Page 27 - Boca ViewPointe - August '24

August 2024 Viewpointe, Page 27
Boca Helping Hands’ Bowling For Bread

Members of the community are encouraged to sponsor
Will Support The BHH a child for $100, sponsor a lane for one of the children’s
Backpacks Weekend Meal charities for $500, or make a donation of any size.
Boca Helping Hands has operated the BHH Backpacks

Program children’s meal program for the past 13 years, providing
food-insecure students with nonperishable, easy-to-prepare
Boca Helping Hands (BHH) will hold its annual Bowling meals every Friday to ensure they get enough to eat on the
for Bread event on Sunday, Aug. 25 at Bowlero, 21046 weekends. During the 2023/24 school year, BHH Backpacks
Commercial Trail, Boca Raton. BHH invites kids from local helped over 1,100 students in 13 local schools, providing
children’s charities to attend at no cost to enjoy an afternoon 181,362 meals and 60,454 snacks to elementary students in
of bowling, food and fun. Proceeds from the event will Boca Raton, Delray Beach, and Boynton Beach.
support the BHH Backpacks weekend meal program for kids. Bowling for Bread is part of Boca Chamber Festival
The children’s charities invited to participate include Days—a series of fun-filled August events intended to raise
4KIDS of South Florida, Inc.; Achievement Centers for awareness and funds by pairing nonprofits with for-profit
Children & Families; Adopt a Family of the Palm Beaches, members of the Greater Boca Raton Chamber of Commerce.
Inc.; American Association of Caregiving Youth; Boys & Florida Peninsula Insurance is Bowling for Bread’s For-Profit
Girls Club of Boca Raton; Family Promise of South Palm Chamber Partner and the Event Sponsor is the Lee Pearlson
Beach County; Fuller Center; HomeSafe; Place of Hope; Steinberg Foundation. Other major sponsors include the Gary
PROPEL; and Pearl City Cats. Peters Family Foundation and Humana.

