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Practice areas
Estate Planning
Cost savings: The cost to probate an estate is generally based on a percentage of the value of the probate assets. As the value of the assets increases due to inflation, so does the costs of probate administration. Also, legal fees and court costs are sure to increase in the future. Plan ahead, to save thousands of dollars by reducing the value of the probate estate or avoiding a probate administration altogether.
You determine how your estate will be distributed: The estate of an intestate decedent (without a will) is distributed according to the intestate succession statute (F.S. Chapter 732). In other words, the State of Florida has already determined for you how your intestate estate will be distributed. Oftentimes, the statutory distribution is not exactly how you would have desired, or in the best interest of your beneficiaries. This is especially true in the case of blended families, or when we want to restrict distribution to a child with special needs who may lose public assistance, or a child with substance abuse issues. There are many other reasons why distributing your estate according to the Florida statute is not the best option. Each person has a unique set of circumstances, we can tailor a solution that perfectly fits your needs.
Continuity in the operation of your business interests: Individuals who own a business want to avoid disruption in its operation. We can prepare documents that allow for continued operation of your business in cases of short-term or long-term incapacity, absence, or death. This is especially important if your family depends on the business income to cover their day-to-day living expenses, or if there are multiple partners in the business. Do you really need the courts involved in the day-to-day operation of your business? Plan ahead, not just for your peace of mind, but also the peace of mind of your loved ones and your business partners.
Reduction of Estate Taxes: For those individuals whose estate is greater than the Estate and Gift Tax exemption amount (approx. $12 million in 2022), we can determine the best approach to move assets out of the estate; thereby, reducing the amount of the taxable estate. This will be especially important in the coming years as we anticipate the estate tax exemption will revert to $5 million (inflation adjusted) when the "sunset" provision in the current law takes effect. The current tax rate, after the exempt amount, is 40% of the value of the assets.
practice areas
Probate, Guardianship and Asset Preservation
Probate: A probate is a court administered process in which the assets owned solely by a decedent are transferred to his/her heirs after settling the decedent's debts (if any). Some probate proceedings can face significant delays, be quite costly, and give creditors the opportunity to claim against the decedent's assets thereby diminishing the amount of wealth that can be transferred. If you are faced with having to probate the assets of a loved one, this process can be confusing and tedious during a very emotional and difficult time. You need an attorney who is experienced in this area to help you eliminate non-enforceable debts, reduce the costs of probate, and expedite the process as quickly as possible. Please call us for a confidential probate consultation.
Guardianship: A guardianship is necessary in cases where an adult is suffering from long-term incapacity due to illness (e.g., dementia, severe stroke, comatose, etc.) and is unable to manage their legal affairs. A guardianship is a long and expensive legal proceeding in which the court declares a person incompetent (the Ward), and then assigns a guardian to care for the ward. Guardianships can be avoided by having the proper estate planning documents in place before the person becomes incapacitated. But you must plan ahead because a person suffering from incapacity cannot execute legal documents. A guardianship is also required by statute (F.S.744.387) when a minor receives settlement funds over $15,000.
Asset preservation and protection: If you have substantial assets, then you should consider how to best protect them. Let's face it, we live in a litigious society. If you are actively engaged in business, there is a chance that you will be sued at some point. It is crucial to plan ahead, because once you are sued it’s too late, any transfer of assets after the fact is likely to be voided as a “fraudulent transfer” under F.S. Chapter 726. To make matters worse, the person who received the asset will likely end up as a party in the claim. By pre-planning we can determine the best way to protect your assets to the extent permitted by law.
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Call us to learn how we can potentially save you thousands of dollars in estate costs. But act today because it is crucial that you PLAN AHEAD!
practice areas
Business & Foreign Assets
Business Planning:
If you are thinking about starting a new business venture or restructuring an existing business, there are a multitude of options for you to consider. We can negotiate the purchase of an existing business on your behalf or help you create a new business entity (e.g., Limited Liability Company (LLC), corporation, professional association, or partnership). However, choosing the best entity depends on your specific circumstances and concerns. We can explain the different choices and how each will impact personal liability, taxation, ease of administration and operation. Furthermore, a properly drafted LLC operating agreement or corporate by-laws agreement provides a framework to operate your business, limit personal liability, and avoid potential problems with your co-venturers. A proactive approach to managing business risk is the best approach to minimizing costly legal issues. Whether a multi-member or a single owner business we can help chart a cost-effective guide to success. Our business is your sucess. Plan ahead.
Foreign Assets:
The Foreign Account Tax Compliance Act (FATCA) was passed to combat tax evasion by U.S. citizens and U.S. residents holding financial assets in a foreign country. U.S. taxpayers, holding financial assets outside the United States, must report those assets to the IRS by using Form 8938 attached to the taxpayer’s annual income tax return. Other reports about foreign assets, such as FinCEN Form 114, may be required. Under FATCA, certain foreign financial institutions also need to report to the IRS information about accounts held by U.S. taxpayers or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. Those who fail to report may be subject to penalties: a $10,000 failure to file penalty, an additional penalty of up to $50,000 for continued failure to file after IRS notification, and a 40 percent penalty on an understatement of tax attributable to non-disclosed assets.
If you are a U.S. person (as defined by the I.R.S.) who owns substantial assets in a foreign country and are concerned about possible I.R.S penalties, or perhaps the political and/or economic instability of that country, we can help you declare and/or repatriate those assets.
If you own a foreign business and would like to establish a U.S. presence, we can help you establish your new U.S. corporation or Limited Liability Company.
