Introduction
Florida same-sex partners and same gender couples who were legally married in a state outside of Florida and have now moved to Florida should consider using a TBE (Tenants by Entireties) Delaware LLC to own Florida real estate or intangible property. Here is why.
Strategy
By Phillip B. Rarick, Miami Wealth Protection Attorney*
ASSET PROTECTION CHECKLIST FOR THE FLORIDA SMALL BUSINESS OWNER
By Phillip B. Rarick, Esq., Miami Trust Attorney
Quote: There are three things that are real – God, human folly and laughter. The first two are beyond our comprehension. So we must do what we can with the third. – John F. Kennedy
Here are five bad items of advice – that you hear all the time from otherwise smart persons:
By Phillip B. Rarick, Esq., Miami Trust Attorney
Summary:
The following Alert discusses the Florida real estate form DR-430 required to be filed upon the cumulative transfer or control of more than 50% of the legal entity that owned the property, or transfer of more than 50% of ownership interest.
By Phillip B. Rarick, Miami Asset Protection Attorney
Let’s face it. If you have adult children, now married or considering marriage, you are a little concerned that your daughter’s husband could someday inherit your hard earned wealth. (Or maybe it’s your son’s wife.)
So, how do you protect your property, and make sure it goes to only your adult children (or your grandchildren) and not your child’s spouse?
By Phillip B. Rarick, Esq., Miami Asset Protection Attorney
Click Here: Part 3: The Asset Protection Ladder
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By Phillip B. Rarick, Esq., Miami Asset Protection Attorney
Click Here: Asset Protection in Florida – Part 2 – Tenancy By Entirety
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By Phillip B. Rarick, Esq., Miami Asset Protection Attorney
Click here: Part 1 – Homestead and Other Protected Assets
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Real estate attorneys and professionals are without a doubt familiar with the FIRPTA withholding rules on U.S. property sales and rental income for foreign investors. The technical term for such investors is “non-resident alien”; this is an investor who does not hold a green card and meets other requirements.
Taxes that are often over-looked before a foreign investor purchases property in the United States are the Federal estate and gift taxes on foreign investment. While welcoming foreign investment, the U.S. nevertheless imposes a high estate and gift tax on the portion of the foreign individual’s gross estate – those assets controlled by the taxpayer and situated in the U.S. – that exceed $60,000. (For U.S. citizens this exemption is now $5.25 million.)
The tax rate is 40% for all assets in the gross estate over $60,000.
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.
Florida Trust & Probate Attorneys Blog
