February 2014 - Law Offices of Reinfeld & Cabrera, P.A. Coral Springs, FL | Plantation, FL

Can I Get by Without a Will or Trust Attorney?

Posted on February 27, 2014 | by mP@

While you may be able to buy some documents to help you set up your own will, hiring a wills and trust attorney is your best bet when it comes to making sure your wishes are legally documented and carried out after you pass away.

Florida has specific state requirements that determine what can be included in a will or a trust. If you are not up to speed on the specific state requirements, you should consult with a wills and trusts attorney when naming a personal representative, beneficiaries, or any specific instructions for your estate.

Also, you may feel like you have an easy estate to plan, but if you are in a second marriage (or third, fourth, etc.), are recently divorced, have any minor children, children with any special needs, or want to leave some of your estate to a charity, you have an estate that could use the expert planning advice of a wills and trusts attorney.

Without the proper legal estate plans in place, a large portion of your estate could be lost during the probate process. However, with the proper preparations from a knowledgeable wills and trusts attorney, your estate could be well protected, making sure your beneficiaries receive all that you wish.

One missing document, or unsigned piece of paper, could be the difference between a legal will or one that can easily be contested. Don’t take a chance on doing it yourself. Hire a wills and trust attorney at Reinfeld and Cabrera, P.A. We not only provide wills preparation to control the disposition of property upon death, but we also prepare trusts, including revocable, special needs, minor, generation skipping, irrevocable, charitable and other trusts.

Differences Between LLCs and Corporations

Posted on February 14, 2014 | by mP@

Differences-between-LLCs-and-corporations What are the differences between LLCs and corporations in Coral Springs? This may seem like a complicated question but that is why we at Reinfeld & Cabrera P.A. are here to help you decide which business model best suits your needs.

To help you get your head around things it is important to remember that corporations in Coral Springs can be broken down into S corporations and C corporations.

The most important difference between S corporations and C corporations, simply put, is based on taxation. C corporations have one tax, on a corporate level, on its net income, and another tax to the shareholders when distributions are made. In contrast, S corporations have only one level of taxation and all of their income is allocated to the shareholders. In spite of this C corporations have better tax planning flexibility and have the ability to protect shareholders from direct tax liability. S corporations, on the other hand, are restricted by limitations, such as the number and type of shareholders they can have (no more than 100 shareholders, and shareholders must be US citizens/residents). C corporations have no restrictions on ownership.

Now that you know the basic differences between S corporations and C corporations, lets move on to understanding what LLCs are. LLC stands for Limited Liability Company. LLCs combine the corporate advantage of limited liability protection with the partnership advantage of pass-through taxation. Thus the LLCs income is not taxed at the entity level; however, if the LLC has more than one owner a partnership return should, in general, be completed. Income or loss is passed through the LLC and reported on owners’ individual tax returns.

When considering incorporating a small business in Florida, LLCs or S corporations are arguably top choice. Therefore we have decided to break down the differences between these two formations for you.

Firstly LLCs cannot issue stock. Instead they offer “memberships.” In contrast S corporations can issue stock and are owned by the shareholders. Secondly members or hired managers directly manage their LLCs. In comparison directors and officers manage S corporations. S corporations have certain restrictions that are not applicable to LLCs. One such example is that S corporations are limited to 75 shareholders, while LLCs are not restricted in their number of members. Finally while LLCs have a limited life span of approximately 30 years, S corporations have an unlimited life span.

With all this in mind, you should have just enough information to begin the process of incorporating your business. With the help of experienced attorneys such as Reinfeld & Cabrera P.A. the differences between LLCs and Corporations should be but a small hurdle on your road toward success.

What is Intestate Succession Law?

Posted on February 13, 2014 | by mP@

Intestate-Succession-Law

In Florida, dying without the proper estate plans in place means that your estate will be subject to intestate succession law. What is intestate succession law? This means that assets that you own by yourself, will be left to relatives under this law, in the absence of your wishes being formally laid out in a will, or if a will is found to be invalid. A decedent is the person who has died.

