asset protection

Unable to Fulfill Your Contractual Obligations Due to Covid-19?

Published on: April 16, 2020 | by Rarick & Bowden Gold

By: Jacqueline R. Bowden Gold, Esq. and Phil Rarick, Esq.

The Coronavirus has left the US economy in a stand still. It has forced businesses to shut down and events to be cancelled or postponed across the nation – creating significant anxiety for small business owners. During these times, many businesses are unable to or fear they will become unable to fulfill their contractual obligations.

Here is a term you’ve probably heard before but never paid much attention to: Force Majeure. If you are unable to fulfill your contractual obligations or are worried that the obligor (the person who has a duty to perform) under an existing contract will not perform, Force Majeure is an important provision to look for in your contract.

5 Reasons Nevada Is Best State For Asset Protection Trust

Published on: June 12, 2016 | by Rarick & Bowden Gold

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

Business Dispute Resolution without War

Published on: August 18, 2015 | by Rarick & Bowden Gold

By Phil Rarick, Esq.

Here is a simple fact: most small businesses cannot afford or even survive a major dispute between partners if the dispute ends up in court. Such disputes can doom the small business due to interruption of the company business, distract the principal partners from focusing on growth, and soak up all capital needed to sustain the company.

The following are 5 Take Away Points for avoiding court intervention in your business:

Living Trusts Do Not Protect Your Assets; So What Does?

Published on: March 3, 2012 | by Rarick & Bowden Gold

Now may be an excellent time to attack a common misunderstanding about living revocable trusts: These trusts do not protect your assets if you are sued. If you can be sued, your revocable trust can be sued.

Some people believe that the living trust is like a “pink pill” solution: it solves everything. While the living trust is a powerful legal instrument that virtually every person should have because, among other benefits, it minimizes or prevents the intervention of a court into your personal or financial affairs, it does not solve all legal problems.

Specifically, the living revocable trust is not an asset protection entity. If you have any concern that you might be sued due to a foreclosure or some other matter, I would advise you to schedule an asset protection consultation with this firm. There are many options to consider.

US Tax Traps and Possible Solutions for the Non-Resident or Resident Foreign National

Published on: August 23, 2011 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq. and Gene C. Sulzberger, CFP®, J.D.

In the United States there are multiple estate and gift tax traps if you are not a U.S. citizen or your spouse is not. If you are a non-resident, or a resident with a Green Card and own property in Florida or other parts of the United States, you need to know about these tax traps. U.S. estate and gift taxes are very harsh for the non-resident who has not done the proper planning.

Scenario: A non-resident, non-U.S. Citizen with no Green Card who purchases a $1.5 million house would trigger upon death in 2011 an estate tax of $495,000 and likely probate fees in Florida of at least $15,000.

11 Point Estate Planning Checklist for 2010

Published on: November 26, 2010 | by Rarick & Bowden Gold

______ #1. Trust Funding. After we signed your trust, we reviewed the funding of your trust and I gave you detailed Funding Notes. Have you followed up on these instructions? Funding is simply the transfer of your assets into your trust. It is a good idea to annually review the funding of your trust. It is also advisable to annually sign a new assignment of assets into your trust, that will help sweep into the trust assets acquired to date.

______#2. Successor Trustee. This is the person you have appointed to step into your legal shoes if you become incapacitated – in other words, one of the most important decisions you can make. Who have you appointed to take charge if you are incapacitated? What is the order of succession of trustees who will take over management of your financial affairs if you are unable to do so? If you have any question whatsoever about your order of succession, please call the office.

______#3. Transitions. Has there been a marriage, divorce, or separation of anyone named in your will or trust? Has there been a birth or adoption of a child or grandchild? If so, your estate plan may need to be amended.

Florida Single Member LLC’s Have No Charging Order Protection

Published on: October 18, 2010 | by Rarick & Bowden Gold

Who is Impacted by this Decision:

Anyone with ownership interest in a single member Florida limited liability company (LLC).

Executive Summary: