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Florida Trust & Probate Attorneys Blog

Watch For This Scam: Corporate Records Service
Rarick & Bowden Gold

By Miami Trust Attorney Phillip B. Rarick, Esq. Last year I reminded you of a state-wide corporate scam called Compliance Services. Well, they are at it again! Recently (approximately January 7-11, 2013) you may have received a letter that looks like an “official” letter from the state of Florida by a company called Corporate Records…

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After the Fiscal Cliff: Three Take Away Points For Estate & Gift Tax Planning
Rarick & Bowden Gold

By Miami Trust Attorneys Phillip B. Rarick, Esq. and Jay R. Beskin, Esq. We averted one Fiscal Cliff. How does the new “Taxpayer Relief Act” passed by the Senate on New Year’s Eve impact estate and gift taxes for the American family? Here are three key points: 1. Estate and Gift Tax rates are increased…

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Standby Florida Elective Share Trusts
Rarick & Bowden Gold

By Miami Probate Attorney Phillip B. Rarick, Esq. Florida’s elective share statute allows attorneys to draft standby Florida elective share trusts. (For a summary of Florida’s elective share see our post: Florida’s Sweeping Elective Share.) As of April 23, 2002, trusts that create property interests contingent upon an election being made are now qualified to…

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Asset Protection in Florida: Five Common Mistakes – Five Tested Solutions
Rarick & Bowden Gold

By Miami Asset Protection Attorney Phillip B. Rarick, Esq. In our litigious society anyone can become a target of a plaintiff seeking to get a money judgment against you personally. In today’s real estate market, where it is usually impossible to negotiate with the lender, deficiency judgments are a major concern. You may have excellent…

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Federal Gift Tax Update: The Window May Close Soon
Rarick & Bowden Gold

By Miami Trust Attorneys Phillip B. Rarick, Esq. and Jay R. Beskin, Esq. I. The Opportunity – And The Problem. The Opportunity: Gifts to family members and others are free of the U.S. gift tax if under the exemption. Specifically, U.S. Citizens in 2012 can give away assets worth $5,120,000 ($10,240,000 per couple) without having…

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How Long Does Florida Probate Take?
Rarick & Bowden Gold

The time from to open and close a Florida probate estate depends on the type of administration – and of course upon the attorney. If the attorney is not experienced in Florida probate or does not concentrate in this field, expect the probate to take much longer and cost more. A. Summary Administration: The Fast…

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How Much Does Florida Probate Cost?
Rarick & Bowden Gold

By Phillip B. Rarick, Esq., Miami Probate Attorney I. Executive Summary Attorney’s fees and personal representative’s (“PR”) fees make up most of the costs for Florida Probate. The biggest cost are usually attorney fees. Florida probate attorney fees depend on whether the proceeding is Summary Administration – usually the quickest and least expensive – or…

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What Are The Successor Trustee’s Duties?
Rarick & Bowden Gold

Answer by Miami Trust Attorney Phillip B. Rarick, Esq. Below is a summary of the basic obligations of a successor trustee of a trust. Note: Trust administration requires strict compliance with the trust terms and often analysis of complex tax requirements. If you are a successor trustee, we can help. It is important that you…

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What Is An Irrevocable Life Insurance Trust (ILIT)?
Rarick & Bowden Gold

Answer by Miami Trust Attorney Phillip B. Rarick, Esq. The most common purpose of the Irrevocable Life Insurance Trust (“ILIT”) is to help preserve the full value of the policy by protecting the insurance proceeds from the U.S. federal estate tax – currently at a 40% rate. The ILIT is the owner and beneficiary of…

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What Is A Special Needs Trust – And Why It Is So Important
Rarick & Bowden Gold

By Miami Trust Attorney Phillip B. Rarick, Eq. Is there someone in your family who has or may have special needs? Does someone in your family currently receive, or potentially in the future will be receiving, government benefits for their medical or other needs? If so, it is important that you know the benefits of…

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