Within intestate succession law, the entire estate of a decedent is left to the surviving spouse, if the decedent has no surviving children, or any lineal descendants. A lineal descendant can include children, grandchildren, and great grandchildren, of the decedent down the generational line. Also, if the decedent and the surviving spouse only have children that they share together, and no other descendants, then the entirety of the estate will be left to the surviving spouse.

Within intestate succession law, a surviving spouse will receive one half of the decedent’s estate, while any lineal descendants of the decedent, but who are not also descendants of the surviving spouse, will share the remaining half of the estate. Any lineal descendants of the decedent will share the estate if there is no surviving spouse.

If a decedent has no surviving spouse, or any lineal descendants, then intestate succession law sees the estate pass to lineal ascendants, which includes parents and grandparents, and to collateral relatives, which includes siblings, aunts and uncles.

The intestate succession law in Florida only applies to assets in the estate that would normally be left in a will, but does not apply to other assets, such as property transferred to a living trust, property that is jointly owned, and funds in a retirement account, just to name a few. These particular assets will be left to the named beneficiary, regardless of whether or not you have a will to allocate the other assets in your estate.

Unless you want your estate to fall under intestate succession law in Florida, it is best to have your estate plans laid out in legal documents.

Buying a Business – First Time Commercial Owners in Florida

Posted on February 11, 2014 | by mP@

buying-a-business Thinking about buying a business and becoming a first time commercial owner in Florida? Look no further than Reinfeld & Cabrera, P.A. as we have put together a quick guide of basic advice and information that you will need when buying a business and becoming a first time commercial owner in Florida.

The Florida Business Corporation Act (FBCA) is massive legal ‘instruction manual’ that many first time commercial business owners in Florida find confusing at best. Add to this the Sarbanes–Oxley Act (SOX), and buying a business and becoming a first time commercial owner begins to look more than overwhelming.

To put your mind at ease leave the complicated legal jargon to professionals like Reinfeld & Cabrera, P.A. and take a look at the top tips that many first time commercial business owners in Florida wish they had known before buying a business.

Select and prioritize: Managing multiple business enterprises at once will inhibit your effectiveness and productivity. Focus on one thing, perfect it, and build on that.
Do what you love: A business developed around something that you are personally interested in will stand a greater chance of success. Maximize on your strengths and talents. You will shine.
Be concise in your pitch:  Always be ready to pitch your business. However keep it to the point and remember less is more.
Do not be a know-it-all: Know where your knowledge lacks and revert to advisors and mentors who will fill in the gaps and assist you in becoming a better businessman.
Be frugal: Learn to manage your cash flow effectively. Consult with mentors and advisors. Make sure you have a handle on your expenses and income.
There is no such thing as the perfect plan: Making mistakes are all part of the adventure. The ability to learn from your mistakes is what will mould you into a successful businessman.
Know when it’s time to quit: If your business doesn’t work out don’t panic. Reflect on the pitfalls and mistakes and use them to guide you in your next business venture. Just remember failure is to be expected, but a true entrepreneur will overcome hardship.

While this is not a definitive list of advice, these are 7 tips to get you started.

With all the legal protocol surrounding buying a business and becoming a first time commercial owner in Florida, it is essential that you choose attorneys who will look after the best interests of you and your new business while providing your company with outstanding representation in the commercial world. Choosing attorneys, such as Reinfeld & Cabrera, P.A. allows you the peace of mind to focus on the things that have inspired you in buying a business and becoming a first time commercial owner in Florida.

Intestate and Blended Families

Posted on February 10, 2014 | by mP@

blended-families When you have a blended family, it is always best to make sure your estate planning is laid out in legal documents that explain exactly who gets what, before your assets are distributed via intestate succession laws. A blended family is one which may include children from prior marriages or relationship.

