Aug 302012
 

As a follow-up to the previous post regarding 4 life changing events that require an estate planning review we now turn to three property transactions that should also lead to a review of an estate plan. Going through probate: It is no secret that longer life spans, ballooning medical costs, and two recessions have been negative factors on the average inheritance these days.  That said, whatever the amount is, there will be even less of it if creditors come calling or if it passes through another probate.  Any time a person receives a large sum of money or property, they More…

Jun 012012
 
Insurance May Not Be Enough To Protect A Business Owner’s Personal Assets

Previously, we discussed piercing the corporate veil and the role that maintaining adequate insurance can play in determining whether a piercing action will succeed.  But what happens when insurance is not enough?  This is the time when a personal asset protection plan comes into play. It is no secret that insurance companies are in the business of making money and that a large part of their business is generated through the denial of claims.  After all, is it not preferable from their standpoint to bring in all those premiums and pay out nothing at all?  Take, for example, the story More…

Apr 192012
 
Dick Clark Dies, Leaves Behind Large Estate

Dick Clark, the television host, producer, CEO, restaurateur, concert promoter and real estate investor who helped bring rock music into the mainstream on “American Bandstand” and rang in the New Year for the masses at Times Square, died yesterday of a heart attack.  He was 82. Clark, who for a time in the 1980s was counted among the Forbes 400 list of the wealthiest Americans, left behind an estate worth hundreds of millions of dollars.  Described as a “workaholic,” Clark hosted television shows on all the major television networks, including such hits as the $20,000 Pyramid, New Year’s Rockin’ Eve More…

Dec 232011
 
Year End Estate Planning For The Small Business Owner

The end of the year is as a good time for the small business owner to review recent developments in their personal lives and update their estate plan where necessary.  There are a number of estate planning issues unique to the small business owner that should be addressed with a Florida estate planning attorney. As the family of the business owner develops and grows, so must their concern about properly structuring the business.  Births, deaths, and marriages are all life events that have enormous consequences on both a business and an estate plan.  Children become adults, obtain educations, and seek More…

Sep 202011
 
Understanding “Inside” And “Outside” Asset Protection

Oftentimes, when proposing an asset protection strategy to a potential client, the concept of “inside” and “outside” liability protection comes up.  The purpose of this blog is to explain the difference between the two and why both are important to any good asset protection plan.  In Florida, one of the most common ways to obtain both inside and outside liability protection is through the formation or a multiple member LLC.  Thus, we will use the LLC as our example in this case. In regards to “inside” protection, a Florida multiple member LLC protects the assets of the LLC owners (commonly More…