Page 12 - Boca Club News - December '24

Page 12, Boca Club News
From the Desk of Commissioner

Marci Woodward: A Message from Marci

Commissioner Woodward, a 20-year Excitingly, Community Greening has plans to address “hot The position of county mayor, introduced by former
resident of Boca Raton, was elected in spots” in the Glades area of western Palm Beach County, where commissioner Steven Abrams, was created in 2013 and
November 2022 as Palm Beach County shade is sorely needed. I’m particularly looking forward to seeing replaced the title of chair. The reason for this was to heighten
District 4 Commissioner. She serves on their impact in our parks. These recreation spaces are already the board’s visibility by increasing public awareness of the
the following board of directors as a wonderful but adding more trees will make them even better. role of the commission since the general public identifies more
representative of the county commission: Did you Know? Every year the Board of County with a mayor than a board chair.
Palm Beach Transportation Planning Commissioners selects a mayor to preside over commission Having a county mayor benefits us regionally when partnering
Agency; South Florida Regional meetings. with the mayors of Miami-Dade and Broward counties and
Transportation Authority (TriRail); Every year the Board of County Commissioners selects a provides a stronger voice in Washington and Tallahassee.
Treasure Coast Regional Planning Council; CareerSource mayor to preside over commission meetings and serve as the The three most populous counties in Florida are a powerful
Palm Beach County; Palm Beach Cultural Council, and Value ceremonial head of Palm Beach County government. I would force when united together on common issues such as economic
Adjustment Board. Ms. Woodward graduated from the University like to extend my congratulations to fellow commissioner development, transportation funding and environmental issues
of South Carolina-Aiken with a Bachelor’s Degree in Fine Arts. Maria Marino, who was selected to serve as mayor. including Everglades restoration.
This month’s local elections brought exciting changes, A vice mayor is also selected to assume these duties in the If you require assistance, please contact our office at (561)
and as the Board of County Commissioners we are thrilled absence of the mayor. Congratulations to commissioner Sara 355-2204 or email Mwoodward@pbcgov.org.
to welcome two new commissioners: Commissioner Bobby Baxter for being selected to serve as vice mayor.
Powell (District 7) and Commissioner Joel Flores (District 3).
I look forward to working alongside them to make Palm Beach
County the best place to live, work, and play.
At the same time it’s a bittersweet moment as we say
goodbye to Commissioner Mike Barnett, the former District
3 commissioner. It has been a pleasure sitting beside you in
chambers and I will miss seeing you around. I know you’ll Asset Protection in Estate Planning
continue to do great things in the future. Best of luck, Mike.
Additionally, I’m excited and honored to serve as Chair of
You’re beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. Whether your concern
the South Florida Regional Transportation Authority (SFRTA) is for your personal assets or your business, various tools exist to keep your property safe from tax collectors, accident victims, health-care
Governing Board. As many of you know, transportation providers, credit card issuers, business creditors, and creditors of others.
has become a passion of mine and I’ve dedicated myself to 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
improving mobility across Palm Beach County--whether it’s 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
through cars, trains, buses or walking. I’m eager to take on have to adjust your asset protection strategies as your situation or the laws change.
this new role and tackle the transportation challenges that lie Liability insurance is your first and best line of defense
ahead with a forward-thinking approach. Liability insurance is at the top of any plan for asset protection. You should consider purchasing or increasing umbrella coverage on your
A heartfelt congratulations to Miami-Dade County homeowners policy. For business-related liability, purchase or increase your liability coverage under your business insurance policy. Generally, the cost
Commissioner Raquel Regalado on her election as Vice Chair. I’m 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.
looking forward to working together and supporting each other A Declaration of Homestead protects the family residence
over the next year as we continue to move our region forward. Your primary residence may be your most significant asset. State law determines the creditor and judgment protection afforded a residence by
I’d also like to bid a fond farewell to Broward County 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
Commissioner Tim Ryan. Tim has been an outstanding Chair 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.
and I’m grateful for his leadership and friendship. I wish you Dividing assets between spouses can limit exposure to potential liability
the best of luck. 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
Wishing you all a joyful and healthy Thanksgiving holiday. 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
Michael and I are looking forward to spending some time your investments and other valuable assets. Generally, your creditors can reach only those assets that are in your name.
with family in South Carolina. Hope you have a wonderful Business entities can provide two types of protection — shielding your personal assets from your
celebration filled with love and gratitude. business creditors and shielding business assets from your personal creditors
Consider using a corporation, limited partnership, or limited liability company (LLC) to operate the business. Such business entities shield

