by: attorney Phillip B. Rarick
You can always count on the Americans to do the right thing – after they’ve tried everything else. – Winston Churchill.
Millions of small business owners and self-employed have filed for loans under the Paycheck Protection Program because part or all of the loan can be forgiven if you retain your employees and maintain their salary levels.
By Phillip B. Rarick, Esq., Miami Asset Protection Attorney
If you have never checked Florida’s website for lost accounts and abandoned property you should do so – immediately. You may be pleasantly surprised!
You may think that it is not possible that you have any “unclaimed” property held by the State of Florida – and you could be wrong.
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:
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.
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:
By Phil Rarick, Weston Estate Planning Attorney
This report is a reminder that the FBAR or Report of Foreign Bank and Financial Account is due June 30. The FBAR is required for U.S. persons having a financial interest or signature authority over one or more foreign financial accounts, including a bank account, brokerage account, mutual fund, trust, estate, pension, cash value life insurance, or other type of foreign financial account having an aggregate value over $10,000 at any time during 2015.
Note: A U.S. person may have a reporting obligation even though the foreign financial account does not generate any taxable income.
By Phillip B. Rarick, J.D, Miami Probate Attorney
Note: Special thanks to Illinois attorney John E. Fish for the following question, which is one of the most frequent questions we receive.
Executive Summary:
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.
Florida law requires that a trust must keep the qualified beneficiaries of a trust “reasonably informed of the trust and its administration.” F.S. 736.0813. A “qualified beneficiary” is a current beneficiary, intermediate beneficiary, or first-line remainder beneficiary. F.S. 736.0103(16). These information rights fall into two broad categories for a Florida trust beneficiary: the Duty To Inform and the Duty to Account as follows.
Note: The notice requirements discussed here typically apply to an irrevocable trust not a living revocable trust where the settlor (trustmaker) is not incapacitated. If the settlor becomes incapacitated or dies, then these notice requirements likely do apply.
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.
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