For states where you don’t want to die see Where Not To Die)

5 Common Mistakes with Do It Yourself Florida Wills

Published on: November 3, 2015 | by Rarick & Bowden Gold

By: Jacqueline R. Bowden, Weston Wills Attorney

Do it yourself (or “DIY”) projects are becoming common in today’s highly technological age, especially when considering websites like Pinterest and Houzz. In most cases, including home projects, an individual may have several chances to complete a task correctly. Unfortunately, when it comes to drafting a Will, the mistakes are usually not found until it’s too late.

The following is a list of 5 Common Mistakes found when people try the DIY method for drafting Florida Wills. These mistakes can often be avoided by having an experienced Miramar Wills Attorney draft a Will for you:

Update in Law Alert: Changes to Florida’s Healthcare Designation Law

Published on: November 3, 2015 | by Rarick & Bowden Gold

By: Jacqueline R. Bowden, Miramar Estate Planning Attorney

As of October 1, 2015, Florida’s Healthcare Designation laws, provided under Chapter 765 of Florida Statutes, have changed providing more flexibility for the person appointing the surrogate, formerly known as the “principal.”

Three Options. Currently, for a healthcare surrogate to make medical decisions, the attending physician must evaluate the principal’s capacity. If the physician finds the principal lacks capacity to make medical decisions, then the surrogate is permitted to review medical records and make medical decisions. Under new legislation the principal now has three options to choose from:

Florida Personal Representative Checklist

Published on: October 27, 2015 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Probate Attorney

You are named the personal representative (or executor in other states) and a loved one or family member has just died. No doubt these are difficult times, but thankfully there are many resources for help. The following is a checklist of initial important tasks to help guide you after the funeral or memorial service.

Note: You are not required to accept the Personal Representative duties. Before you can legally act on behalf of the estate you will likely need to secure Letters of Administration issued by a Florida probate court that officially designate you as the legal authority in charge of the estate. Therefore, you should not take action as Personal Representative before you know your duties and what potential claims you may face from estate beneficiaries and creditors. Consult a Miami probate attorney and see our 10 Basic Legal Rights for Beneficiaries Under a Florida Will.

Florida Successor Trustee Checklist

Published on: October 27, 2015 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Trust Attorney

You are named the successor trustee and the trustmaker has just died. No doubt these are difficult times, but thankfully there are many resources to help. The following is a checklist of initial important tasks to help guide you after the funeral or memorial service.

Note: You are not required to accept the trustee duties. However, if you begin to act as successor trustee you will likely be held responsible for all acts as the trustee to the beneficiaries and the IRS. Therefore, do not begin to take any actions as Trustee before you know what your duties are. Consult a Miami trust attorney and see our 12 Point Summary of Florida Successor Trustee Duties.

5 Warning Signs That A Trust Is Not Performing

Published on: September 29, 2015 | by Rarick & Bowden Gold

By Phil Rarick, Esq.

The sole reason most trusts exist is to serve the needs of the beneficiaries. It is not an employment program for the trustee or any other person. Therefore, a core test for whether a trust is performing – and performing efficiently – is to examine whether the needs of the beneficiaries are being met as instructed by the trust, and whether the purposes of the trust are being fulfilled.

If you are a beneficiary of a trust, here are some warning signs that a trust is not performing in an efficient way to meet your needs: