Do I Need A Lawyer To Establish An LLC In Florida?
Video Summary
Do I need a lawyer to establish an LLC in Florida? The answer to that is no.
You can go on the Secretary State’s website and it’s very easy to establish an LLC. However, the problem with that is once that you establish it, who is the owner of this LLC, what you need to go along with your LLC is what they call an operating agreement, which sets forth who the members are and their particular percentage interest. It’s analogous to having a corporation and you don’t have any shareholders, so who owns the corporation? So it’s easy enough to set one up. However, who owns it once you have it established, who are the members, and so that’s where you do need a lawyer to set up an operating agreement designating who are the members, which is the membership interest in the LLC.
So if you would like me to set up an LLC or prepare an operating agreement for you, give me a call at (727) 847-2288. Thank you.
- Published in LLC's and Corporations, Videos
Ask Jaleh: What Is A Special Needs Trust?
Video Summary
What is a Special Needs Trust? Special Needs Trusts began in the mid-1970s as a method of providing disabled beneficiaries in such a way that the Trust provided for the beneficiary’s special needs beyond the scope of public benefit programs offered by federal, state and local governments. The most important element of a Special Needs Trust so that such a Trust does not adversely affect the beneficiary’s receipt of Social Security SSI, Medicaid benefits or other governmental benefits is that the beneficiary has no ability to revoke or amend the Trust or to effectively direct the use of the Trust’s assets for the beneficiary’s own support and maintenance.
There are two types of Special Needs Trust. The first type is a Self-Settled or also known as a First Party Special Needs Trust. The second type is called a Third Party Special Needs Trust.
What is a Third Party Special Needs Trust? A Third Party Special Needs Trust is one that is established and funded by someone other than the beneficiary. For example, a parent or a grandparent might establish a revocable and provide within that revocable Trust that a Special Needs Trust be established for a child or grandchild upon the parent’s or grandparent’s death. Such a Trust is a Third Party Special Needs Trust.
Prior to the development of the Special Needs Trust, it was not uncommon for a family to disinherit their disabled or special needs beneficiary because any inheritance would diminish or more likely disqualify the special needs beneficiary from the receipt of the beneficiary’s public benefits programs.
The goal of supplemental needs trust is to provide the disabled beneficiary with funds to meet the beneficiary’s supplemental or special needs without disqualifying the beneficiary from his receipt of the public benefits the beneficiary would otherwise be entitled to but for the existence of the inheritance.
The second type of Special Needs Trust is called a Self-Settled or First Party Special Needs Trust. The Self-Settled Special Needs Trust or supplemental needs trust is also referred to as a D4A Trust after the federal statutory section that permits the use of this type of Special Needs Trust or also known as a First Party Special Needs Trust. The Self-Settled Special Needs Trust is established for the appropriate court that has jurisdiction over the individual or subject matter that gave rise to the need for the Special Needs Trust.
A Self-Settled Special Needs Trust is different from a Third Party Special Needs Trust in that the Self-Settled supplemental needs trust is established by the beneficiary of the Special Needs Trust and funded with the beneficiary’s own assets. Typically the assets to fund the Self-Settled Special Needs Trust arise from an unusual event, often a personal injury lawsuit but also could be for lottery winnings or even a significant inheritance that was received by the beneficiary without the benefit of a Third Party Special Needs Trust or supplemental needs trust.
The Self-Settled Special Needs Trust is designed to allow someone who receives a personal injury recovery or any other significant lump sum of money or other countable assets and who is or will become dependent on public benefits programs such as SSI or Medicaid to preserve those funds in a Special Needs Trust or supplemental needs trust. The Special Needs Trust will provide for special or supplemental needs beyond those provided by the state or federal public benefits programs for which the beneficiary is eligible.
It is not relevant whether the need for public benefits arose either because of an existing disability or a disability that resulted from circumstances surrounding the accident that gave rise to the personal injury recovery. Through the use of special settled Special Needs Trust, the beneficiary can achieve essentially the same benefits of a Third Party Special Needs Trust beneficiary established by a third party.
If you have any questions regarding whether or not a Special Needs Trust is viable for you or for a loved one, please give us a call at Waller & Mitchell. Our phone number is (727) 847-2288.
- Published in Videos
How Can I Dispute A Landlord’s Claim Of My Security Deposit?
Video Summary
How can I dispute a landlord’s claim on my security deposit for repairs or damages?
Well it’s addressed in the Landlord Tenant Act and the landlord must give you a notice of their claim within so many days. I believe it’s 30 days from the termination. It may be 15 but they have a certain period of time where they must give you that notice. If they do not you’re entitled to the return of your deposit.
If they do send you the claim, you need to sue them in small claims court, get the return of your deposit whereupon they will have to prove what the damages are. Unfortunately your remedy is having to go to court which is usually in small claims court in order to recover your security deposit from a landlord. If you have any question about that, give me a call at 727-847-2288.
- Published in Real Estate, Videos
Who Does An Assignment Of Benefits Benefit, Me Or The Insurance Company?
Video Summary
Insurance companies advise against assigning the benefits of the life insurance policy and the question is whether or not that’s for their benefit or for your benefit. Well, the assignment is usually you’re assigning it to someone to pay a bill or for some reason why you’re assigning it or you’re selling that benefit. And so if you’re selling it to somebody, well that means they’re making a profit. So I believe that the advice not to assign the benefits under the life insurance policy or any insurance policy is probably a pretty good idea not to do that unless you consult with an attorney as to why you’re doing it and if you have any other choices. I see that it is probably a pretty good idea to assign life insurance benefit to a funeral home, however, to pay for a funeral. If you do not have the necessary funds to pay to have someone buried and you were left to be the beneficiary and you want your loved one to be buried, well I think that’s a pretty good assignment. And then you can always see about recovering the cost of the funeral if there’s an estate proceeding.
So if there are other circumstances wherein you’re assigning the life insurance policy, you need to probably consult with an attorney as far as why you’re doing it and whether or not it’s advisable. I’m not sure why the life insurance companies or the insurance companies tell you not to assign it, but I think that that’s pretty good advice until you talk to an attorney to determine whether that’s in your best interest or whether or not you have any choices in the matter. If you have any questions about that, give me a call at 727-847-2288.
- Published in Real Estate, Videos