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?
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.
By Phillip B. Rarick, Esq., Miami Asset Protection Attorney
Click Here: Off-Shore Planning
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By Phillip B. Rarick, Esq., Miami Asset Protection Attorney
Click Here: Part 3: The Asset Protection Ladder
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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.
Florida Trust & Probate Attorneys Blog
