Miami asset protection attorney

EIGHT KEY BENEFITS OF THE FAMILY LIMITED PARTNERSHIP

Published on: July 19, 2013 | by Rarick & Bowden Gold

By: Phillip B. Rarick, Miami Asset Protection Attorney

The Family Limited Partnership, (the full legal name is family limited liability limited partnership (FLLLP) is designed to accomplish asset protection, tax and non-tax goals.

First, it provides protection from claims of creditors for the partnership assets. Creditors of a partner can only obtain a charging order entitling them to a share of partnership distributions. They cannot become partners and cannot participate in the management of the partnership, unless the other partners elect them to partnership.

Nevis Island: A Safe and Secure Asset Protection Jurisdiction In Uncertain Times

Published on: July 18, 2013 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Asset Protection Attorney

An increasingly popular off-shore asset protection jurisdiction is Nevis Island. Nevis has enacted modern, strong trust and limited liability company (LLC ) laws exceptionally difficult to penetrate by any creditor.

For example, to attack an interest in a Nevis Island LLC, a Florida creditor has to go to a Nevis court to get a charging lien. It is unclear whether a Nevis Court would even recognize a Florida judgment: Officials in Nevis have told one commentator they know of no instance where a U.S. creditor has obtained a charging lien in Nevis to enforce a U.S. judgment.

The Spousal Lifetime Access Trust: A Strong Asset Protection Structure For The Family

Published on: July 16, 2013 | by Rarick & Bowden Gold

By: Ruzy Behnejad

Executive Summary

In recent years, because of an increase in estate tax exemption amounts, the legal field of estate planning has seen a significant trend towards the drafting of irrevocable Spousal Lifetime Access Trusts (“SLAT”). These trusts are designed to preserve and pass on family wealth to younger family members, while also maintaining the power to “undo” the gift by allowing the spouse to force distributions of the trusts assets to the spouse. The SLAT can also have significant advantages with respect to asset protection. The SLAT provides a powerful shield protecting family assets from the grantor’s creditors or creditors of any family member.

Elder Abuse: 5 Red Flags Of Home Repair Scams

Published on: July 15, 2013 | by Rarick & Bowden Gold

By: Phillip B. Rarick, Miami Probate Attorney

Note: This is a first in a series of short reports on the subject of avoiding elder abuse scams – a subject of considerable importance in south Florida. However, these reports are for persons of all ages.

Example From Real Life: An attorney I know exceptionally well was scammed for a $3,000 deposit by a roofer after Hurricane Andrew a number of years ago. The roofer claimed to be working under his bosses’ license. Name of this attorney? See the author’s name above!

The Nevada Hybrid Domestic Asset Protection Trust: A Powerful Asset Protection Structure

Published on: July 10, 2013 | by Rarick & Bowden Gold

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.

How to Title Your Cars or Vehicles: Three Rules To Know

Published on: July 7, 2013 | by Rarick & Bowden Gold

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.

Florida Probate Attorney Fees: The Inside Scoop By A Miami Probate Attorney

Published on: July 5, 2013 | by Rarick & Bowden Gold

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

How Much Does A Florida Living Trust Cost – And What You Should Get For Your Fees

Published on: July 5, 2013 | by Rarick & Bowden Gold

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.

Florida Attorney General Cracks Down On Florida Center of Corporations

Published on: July 3, 2013 | by Rarick & Bowden Gold

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.

Watch for this Scam: Florida Center of Corporations

Published on: June 18, 2013 | by Rarick & Bowden Gold

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.