Florida Trust & Probate Attorneys Blog
Three Big Threats To Your Children Over 18 –
And How To Protect Them
By Phil Rarick, Weston Estate Planning Attorney
Trusted By Over 500
Law Firms Nationwide Contact Us For a Consultation
Articles Posted in Trust Law
Seven Point Year End Checklist
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
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
FBAR Filing Deadline is June 30; Summary of Reporting Requirements for Off-Shore Assets
By Phil Rarick, Weston Estate Planning Attorney
This report is a reminder that the FBAR or Report of Foreign Bank and Financial Account is due June 30. The FBAR is required for U.S. persons having a financial interest or signature authority over one or more foreign financial accounts, including a bank account, brokerage account, mutual fund, trust, estate, pension, cash value life insurance, or other type of foreign financial account having an aggregate value over $10,000 at any time during 2015.
Note: A U.S. person may have a reporting obligation even though the foreign financial account does not generate any taxable income.
When Can A Non-Resident Of Florida Serve As The Personal Representative For A Probate Estate?
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:
5 Key Rights of a Florida Trust Beneficiary
Phillip B. Rarick, Esq., Miami Trust Attorney
Florida law requires that a trust must keep the qualified beneficiaries of a trust “reasonably informed of the trust and its administration.” F.S. 736.0813. A “qualified beneficiary” is a current beneficiary, intermediate beneficiary, or first-line remainder beneficiary. F.S. 736.0103(16). These information rights fall into two broad categories for a Florida trust beneficiary: the Duty To Inform and the Duty to Account as follows.
Note: The notice requirements discussed here typically apply to an irrevocable trust not a living revocable trust where the settlor (trustmaker) is not incapacitated. If the settlor becomes incapacitated or dies, then these notice requirements likely do apply.
Florida Successor Trustee Checklist
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.
Florida Probate or Trust Administration Document Checklist
____ 1. Minimum of 10 death certificates (these can usually be obtained through the funeral home)
____ 2. Original Will and all codicils (or amendments to the Will)
Note: If you have the original, either personally deliver to the attorney’s office or send via Federal Express or certified mail.
10 Important Legal Rights for “Qualified Beneficiaries” under a Florida Trust
Know your rights. If you are a qualified beneficiary of a Florida trust you have important legal rights protected by Florida law.
The trustee of an irrevocable trust in Florida is a fiduciary with numerous responsibilities that run like a laser beam to the qualified beneficiaries. See our 12 Point Summary of Florida Trustee Duties. “Qualified beneficiaries” are generally all beneficiaries who are current beneficiaries, intermediate beneficiaries, and first-line remainder beneficiaries, whether vested or contingent. See F.S. 736.0103(16)
The Trustee has a core duty to keep the “qualified beneficiaries” of an irrevocable trust reasonably informed of the trust and its administration. If you are a qualified beneficiary” of an irrevocable Florida trust you have the following “information” rights under F.S. 736.0813:
Securing Payment of Child Support with a Children’s Safe Harbor Trust
By: Phillip B. Rarick, Esq.
Most divorce judgments call for one of the parties to obtain a life insurance policy for securing the payment of child support, alimony or some other financial obligation. Let’s assume the obligation is solely child support: a potential mistake is failure to secure payment of the policy premiums by use of an irrevocable Children’s Safe Harbor Trust structured as a spendthrift trust.
For securing the payment of child support, the settlement agreement should have specific language that may read as follows: