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Barry Evan Haimo
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Barry Haimo’s Answers

189 total


  • Are assets within an LLC business I own safe from creditors and lawsuits against me as an individual? And vice versa?

    If I hold an LLC in Florida, are my personal properties safe from creditors or lawsuits against my business? Vice versa, are the assets of my business safe from creditors or lawsuits placed against me as an individual? Is the level of protection o...

    Barry’s Answer

    Generally, business entities insulate owners from business liabilities. There are exceptions of course. Multi-member LLCs provide the owners of the LLC with protection from their personal creditors than single-member LLCs do in Florida; particularly under the charging order statute of Chapter 605. Again, there are exceptions and it is highly fact specific, and timing is critical too. Accordingly, I would encourage you to retain counsel to address your concerns. Good luck.

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  • Is a operating agreement necessary for a single member LLC holding a rental property?

    Hello, I recently created a LLC and eventually want to transfer a rental property to this LLC. So my questions is pertaining to the operating agreements , are they required for a single member LLC?

    Barry’s Answer

    An OA is not required but is highly advisable. It enables you to designate how you want the entity managed and operated, and documents ownership. Otherwise, you must rely on the statute which will apply default rules. It's not fatal not to have an OA. However, I highly advise you to sit down with an estate and business attorney to best understand and address how this fits into your overall circumstances and goals.

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  • Can the same person create an irrevocable trust and serve as the trustee?

    In florida, can a person creating an irrevocable trust serve as the trustee if all the beneficiaries are different (i.e. a person creating it is the father, father would be trustee, and all beneficiaries would be the father's children)?

    Barry’s Answer

    The short answer is yes. The real question is why you'd want to do that. As my colleagues indicated, there are tax and legal implications of doing so. I will add that there are asset protection implications, both favorable and unfavorable , of doing so. You should not engage in this type of planning without retaining a professional who does it often. There are just too many moving parts. Good luck.

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  • Is it better to have our titles and deed in husband AND wife names or husband OR wife names. We have a will if that makes a diff

    My wife and I live in Florida and are in our late sixties.We own a home and vehicles plus savings and checking accounts.

    Barry’s Answer

    The home should be likely titled jointly as husband and wife for probate avoidance. It also provides asset protection but that's redundant if its your primary residence under Florida's homestead laws. Never title cars jointly. Consider trusts for other assets. Definitely agree with the other attorneys up seek counsel to ensure all this is set up properly. Good luck.

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  • What's the difference between a PLLC and a LLC?

    I'm a self-employed attorney, and I want to open an entity for taxation purposes. It's my understanding that the only difference between a PLLC and LLC is the fact that for PLLCs, the members must be professionals. Is that correct? Are there any a...

    Barry’s Answer

    You have many options here, PLLC, PA, etc.. Assuming you pick the right entities for legal purposes, you still must ensure you're maximizing your tax benefits. You will have more favorable tax treatment with an entity electing "S" status than a disregarded entity. The difference will be material and should not be overlooked. Your decision should also consider whether you intend to take on partners in the future. That decision has tax, legal and asset protection consequences. I highly recommend you sit down with a business attorney with a tax background to help you set this up properly.

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  • With 3 complete restatements of trust, do all prior amendments & complete restatements need to be listed in heading?

    Does a complete restatement of a trust need to reference (in the heading), all previous restatements for it to be legal? Do restatements need to list all prior amendments for thee trust to be legal?

    Barry’s Answer

    Your question is quite vague, but typically no.

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  • I would like to set up a living trust, so that when I am gone he will be able to have all of my estate. Everything.

    I have not heard from my family members in over four years. I have a best friend and roommate at present that I want to be my beneficiary. He and I are planning on opening a catering business, outside of that fact I want to leave him all my pe...

    Barry’s Answer

    My colleagues provided excellent insight. The only point I'd like to add is that your your roommate will not have any right to receive anything from you by way of inheritance if unrelated to you unless you designate him or her in your estate planning documents.

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  • Can an LLC be a member of a new LLC in Florida? (could you PLEASE give me where this information is - so I can read more)

    I am putting a LLC together in FLORIDA with a friend. I already have an LLC - can my LLC be a member of my new LLC?

    Barry’s Answer

    Absolutely. A member can be another business entity. The question is whether it should be. Look up Chapter 605, Florida Statutes.

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  • My father passed away in 2010 and did not have a will. Am I entitled to any sort of inheeritance?

    My father passed away in 2010 and did not have a will. My mother took control of everything which included 3 houses, 2 in Massachusetts and one in Florida as well as a life insurance policy and numerous other assets. 2 of the houses are paid off. ...

    Barry’s Answer

    I'm sorry to hear of your father's passing and that you are experiencing conflict in your family as a result. Typically, when someone passes away without a validly executed last will and testament, the state statute where the person lived will dictate how the assets pass and who is appointed as fiduciaries (i.e. personal representative / executor of the estate). These statutes -- called "laws of intestate succession" generally devise remaining assets to the surviving spouse and minor children as the primary beneficiaries, and non-minor children next. As an aside, some assets, life life insurance policies, 401(s), IRAs, annuities, pensions, etc., generally pass outside of probate to the designated beneficiary entered on the policy or account. You may want to look into that to confirm she was designated and not you.

    My response is highly speculative based on your brief set of alleged facts and you should not rely on it. I'd highly recommend sitting down with an attorney to review your case. Good luck.

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  • What are the operational agreements for Florida?

    My father bought an apartment in Miami via LLC, they told him that he needs to attach operational agreement to his documents. What are the operational agreements for Florida? Where can I find it? Are they all same or I need to find the best for o...

    Barry’s Answer

    Mark hit the nail on the head. The only point I'd add is that you need an operating agreement for your LLC. It's an important document to have, especially if you have partners and other players in the business.

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