In Florida, intestate succession laws will dispense your estate to your relatives when there is an absence of a legal will, or when a will is found to be invalid. Sometimes the dispensing is simple, such as when a decedent only leaves behind a surviving spouse. However, things get considerably more complicated with blended families. A decedent is the person who has died.

All assets in the estate are left to a surviving spouse, when the decedent has no lineal descendants. Within intestate succession laws, if a decedent leaves behind a surviving spouse, and children or other lineal descendants who are shared with the spouse, then the surviving spouse still inherits the estate. However, in blended families where the decedent leaves behind a surviving spouse and lineal descendants who are not shared with the spouse, then half the estate goes to the surviving spouse and the remaining half of the estate is split among the lineal descendants.

When blended families contains adopted children, under intestate succession law in Florida, legally adopted children will receive the same share of your estate as biological children. However, any foster children or stepchildren will not automatically receive a share of the estate. Nor will children who were put up for adoption, and have been legally adopted, receive any share of the estate.

A child who has been conceived by the decedent, but not yet born at the time of death, will still receive a share of the estate under intestate succession law in Florida. Blended families that include children born outside of marriage, will see those children receive a share of the estate under a few legal conditions, such as the decedent having acknowledged the paternity or a court establishing such paternity.

When you have a blended family, or a complicated family situation, it is always wise to make sure you have a will in place formally laying out your wishes upon your death. Otherwise, all assets that can normally be distributed via a will, will then subject to intestate succession law.

Pet Trusts in Coral Springs

Posted on February 8, 2014 | by mP@

Pet-trusts-in-Coral-Springs Pet trusts in Coral Springs – the smart move in protecting your loved ones.

Setting up pet trusts in Coral Springs is one of the most important decisions you, as a pet owner in Coral Springs, can make for the well being of your pets.

In the event of your death have you made plans for the most vulnerable members of your family? You are all the family that your pet has to rely on. That is why together with the help of Reinfeld & Cabrera, P.A. you can ensure, by setting up a Pet Trust, that your beloved pets will want for nothing should they be orphaned.
Pet Trusts in Coral Springs is governed by the Florida Pet Trust Statute 737.116 Trust for care of animal. Although it is a relatively concise provision we at Reinfeld & Cabrera, P.A. have decided to decode the legalese of the statute governing Pet Trusts in Coral Springs and give you the most important factors to consider when writing up a pet trust.

Factor 1: Choosing your caregiver.
The number one essential decision when setting up pet trusts in Coral Springs is choosing the right caregiver. This is the person who will be stepping into your shoes as surrogate parent to your fur kids. Bearing in mind that the responsibility of a pet is enormous, make sure to choose someone who you know will have your pet’s best interests at heart. It is also extremely important to name an alternate caregiver should your first choice caregiver be unable to accept the responsibility.

Factor 2: Appointing a trustee.
A trustee is the person (or corporation) who you will rely on, to properly administer your pet’s trust. The trustee will have the responsibility of making sure that your chosen caregiver is really giving your pet the protection and attention it deserves.

Factor 3: How much will your pet need?
The next crucial consideration in setting up pet trusts in Coral Springs is deciding how much you will need to set aside for the continual wellbeing of your pet. This will vary depending on your individual standards however here are a few things to think about:

The type of pet (dog, cat, iguana, bird etc)
How long your pet could live
The lifestyle you want your pet to have (this includes things like travel expenses, food, Insurance, toys & treats, recreational activities and pet-sitting)
Potential medical costs for your pet

There are many more things to think about but deciding on the above three factors is the first step in the right direction to creating pet trusts in Coral Springs. Understandably all this information can be overwhelming and that is why we at Reinfeld & Cabrera, P.A. are here for you to rely on when setting up your pet’s trust in Coral Springs.

Contracts

Posted on February 6, 2014 | by mP@

contracts A contract is one of the most frequent legal transactions that you will be involved in at any one point in your adult life. No matter what situation you find yourself in that requires a contract, having a basic understanding of contract law is crucial in building solid agreements that will be legally enforceable should a disagreement crop up.