Asset Protection in Estate Planning

You’re beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. Whether your concern
is for your personal assets or your business, various tools exist to keep your property safe from tax collectors, accident victims, health-care
providers, credit card issuers, business creditors, and creditors of others.
To insulate your property from such claims, you’ll have to evaluate each tool in terms of your own situation. You may decide that insurance
and a Declaration of Homestead may be sufficient protection for your home because your exposure to a claim is low. For high exposure, you may
want to create a business entity or an offshore trust to shield your assets. Remember, no asset protection tool is guaranteed to work, and you may
have to adjust your asset protection strategies as your situation or the laws change.
Liability insurance is your first and best line of defense
Liability insurance is at the top of any plan for asset protection. You should consider purchasing or increasing umbrella coverage on your
homeowners policy. For business-related liability, purchase or increase your liability coverage under your business insurance policy. Generally, the cost
of the premiums for this type of coverage is minimal compared to what you might be required to pay under a court judgment should you ever be sued.
A Declaration of Homestead protects the family residence
Your primary residence may be your most significant asset. State law determines the creditor and judgment protection afforded a residence by
way of a Declaration of Homestead, which varies greatly from state to state. For example, a state may provide a complete exemption for a residence
(i.e., its entire value), a limited exemption (e.g., up to $100,000), or an exemption under certain circumstances (e.g., a judgment for medical bills). A
Declaration of Homestead is easy to file. You pay a small fee, fill out a simple form, and file it at the registry where your deed is recorded.
Dividing assets between spouses can limit exposure to potential liability This is the Lee Pearlson Steinberg Foundation’s 12th
Perhaps you work in an occupation or business that exposes you to greater potential liability than your spouse’s job does. If so, it may be a year sponsoring the event. “Being part of the fun at
good idea to divide assets between you so that you keep only the income and assets from your job, while your spouse takes sole ownership of Bowling for Bread and seeing the kids enjoy themselves is
your investments and other valuable assets. Generally, your creditors can reach only those assets that are in your name. something I look forward to every year,” said Foundation
Business entities can provide two types of protection — shielding your personal assets from your Trustee Lee Steinberg. “My mom Pearl’s love for
business creditors and shielding business assets from your personal creditors children’s causes inspired me to support Bowling for Bread
Consider using a corporation, limited partnership, or limited liability company (LLC) to operate the business. Such business entities shield
the personal assets of the shareholders, limited partners, or LLC members from liabilities that arise from the business. The liability of these in her memory. It’s a wonderful way to honor her legacy.”
owners will be limited to the assets of the business. For sponsorship opportunities, visit BocaHelpingHands.
Conversely, corporations, limited partnerships, and LLCs provide some protection from the personal creditors of a shareholder, org/BFB or contact Karen Swedenborg at (561) 417-0913,
limited partner, or member. In a corporation, a creditor of an individual owner is able to place a lien on, and eventually acquire, the shares of the
debtor/shareholder, but would not have any rights greater than the rights conferred by the shares. In limited partnerships or LLCs, under most Ext. 202, or via email at Karen@BocaHelpingHands.org.
state laws, a creditor of a partner or member is entitled to obtain only a charging order with respect to the partner or member’s interest. The For more information, please visit BocaHelpingHands.
charging order gives the creditor the right to receive any distributions with respect to the interest. In all respects, the creditor is treated as a mere
assignee and is not entitled to exercise any voting rights or other rights that the partner or member possessed. org. 
Certain trusts can preserve trust assets from claims
People have used trusts to protect their assets for generations. The key to using a trust as an asset protection tool is that the trust must be
irrevocable and become the owner of your property. Once given away, these assets are no longer yours and are not available to satisfy claims Attention Dog
against you. To properly establish an asset protection trust, you must not keep any interest in the trust assets or control over the trust.
Trusts can also protect trust assets from potential creditors of the beneficiaries of the trust. The extent to which a beneficiary’s
creditors can reach trust property depends on how much access the beneficiary has to the trust property. The more access the
beneficiary has to the trust property, the more access the beneficiary’s creditors will have. Thus, the terms of the trust are critical. Owners
There are many types of asset protection trusts, each having its own benefits and drawbacks. These trusts include:
• Spendthrift trusts
• Discretionary trusts
• Support trusts It is your responsibility
• Personal trusts to pick up after your dog.
• Self-settled trusts It’s the law. Some of you
Since certain claims can pierce domestic protective trusts (e.g., claims by a spouse or child for support and state or federal claims), you can
bolster your protection by placing the trust in a foreign jurisdiction. Offshore or foreign trusts are established under, or made subject to, the laws have been negligent in
of another country (e.g., the Bahamas, the Cayman Islands, Bermuda, Belize, Jersey, Liechtenstein, and the Cook Islands) that does not generally doing so.
honor judgments made in the United States.
Please keep our
A word about fraudulent transfers
The court will ignore transfers to an asset protection trust if: Boca Pointe community
• A creditor’s claim arose before you made the transfer beautiful! 
• You made the transfer with the intent to defraud a creditor
• You incurred debts without a reasonable expectation of paying them
This information, developed by an independent third party, has been obtained from sources considered to be reliable, but Raymond James Financial Services, Inc. does not guarantee that the
foregoing material is accurate or complete. This information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a
recommendation. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. This information is
not intended as a solicitation or an offer to buy or sell any security referred to herein. Investments mentioned may not be suitable for all investors. The material is general in nature. Past performance
may not be indicative of future results. Raymond James Financial Services, Inc. does not provide advice on tax, legal or mortgage issues. These matters should be discussed with the appropriate
professional. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC, an independent broker/dealer, and are not insured by FDIC, NCUA or any other government Golf Carts
agency, are not deposits or obligations of the financial institution, are not guaranteed by the financial institution, and are subject to risks, including the possible loss of principal. Investment Advisory
services offered through Raymond James Financial Services Advisors, Inc. The information contained within this commercial email has been obtained from sources considered reliable, but we do
not guarantee the foregoing material is accurate or complete.
Please Drive Carefully!
Raymond James Financial Services
Arthur Rottenstein

Registered Securities Principal

301 E. Yamato Road, Suite 3160
Boca Raton, FL 33431
561-241-6616

Arthur.Rottenstein@RaymondJames.com
bocaratonfinancialplanner.com