Bonefish Cove Update. I had the exciting opportunity to the personal assets of the shareholders, limited partners, or LLC members from liabilities that arise from the business. The liability of these
witness firsthand the ongoing transformation at Bonefish Cove owners will be limited to the assets of the business.
Conversely, corporations, limited partnerships, and LLCs provide some protection from the personal creditors of a shareholder,
in Lake Worth Beach. A barge carrying sand and a crane arrived, 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
continuing the creation of the first island in this important project. debtor/shareholder, but would not have any rights greater than the rights conferred by the shares. In limited partnerships or LLCs, under most
Palm Beach County, in partnership with the U.S. Army 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
Corps of Engineers, has made significant enhancements 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.
to the original design. These updates ensure that the
traditional boating route to the Intracoastal Waterway remains 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
unobstructed, preserving easy access for local boaters. irrevocable and become the owner of your property. Once given away, these assets are no longer yours and are not available to satisfy claims
When completed the project will feature two intertidal against you. To properly establish an asset protection trust, you must not keep any interest in the trust assets or control over the trust.
mangrove islands, each with a bird nesting mound. Surrounding Trusts can also protect trust assets from potential creditors of the beneficiaries of the trust. The extent to which a beneficiary’s
these islands will be intertidal oyster reefs, creating a thriving 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.
and biodiverse ecosystem. For a firsthand look at this exciting There are many types of asset protection trusts, each having its own benefits and drawbacks. These trusts include:
transformation head over to the Bryant Park boat ramp and • Spendthrift trusts
enjoy a view across the Intracoastal. • Discretionary trusts
• Support trusts
Huge thank you to Palm Beach County Department of • Personal trusts
Environmental Resources Management to witness the project’s • Self-settled trusts
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
progress and visit Snook Islands and Tarpon Cove to get a bolster your protection by placing the trust in a foreign jurisdiction. Offshore or foreign trusts are established under, or made subject to, the laws
glimpse of what the completed islands will look like. of another country (e.g., the Bahamas, the Cayman Islands, Bermuda, Belize, Jersey, Liechtenstein, and the Cook Islands) that does not generally
Veterans Day. Participating in the Veterans Day event honor judgments made in the United States.
hosted by VFW Post 10556 at Veterans Park is always an A word about fraudulent transfers
honor. Thank you to Commander Goodin for including me in The court will ignore transfers to an asset protection trust if:
this meaningful occasion. • A creditor’s claim arose before you made the transfer
• You made the transfer with the intent to defraud a creditor
One of the greatest privileges of my role is the opportunity • You incurred debts without a reasonable expectation of paying them
to publicly thank and honor our veterans. I hope each of 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
left feeling deeply appreciated and proud of the incredible 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
service they’ve given to this country. A special highlight from 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
the event: the oldest veteran in attendance was 95 years old 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
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
and the youngest was just 28. Such a remarkable range of 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.
experience and dedication!
To all the veterans, I am profoundly grateful for the years Raymond James Financial Services
you’ve devoted to protecting America. We are truly blessed
because of your courage and sacrifice. Arthur Rottenstein
Nonprofit Spotlight. Community Greening is a remarkable
local nonprofit dedicated to expanding South Florida’s tree
canopy. By mobilizing volunteers and partnering with like- Registered Securities Principal
minded organizations they’re making a meaningful impact- 301 E. Yamato Road, Suite 3160
-enhancing the environment, creating more sustainable
neighborhoods, and fostering equity in our communities. Boca Raton, FL 33431
I recently had the chance to visit one of their impressive
projects in Delray Beach. Their efforts include adding shade trees 561-241-6616
to public parks and schools, as well as transforming vacant lots Arthur.Rottenstein@RaymondJames.com
into “urban orchards” filled with fruit trees. Much of their planting
stock comes from the nursery at the HabCenter in Boca Raton, bocaratonfinancialplanner.com
which provides a steady supply of trees for their initiatives.