In a nutshell a contract is an agreement that is legally enforceable between two or more parties. The word party includes an individual person, company, or corporation. Contracts made in Coral Springs are governed and enforced by laws in Florida. With this basic definition in mind here is a run down of the overall benefits of having a contract.

Having a watertight contract leaves you open to get right in and do the job itself without worrying about all the legal issues. A few of many benefits of having a contract include; protection for both parties should a dispute arise; ensuring that the agreement entered into by parties is fair; and that all details of the agreement are explicit – this includes that all definitions are stated and agreed to by all parties to the contract. In other words making sure that everybody is on the same page. Therefore if things do go wrong it is always a good idea to have all your bases covered and to make sure that the relationship between both parties is clearly defined in a contract.

A further benefit to having a contract drawn up is that written agreements are far easier to put into effect and enforce than verbal agreements. A professionally drafted contract will be a physical reference point that you can revert to in moments of need. Moments of need include; disputes between parties; recalling important details; or a means of orientation for newcomers to the agreement.

If all of the above factors have still not convinced you that a contract is nothing but beneficial then perhaps the idea of you being the master and commander of your agreement will grab your attention. If you don’t have a written agreement local and state laws will dictate some of the rules for your agreement. If a dispute arises which has not been covered by a written contract, the issue may be taken to court to be resolved. This could leave you on the short end of a very costly stick.

So, under what circumstances do we recommend that you make use of a contract? From rental agreements, business partnerships, and employment contracts, to contracts of sale, prenuptial agreements, and wills, the list is truly endless.

The laws governing contracts in Coral Springs can become overwhelming however, experienced attorneys, such as Reinfeld & Cabrera P.A. are always here to help you.

Business Formations

Posted on February 5, 2014 | by mP@

The process of business formation can be a highly complex and overwhelming endeavour for a first time business owner as well as for a seasoned business professional. Florida has the fourth largest population in the country which serves a thriving business community made up of some of the largest U.S. corporations as well as a multitude of small businesses. At Reinfeld & Cabrera, P.A. we want to guide you through the steps of business formation as quickly and painlessly as possible in order for you to begin reaping the benefits of being a business owner in Florida.

When considering business formations, here are a few steps to break down the process for you:

Naming your business – choosing a name for your business is crucial. When incorporating, the name of your business has to be unique. In other words, no other company can have the exact same name.
LLC or Corporation? – deciding whether your business should be a Limited Liability Company or a corporation depends largely on the business owner and their personal preferences for running their business. However, this decision should not be taken lightly as there are many financial and legal implications of both entities. Attorneys, such as the ones at Reinfeld & Cabrera, P.A., can offer sound professional advice and guidance when it comes to making the best choice for you.
Articles of Business Formation – once you have completed the first two steps, you will need to file the articles of incorporation with the Florida Department of State to legally create the entity. There are many requirements when filing these forms and the experienced attorneys at Reinfeld & Cabrera, P.A. can be of great assistance when dealing with this.
Obtaining your FEIN – next, a request for a Federal Employer Identification Number (FEIN) from the IRS may need to be submitted. The decision whether or not to obtain a FEIN relies on if your business formation is a corporation or a LLC. If it is former, a FEIN will definitely need to be obtained. However, if it is the latter and there is only a single owner of the LLC, the choice is up to the business owner.
Licences – there are many licenses which need to be properly acquired before a business can operate legally. These may either be a business license/occupational license or business tax receipt. They need to be registered with county in which your business operates and it is best to check with an attorney or your local tax collector’s office to see what your county requires.
Banking – lastly, a bank account will need to be opened up in the businesses name and all monies coming in or going out of the business will have to be through this account.

Consulting an experienced attorney such as Reinfeld & Cabrera, P.A. will simplify this complicated process of business formation, enabling you to enjoy the fruit of your labour and see your business flourish.