Page 14 - Boca Exposure - February '25

Page 14, Boca Exposure
Council Corner: Reimagining Our Downtown

Boca Raton Government Campus

By Fran Nachlas, Boca of the initiative sometime in March/April of 2025. As part Moving Forward. As this exciting project moves
Raton City Council of the process the city has also established a Frequently through the review, selection and negotiation process I
member /CRA Vice-Chair Asked Questions (FAQ) section on its website to help welcome your engagement. The Government Campus
The redevelopment of residents stay informed. Some key takeaways include: redevelopment will be a new landmark that blends civic
the 30-acre Government Impact on Taxes: The project will not raise property needs with a more connected, sustainable future.
Campus in downtown Boca taxes but will generate new property taxes and land lease The next few months will be critical as we
Raton is finally moving revenues for the city. collectively work toward shaping a better future
forward, nearly a decade Public Input: Residents are encouraged to provide for our downtown. For more information visit the
after the city first set its feedback via an online form or by attending ongoing city’s Government Campus Master Plan page or contact
sights on revitalizing this public meetings. Of course, I am always available to you me at fnachlas@myboca.us or (561) 221-7902. As
aging area. The process, via email or phone for any thoughts or ideas. always, I’d love to hear from you.
which started in 2016, has Community Improvement: A focus of the initiative is to
faced delays, but now, in 2025, we are closer than ever improve the area’s infrastructure, better utilize the mobility
to realizing a more vibrant, sustainable, and connected and economic benefits of our Brightline partnership and
downtown. create a more pedestrian-friendly environment while
By the time you read this the City Council will have preserving the vibrant, welcoming character of downtown.
heard proposals from four groups competing to become
partners with Boca Raton to transform this critical space.
At the February 11th Council meeting these plans will be
ranked, marking a major milestone in what promises to
be a transformative project. The proposed redevelopment
aims to blend essential public services with modern spaces
for residents, business, living and recreation, creating a Asset Protection in Estate Planning
more pedestrian-friendly downtown, connected to the
Brightline station and better suited to the evolving needs
You’re beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. Whether your concern
of our community. is for your personal assets or your business, various tools exist to keep your property safe from tax collectors, accident victims, health-care
A Long Journey. The idea of redeveloping the providers, credit card issuers, business creditors, and creditors of others.
Government Campus was first explored in 2016 when 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
the City issued a Request for Proposal (RFP) to rethink 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
the outdated infrastructure. In 2017, Song + Associates, have to adjust your asset protection strategies as your situation or the laws change.
an architectural firm, was selected to lead the charge. Liability insurance is your first and best line of defense
However, their proposed plans faced pushback due to Liability insurance is at the top of any plan for asset protection. You should consider purchasing or increasing umbrella coverage on your
high costs, leading to further delays. Then, in 2020, the homeowners policy. For business-related liability, purchase or increase your liability coverage under your business insurance policy. Generally, the cost
COVID-19 pandemic shifted priorities and the project 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.
stalled. 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
But the vision never disappeared because the need is 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
clear. The City Council kept the redevelopment on its (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
radar, listing it as a priority in strategic public planning 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.
sessions. By late 2024 the private sector responded Dividing assets between spouses can limit exposure to potential liability
and the city received two unsolicited proposals for the 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
redevelopment, prompting an open call for transparent, 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
competitive options under a state statute designed to save your investments and other valuable assets. Generally, your creditors can reach only those assets that are in your name.
taxpayer dollars and spur innovation. Months later, at the Business entities can provide two types of protection — shielding your personal assets from your
January 2025 deadline, four groups had submitted their 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
proposals. the personal assets of the shareholders, limited partners, or LLC members from liabilities that arise from the business. The liability of these
These proposals—by Boca Raton City Center, 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,
LLC; Namdar Group; Related Ross; and RocaPoint 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
Partners—have undergone initial financial, planning and debtor/shareholder, but would not have any rights greater than the rights conferred by the shares. In limited partnerships or LLCs, under most
infrastructure review. Each offers a unique vision for the 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
Government Campus, but all share a focus on enhancing 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.
connectivity, sustainability and mixed-use development.
Responding to Current and Future Needs of Boca 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
Raton. This project is not just about new structures; it’s irrevocable and become the owner of your property. Once given away, these assets are no longer yours and are not available to satisfy claims
about reimagining what downtown Boca Raton could 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
be. The goal is to create a space that fosters a sense creditors can reach trust property depends on how much access the beneficiary has to the trust property. The more access the
of place, promotes economic vitality and enhances the beneficiary has to the trust property, the more access the beneficiary’s creditors will have. Thus, the terms of the trust are critical.
quality of life for residents. The development will focus There are many types of asset protection trusts, each having its own benefits and drawbacks. These trusts include:
on improving public services, creating pedestrian-friendly • Spendthrift trusts
• Discretionary trusts
streetscapes and offering new opportunities for business • Support trusts
and residential growth. • Personal trusts
As part of this process the city has committed to a • 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
transparent, inclusive approach. Residents will have the bolster your protection by placing the trust in a foreign jurisdiction. Offshore or foreign trusts are established under, or made subject to, the laws
opportunity to weigh in at every City Council meeting, of another country (e.g., the Bahamas, the Cayman Islands, Bermuda, Belize, Jersey, Liechtenstein, and the Cook Islands) that does not generally
during all stages, with public engagement at ongoing honor judgments made in the United States.
feedback opportunities. The City Council is taking A word about fraudulent transfers
a leadership role to ensure this effort is successful, The court will ignore transfers to an asset protection trust if:
sustainable and right-sized for a sunny future for all of us. • A creditor’s claim arose before you made the transfer
• You made the transfer with the intent to defraud a creditor
What Comes Next. The timeline for the redevelopment • You incurred debts without a reasonable expectation of paying them
process is responsible, ambitious and eminently 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
achievable. Once the Council ranks the proposals in 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
February the next step will be negotiating an interim 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
agreement with the top group, setting clear terms in the 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
detailed planning, financial and infrastructure components 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.
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
February 17 bocaratonfinancialplanner.com