By Phillip B. Rarick, Miami Probate Attorney
Note: This is a short list of initial tasks for a person who may be appointed the Personal Representative (or Executor) of an estate under a Florida will, or if there is no will, in an intestate estate. This is not a complete list of the Personal Representative’s tasks. For questions call an attorney at Rarick & Bowden Gold, P.A. at (305) 556-5209 or email to info@raricklaw.com
By Phillip B. Rarick, Esq., Miami Trust Attorney
Executive Summary
A Domestic Asset Protection Trust or DAPT is an exceptionally strong structure for protecting family assets. However, a Hybrid DAPT, developed by Nevada attorney Steve Oshins, can add another layer of protection that will make the DAPT even more imposing and difficult to attack by a creditor.
By Phillip B. Rarick, Esq., Miami Trust Attorney
A common question we receive for persons who have prepared revocable living trusts is what do I do about title or registration for my cars. Unless your car is a Maserati or you have a collection of valuable old cars, here are three rules to follow if you live in Florida:
1. Do not title or register the car in your trust. A car is more likely to be a “lawsuit on wheels” than a valuable asset. There is no advantage to putting your car in the trust as cars do not need to be probated in Florida unless you have more than two cars in your name. If you have a collection of cars, then contact our office for further advice.
By Phillip B. Rarick, Esq., Miami Trust Attorney
Introduction
Parents of children with autism have many daunting tasks. One task that is often put off until it is too late is making sure you have a back-up plan if you can no longer care for your child. You are the primary care giver for your child. If you become disabled or die, do you have a plan? Do you have instructions to care for your child? Have you designated persons whom you trust and who could care for your child if you cannot not provide such care?
By Phillip B. Rarick, Esq., Miami Probate Attorney
A family member has died, and you are the Personal Representative or Executor named in their will. Your job is to find a probate attorney. You probably have three objectives: you want an attorney who will handle the legal tasks (1) efficiently; (2) as quickly as possible, and (3) in the least expensive way.
Efficiently and As Quickly As Possible
By Phillip B. Rarick, Esq., Miami Trust Attorney
Define Your Objectives – and Ask The Right Questions
Many persons seeking to retain an attorney for preparing a living trust often ask the wrong question, which is simply this: What is the cost for a living trust? This is usually mistake number one. Of course you want to minimize costs. But paying even $10 for a legal instrument that does not accomplish your objectives is worthless. The place to start is to identify your objectives, and then find the legal plan that will accomplish these objectives at the least cost.
By Phillip B. Rarick, Miami Probate Attorney
Two weeks ago we reported a scam directed at Florida businesses by a company named Florida Center of Corporations located in Davie, Florida. I am pleased to now report that the Florida Attorney General secured a temporary injunction and asset freeze against this company on July 2. See SunSentinel.com, July 3, 2013 (Davie firm’s assets frozen).
The deceptive practice goes like this. After a company incorporates, the Florida Center of Corporations sends out a letter appearing to be an “official” letter from the state of Florida advising you to send in about $56 to secure a Certificate of Status for your corporation. According to the SunSentinel article, more that 12,000 businesses fell for this scam and sent in money.
By Phillip B. Rarick, Miami Probate Attorney
Holding title to bank accounts, stock or other intangible property as Tenancy by Entireties or “TBE” is a limited but popular form of asset protection that has benefits – and traps.
Benefits of Holding Property as Tenants by Entireties
By Phillip B. Rarick, Miami Probate Attorney
We endeavor to keep you up on scams directed at Florida businesses and here is another one. Special thanks for this Scam Alert to alert readers Josefina Piedra and Tere Kipp.
If you receive a letter appearing to be an “official” letter from the state of Florida advising that you need to send in about $56 to secure a Certificate of Status for your corporation watch out. This is a scam. The company sending you this letter is called Florida Center of Corporations. It has a Davie, Florida post office box. This company is not a state government agency even though the letter and envelope make it look like one.
By: Phillip B. Rarick, Esq., Miami Trust Attorney
I am pleased to announce that we have published on our web site a quick and easy explanation of living trusts. Click here: Understanding Living Trusts. Note: A PowerPoint presentation will appear in your lower task bar; click the presentation.
Every person should have a living trust, regardless of whether you have $10,000 or $900,000.
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