miami probate attorney

What is the Current Estate Tax or “Death Tax”?

Published on: August 4, 2012 | by Rarick & Bowden Gold

Answer by Miami Trust Attorney Phillip B. Rarick, Esq.

The estate tax exemption for 2012 is $5.12 million; estates above $5.12 million are taxed at the rate of 35%. Unfortunately, absent congressional action, the estate tax exemption will fall back to $1 million per person with a top rate at 55% on January 1, 2013. While many commentator’s do not think this will occur, this is the current law and will remain so if Congress continues to be mired in a deadlock (and many commentators believe this deadlock will continue for years). The good news is that 2012 is an excellent year to make gifts in a tax efficient way as the lifetime exemption for gifts is also $5 million.

Important Planning Note: Estate tax law is fluid and difficult to predict. The estate tax is a moving target. These realities make it essential that you establish and maintain a relationship with an estate planning attorney who will keep you advised of the latest changes in the law.

How To Avoid Probate?

Published on: August 4, 2012 | by Rarick & Bowden Gold

Answer by Miami Trust Attorney Phillip B. Rarick, Esq.

The best way to avoid probate is to have a basic estate plan that includes a living revocable trust as your master set of instructions to make sure you give what you have, the way you want, and when you want.

When you set up a Living Trust, you transfer assets from your individual name to the name of your Trust, which you control. Technically, you no longer own anything, so there is nothing for the courts to administer when you die or if you become incapacitated. The concept is very simple, but this is what keeps you and your family out of the courts — even if you own assets in other states.

What Is Probate?

Published on: August 4, 2012 | by Rarick & Bowden Gold

Answer by Miami Probate Attorney Phillip B. Rarick Esq.

Probate is the legal process through which the court makes sure that, when you die, your Will is legally valid, your debts are paid and your assets are distributed according to your Will and Florida law. It is a bureaucratic, costly, and time consuming procedure to transfer title from your name to your beneficiaries.

For more information about Florida Probate click here: Florida Probate Quick Reference Guide.

Dying Without a Will in Florida: Who Gets What?

Published on: July 28, 2012 | by Rarick & Bowden Gold

Answer by Phillip B. Rarick, Miami Probate Attorney

Everyone has a will, whether you know it or not. If you fail to plan for this certainty, the state of Florida has a will for you: it is called intestate succession.

A common question we get from relatives of family members who die without a will is who gets what. The answer depends on Florida’s laws of intestate succession. Here are the most common situations:

Beware of Florida Single Member LLC’s: Seven Ways to Avoid this Sand Trap

Published on: July 25, 2012 | by Rarick & Bowden Gold

By: Phillip B. Rarick, J.D., and Jay R. Beskin, J.D.

Miami Asset Protection Attorneys

Background Summary:

Florida Legal Resources

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

I am pleased to announce a valuable new feature on our web site that I trust you will find helpful. We want to share with you all the Florida local and state legal resources that we routinely use in our probate, corporate, guardianship, and estate planning practices.

Resources is a virtual law library of Florida and Federal law, as well as helpful local county data bases. Here are some examples:

Florida Probate Statutes

Moving to Florida: Tips On How To Avoid The Tax Traps

Published on: October 8, 2011 | by Rarick & Bowden Gold

A common over-sight of persons moving to Florida is failing to take their trust. They may have packed their trust and taken it with them, but the trust situs remains in their original state. This is usually a mistake.

The fact that a client has moved to Florida will not generally mean that the law governing the trust has moved here as well even if the client is the settlor, beneficiary, or trustee of the original trust. Clients moving to Florida are well advised to have all their trusts reviewed by a Florida attorney regarding such issues as:

Transfer of governing law or place of administration

New Florida Durable Power of Attorney Law Makes Sweeping Changes

Published on: September 21, 2011 | by Rarick & Bowden Gold

Introduction

The Florida legislature recently enacted the “Florida Power of Attorney Act” (“FPOA”, Fla. Stat. §§709.2101-.2402), fundamentally overhauling existing law, and making sweeping new changes. Even though the new law recognizes durable power of attorneys (“DPA’s) executed under the prior law, we are advising clients to update their DPA, if more than a year old, because the changes are so comprehensive. For Florida licensed attorneys who receive our Alert, we are making available at cost our new “Super DPA’s” drafted to take advantage of the new law.

Effective Date: The effective date of the FPOA is October 1, 2011. “Legacy” POA’s, or those signed before October 1, 2011, are not invalid, but the action of the agents or attorneys-in-fact under Legacy POA’s must be interpreted under the new law.

FLORIDA GUARDIANSHIP QUICK REFERENCE GUIDE

Published on: June 25, 2011 | by Rarick & Bowden Gold

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

Introduction

The commencement of a Florida guardianship is typically used in two situations – either when a person may be incapacitated or when a minor receives assets in excess of $15,000. If a guardianship is sought because someone may be incapacitated, then typically the court sets two hearings. At the first hearing the court determines whether the person is incapacitated; at the second, the court appoints a guardian if the person is determined to be incapacitated. Often, these hearings are combined. The court has the option of appointing a limited or a plenary guardian.

FAST TRACK FLORIDA PROBATE

Published on: June 25, 2011 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Probate Attorney

Introduction

Most states have streamlined probate procedures for smaller estates. Florida’s procedure is called Summary Administration and can be used to expedite administration of estates not exceeding $75,000 or when the decedent has been dead for more than two years. F.S. 735.201(2). It avoids the appointment of a Personal Representative (or “Executor” in other states). Summary Administration should always be considered for small estates; however, as discussed below, it may not always be the most practical option.