Miami estate planning attorney

Florida’s Sweeping Elective Share

Published on: October 6, 2018 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq., Miami Probate Attorney

Florida’s 30% elective share law was completely rewritten in 2001 because the old law could be easily circumvented by placing assets in a revocable trust or using non-probate transfers (e.g. life insurance, IRAs etc.) In an effort to curtail such tactics, the legislature overhauled the statute and broadened the share. The result is an expansive elective share that sweeps into the decedent’s “elective estate” many non-probate assets. See F.S. §732.201 —§732.2155.

What Is Included? Florida’s elective share statute retains the 30% share under prior law, but introduces the concept of the “elective estate” (sometimes referred to as “augmented estate”) that consists of the following property interests under F.S. §732.2035:

10 Point Checklist For Florida Corporate Entities

Published on: January 3, 2018 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Lakes and Weston Estate Planning Attorney

Note: This 10 Point Checklist is for those persons who have interests in one or more Florida entities, such as a corporation, limited liability company (LLC), or limited Partnership (LP).

1. Annual Fees. In January the State of Florida will send notices via email reminding you that annual fees for each corporate entity are due no later than May 1. Do not wait to get an email notice from the state, as your fees are due regardless of whether you get a notice. Remember: The deadline to pay these fees is May 1 without penalty.

7 Smart Tips For Hurricane Irma Insurance Claims – And 5 Traps

Published on: September 12, 2017 | by Rarick & Bowden Gold

By Phil Rarick, J.D.

7 TIPS

1. Before You Clean Up Document Your Losses

Seven Point Year End Checklist

Published on: November 17, 2016 | by Rarick & Bowden Gold

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.

Is Your Living Trust Up To Date? 10 Point Checklist For Amending Your Revocable Trust

Published on: April 5, 2016 | by Rarick & Bowden Gold

Checklist for Amending your revocable trust

Note: Your revocable living trust is designed to be as dynamic as your family. It serves as the master set of instructions to care for you and your family. Therefore, when there are big changes in your family, you may need an experienced Miami trust attorney to amend your revocable trust.

______#1. Marriage/Divorce. Has there been a marriage, divorce, or separation of anyone named in your will or trust? If there has been a marriage of an adult child (without a prenuptial agreement) you may need to amend your revocable trust to make sure monies designated for this adult child are protected.

What Is The Federal Estate Tax Exemption for 2016?

Published on: January 13, 2016 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq. and Jay R. Beskin, Esq.

2016 Federal Estate Tax Exemption: $5.45 Million

For 2016 the federal estate and gift tax exemption is now $5.45 million – up from $5.43 million in 2015. This means a single U.S. citizen can leave $5.45 million to their family members and friends and pay no estate tax if they die in Florida since Florida does not have an estate tax. (As some commentators have stated, Florida is a great place to die. For states where you don’t want to die see Where Not To Die)

Florida Personal Representative Checklist

Published on: October 27, 2015 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Probate Attorney

You are named the personal representative (or executor in other states) and a loved one or family member has just died. No doubt these are difficult times, but thankfully there are many resources for help. The following is a checklist of initial important tasks to help guide you after the funeral or memorial service.

Note: You are not required to accept the Personal Representative duties. Before you can legally act on behalf of the estate you will likely need to secure Letters of Administration issued by a Florida probate court that officially designate you as the legal authority in charge of the estate. Therefore, you should not take action as Personal Representative before you know your duties and what potential claims you may face from estate beneficiaries and creditors. Consult a Miami probate attorney and see our 10 Basic Legal Rights for Beneficiaries Under a Florida Will.

Florida Successor Trustee Checklist

Published on: October 27, 2015 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Trust Attorney

You are named the successor trustee and the trustmaker has just died. No doubt these are difficult times, but thankfully there are many resources to help. The following is a checklist of initial important tasks to help guide you after the funeral or memorial service.

Note: You are not required to accept the trustee duties. However, if you begin to act as successor trustee you will likely be held responsible for all acts as the trustee to the beneficiaries and the IRS. Therefore, do not begin to take any actions as Trustee before you know what your duties are. Consult a Miami trust attorney and see our 12 Point Summary of Florida Successor Trustee Duties.

Florida Trust Services For Family Law Attorneys

Published on: August 9, 2015 | by Rarick & Bowden Gold

By Phil Rarick, Esq., Miami Trust Attorney

Family law attorneys are increasingly using trusts to secure and safeguard the payment of financial obligations in their marital settlement agreements. Such trusts can provide the following key benefits:

Security that payments will be made in a timely fashion

Consider Non-Family Member as Successor Trustee

Published on: July 13, 2015 | by Rarick & Bowden Gold

One of the most important decisions a baseball manager must make is his batting order – it can mean the difference between a win or loss. (We will not digress to the Marlin’s management decisions – although this is tempting.)

One of the most important decisions you can make for your estate plan is your batting order of successor trustees: who do you want to step up to the plate for you if you cannot? It is important to place in position those persons in whom you have complete trust. Your successor trustee is charged with managing your financial affairs. This person is a fiduciary, and therefore under the law has a high fiduciary duty to follow your trust instructions exactly, pay all taxes on time, keep a good accounting of all monies coming in and going out – these are just a few of the many tasks. For a good summary of successor Trustee duties see our report: 12 Point Summary of Florida Successor Trustee Duties.

Many persons prefer to name a family member as a successor trustee – such as an older child. However, this position can sometimes cause conflict and disharmony in the family – especially when the older child must make discretionary decisions about distributions of trust funds to the other children.