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Articles Posted in Miami estate planning attorney

Watch For This Scam: Corporate Records Service
Rarick & Bowden Gold

By Miami Trust Attorney Phillip B. Rarick, Esq. Last year I reminded you of a state-wide corporate scam called Compliance Services. Well, they are at it again! Recently (approximately January 7-11, 2013) you may have received a letter that looks like an “official” letter from the state of Florida by a company called Corporate Records…

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After the Fiscal Cliff: Three Take Away Points For Estate & Gift Tax Planning
Rarick & Bowden Gold

By Miami Trust Attorneys Phillip B. Rarick, Esq. and Jay R. Beskin, Esq. We averted one Fiscal Cliff. How does the new “Taxpayer Relief Act” passed by the Senate on New Year’s Eve impact estate and gift taxes for the American family? Here are three key points: 1. Estate and Gift Tax rates are increased…

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Standby Florida Elective Share Trusts
Rarick & Bowden Gold

By Miami Probate Attorney Phillip B. Rarick, Esq. Florida’s elective share statute allows attorneys to draft standby Florida elective share trusts. (For a summary of Florida’s elective share see our post: Florida’s Sweeping Elective Share.) As of April 23, 2002, trusts that create property interests contingent upon an election being made are now qualified to…

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Federal Gift Tax Update: The Window May Close Soon
Rarick & Bowden Gold

By Miami Trust Attorneys Phillip B. Rarick, Esq. and Jay R. Beskin, Esq. I. The Opportunity – And The Problem. The Opportunity: Gifts to family members and others are free of the U.S. gift tax if under the exemption. Specifically, U.S. Citizens in 2012 can give away assets worth $5,120,000 ($10,240,000 per couple) without having…

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What Are The Successor Trustee’s Duties?
Rarick & Bowden Gold

Answer by Miami Trust Attorney Phillip B. Rarick, Esq. Below is a summary of the basic obligations of a successor trustee of a trust. Note: Trust administration requires strict compliance with the trust terms and often analysis of complex tax requirements. If you are a successor trustee, we can help. It is important that you…

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What Is An Irrevocable Life Insurance Trust (ILIT)?
Rarick & Bowden Gold

Answer by Miami Trust Attorney Phillip B. Rarick, Esq. The most common purpose of the Irrevocable Life Insurance Trust (“ILIT”) is to help preserve the full value of the policy by protecting the insurance proceeds from the U.S. federal estate tax – currently at a 40% rate. The ILIT is the owner and beneficiary of…

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What Is A Special Needs Trust – And Why It Is So Important
Rarick & Bowden Gold

By Miami Trust Attorney Phillip B. Rarick, Eq. Is there someone in your family who has or may have special needs? Does someone in your family currently receive, or potentially in the future will be receiving, government benefits for their medical or other needs? If so, it is important that you know the benefits of…

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

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Dying Without a Will in Florida: Who Gets What?
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…

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

By: Phillip B. Rarick, J.D., and Jay R. Beskin, J.D. Miami Asset Protection Attorneys Background Summary: Last year in a blog we advised you that the “Olmstead Patch” – the Florida legislature’s attempt to fix a hole in the Florida LLC statute as a result of the 2010 Olmstead decision – strengthened multi-member LLC’s, but…

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