Karel Ourednik IV

Practice areas include estate planning, asset protection, business law, limited liability company law, partnerships, corporations, not for profits, tax law, probate and guardianship. Admitted to practice in all Florida state trial courts, Federal Tax Court, and the Federal District Court for the Middle District of Florida.

Jan 062015
 

With the new year finally here and the busy holiday season behind us, it is time to insure that you take care of your estate planning needs. People often procrastinate planning for their estate until a later date because they fear the inevitable, their death. Many people do not understand that estate planning encompasses more than just a Last Will and Testament or Living Trust. Instead, however, estate planning also includes documents designed to protect them while they are still alive, including: Durable Powers of Attorney, Living Wills, Hippa release forms, and Designation of Health Care Surrogates. These documents are necessary for your estate planning while you are still alive and can insure that your financial and health care needs are cared for in the event that you are not able to act for yourself. At Ourednik Law Offices, P.A., we offer several different types of estate planning packages, all of which include the Durable Power of Attorney, Living Will, Hippa release form, Designation of Health Care Surrogate, and more. We want to provide our clients with a piece of mind in knowing that their estate planning needs are protected, not only once they pass away, but also while still living. Contact one of our attorneys today to find out more about planning for your estate.

Aug 282014
 
Transferring Assets to Spouse

In the event that one spouse is facing a possible lawsuit, a means of protecting that person’s assets from the reach of creditors is to transfer the assets in the name of the debtor and the debtor’s spouse as tenants by the entireties, assuming that the spouse is not also subject to the same lawsuit. By transferring the debtor’s assets into both the debtor’s name and the spouse’s name as tenants by the entireties, the assets are protected from the debtor’s creditors (except in fraudulent transfers) because the debtor’s spouse now has ownership of the assets along with the debtor. More…

Aug 152014
 
Buy-Sell Agreements

  Anyone who owns an interest in a partnership, multiple member LLC, or small corporation should understand the importance of having a proper buy-sell agreement in place for their business. Every business owner should develop a plan of action in the event that one of the owners of the company becomes disabled or passes away, as well as if an owner decides to retire by transferring or selling his or her interest in the company. A well-drafted buy-sell agreement is critical for every business because, even though a business may be brand new, one of the situations mentioned above is More…

Aug 062014
 
How to Designate the Beneficaries of an LLC Membership Interest Upon the Death of an LLC Member

Many clients often wonder how their LLC membership interest will pass upon death. Some clients want their interest to pass to the surviving LLC members. However, others want their interest to pass to their heirs. Clients often ask whether they should designate a beneficiary of the membership interest in their Operating Agreement or in their Will or Trust. Being that an LLC member’s interest belongs to that particular member personally, it is a personal asset and is governed by Florida inheritance laws. For instance, if a membership interest is owned in one’s name alone, the interest should pass to that More…

Jul 032014
 
Using Online Legal Forms

Clients visit our office to discuss the prospect of having a Will drafted. Often the topic of the many online services arises, and clients want to know if the cost savings is worth it. Sure, it costs less to use a document created by a website, but is it truly worth it? In 2004, Ann Aldrich used a form from “E-Z Legal form” for her Will. In this recent Florida Supreme Court decision, the Court found that Ann’s two nieces were entitled to inherit property that Ann received after making out her Will. This was more than likely, not the More…

Jun 182014
 
The Supreme Court Proclaims Inherited IRAs Are Not Protected From Creditors

On Friday June 13, the U.S. Supreme Court in the case of Clark v. Rameker, proclaimed that an inherited IRA is not an exempt asset for bankruptcy. The broader reading of this opinion is that children who receive an inherited IRA from Mom or Dad may end up losing the IRA funds to a creditor as the IRA is not creditor protected in the hands of the children. In addition, should the children need to go through bankruptcy to get a fresh start on their financial situation, the IRA will be a reachable asset for creditors. Certainly, the easiest and More…

Mar 042014
 

Philip Seymour Hoffman passed in February at the age of 46. He was a successful actor with a family. Nobody plans to die in their forties but it happens. Fortunately, Hoffman left a last will and testament. However, not only was it old and outdated, but it was apparently drafted by a real estate attorney. Unfortunately, many lawyers include wills and trusts or estate planning in their list of practice areas. When deciding to use an attorney to assist you with your estate planning, hire an experienced estate planning attorney. As time passes, laws change, as they did in 2011 More…

Feb 062014
 
Brain - Dead Pregnant Woman on Life Support Stirs Controversy

Marlise Munoz was 33 years old and 14 weeks pregnant when her husband found her lying unconscious in their Texas home, and doctors pronounced her brain dead. Her husband and family members claimed that they knew she would not want to be kept on life support. Her husband claimed that although his wife did not leave behind any sort of health care directive, that he knew her wishes and had discussed the issue with her many times before. However, hospital officials refused to honor her wishes because they argued that Texas law required them to provide life-sustaining support to pregnant More…

Feb 062014
 
Don't Forget Your Pets!

Pet ownership throughout the nation is on the rise and so are the number of pet trusts created each year. Although some pet owners leave tens of thousands of dollars in trusts to care for their pets, pet trusts are no longer just for the wealthy. Many pet owners leave just enough funds to provide for the basic necessities of their pets, such as food and veterinary care making pet trusts more popular among all pet owners. As many pet owners view their pets as a part of their family, pet owners want to be sure that their pets are More…

Jun 182013
 
IRA Trust-The Secret That Very Few Know About

The purpose of any trust is to protect assets and wealth and to provide administration and distribution to the beneficiaries. An IRA Trust is no different. An IRA Trust deals specifically with IRAs and can be drawn by the “grantor,” or the individual who created the trust. An IRA Trust is not like a Revocable Living Trust, which concentrates on averting probate and placing assets squarely into the hands of the name beneficiaries upon the death of the grantor. An IRA Trust should be set up as part of a comprehensive estate plan. If you have over $100,000 in an More…