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Informática de Fideicomisos y Testamentos para Abogados de la Florida
Informática de Fideicomisos y Testamentos para Abogados de la Florida
REFERENCIA DE LEGALIZACÓN DE LA FLORIDA
Por Phillip B. Rarick, Esq., Abogado de Legalización de Miami
The Problem With A Florida Professional Association
Big Question: Can your practice survive if you suddenly die or become incapacitated?
Recently, a highly respected physician suddenly died owning 100% of his practice in a Professional Association. No other person was listed on Florida’s Sunbiz.org as an officer. Payroll was paid on a weekly basis. Even though the Professional Association had been assigned to the doctor’s living trust, the bank (a large Florida bank) refused to give the successor trustee access to the Professional Association’s bank accounts citing F.S. 621.06, 621.09 and 621.11.
The statutes cited limit ownership of a P.A. to a licensed professional. We contend the Bank’s interpretation is overly narrow because no court has held that transfer of any interest to a living revocable trust is a transfer of beneficial interest. A living revocable trust is essentially the settlor. Although we believe the bank’s interpretation of these statutes is wrong it is not worth fighting the bank. The bank holds all the valuable cards: the King, the Ace and of course all the money.
Three Big Threats To Your Children Over 18 – And How To Protect Them
Three Big Threats To Your Children Over 18 –
And How To Protect Them
By Phil Rarick, Weston Estate Planning Attorney
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.
FLORIDA COUNSEL NOTICE: FLORIDA DEEDS
By Phillip B. Rarick, Miami Trust Attorney
Although the main focus of our Florida Counsel Services is probate, trust, and corporate law, we can assist your office if you need deeds to a trust or other entity.
If you wish to use our deed services, click FLORIDA DEED INTAKE FORM. Please complete this form with all relevant information and email it to cmedina@raricklaw.com.
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:
Should I have Separate LLC’s For Protecting Each Investment Property?
By Phil Rarick, Weston Business Attorney
Here is a Big Red Flag: bundling multiple investment properties in the same LLC. This is a mistake we are seeing more and more often: a real estate investor has six condo rental homes; all rental homes are owned by the same LLC. This investor has essentially defeated the purpose of the LLC. A slip and fall claim on one of the properties would expose all six to the claim.
Bundling multiple investment properties in one LLC