2024-02-13 16:12
2023 saw one of the biggest retirement relocations in three (3) years About 37% were under 65, including 23% who were under 55. In comparison, 26% of 2022 retirees were under 65. Florida… Read More
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Updated information regarding Florida Estate Planning and Probate law issues.
2024-02-13 15:56
As of January 1, 2024, the income criteria, maximum amount of assets, and maximum equity in your homestead property has been adjusted:
Applicant income limits: Increased to $2,829/month… Read More
2022-01-25 23:05
Each year, the IRS considers inflationary adjustments to the estate and gift tax exemption amount and gift tax annual exclusion amount. The 2022 adjusted numbers are: 2022 Exemptions and… Read More
2021-12-13 21:30
OFFICE CLOSED BETWEEN DEC. 24,2021 - JANUARY 24, 2022 Read More
2021-10-07 21:17
On September 13, 2021, the Congressional House Ways and Means Committee introduced legislative tax proposals to help fund the House’s proposed $3.5 trillion stimulus package. A brief… Read More
2021-09-23 14:31
Unfortunately, divorce is a part of society. Many individuals seek legal counsel on how to protect an inheritance they may receive from a parent or family member proactively in the event th… Read More
2021-09-09 19:38
Even if you are currently in perfect health, there is a significant chance you will eventually require some form of long-term care as you age. While it is common to do some sort of planning… Read More
2021-06-29 20:49
On June 12, 2021 a federal judge in Houston, Texas issued the first federal court decision addressing whether an employer may require its employees to be vaccinated as a condition of emplo… Read More
2021-05-06 15:54
On April 8, the IRS released Notice 2021-25, which provided guidance in determining which meals may be fully deductible under the new IRS rules and which are remain subject to the fifty (50… Read More
2021-03-05 15:30
The cost of long-term care is a concern for all seniors. The annual cost continues to rise and makes it untenable for most to afford it. It is estimated that an individual turning age 65 ha… Read More
2021-03-03 20:49
Although our 2020, Federal Income Taxes are not due until April 15, 2021, it is important to start planning today for 2021. The following is a list of some important tax thresholds: 2021 An… Read More
2020-07-28 18:36
Americans gave nearly $450 billion to charity last year, which is one of the highest amounts ever recorded. This number comes as lawmakers have been looking for ways to expand tax breaks fo… Read More
2020-07-15 17:41
On June 24, 2020, the Governor of Rhode Island signed into law S2650 Substitute A, which expands the state’s sales tax base to computer software and specified digital products (stream… Read More
2020-06-17 18:03
The government ordered shut down resulting from the spread of Covid-19 has resulted in an increased number of employee’s working from home. Many of these employee’s have inquir… Read More
2020-03-25 16:10
On February 13, 2020, President Trump invoked the Stafford Act, and opened the door to a range of possibilities in structuring “qualified disaster mitigation” payments to employ… Read More
2020-03-25 15:56
IRS Notice 2020-18 has postponed this year's tax filing deadline to July 15, 2020. It is important to note that it extends only income tax and self-employment filings and payments and does… Read More
2019-10-30 14:19
The 2017 Tax Act made significant changes to itemized deduction planning. The two (2) biggest changes for 2020 involved: 1. Much higher standard deduction (adjusted for inflation annually)… Read More
2019-10-22 19:10
Important legislation is working its way through Congress. The Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”) as passed by the House of Representatives… Read More
2019-09-26 14:49
Prior to the Tax Cuts & Jobs Act of 2017 ("ACT"), a divorced spouse could deduct any alimony payments made to his former spouse. The former spouse had to claim the alimony received as i… Read More
2019-09-19 22:24
Florida’s lawsuit climate ranked 46th out of 50 in a new national survey released on September 18, 2019, by the U.S. Chamber Institute for Legal Reform (ILR). The city of Miami ranked… Read More
2019-09-19 14:18
Exploitation of the elderly is a serious problem in our country. Many incidents involve caregivers that take advantage of the vulnerability of the individuals they are caring for. The Calif… Read More
2019-09-19 13:33
On June 21, 2019, the U.S. Supreme Court addressed the case of North Carolina Department of Revenue v. Kimberly Rice Kaestner 1992 Family Trust. The Court, in a unanimous decision, found t… Read More
2019-09-17 23:01
Many clients wonder whether it is best to leave their original estate planning documents with the attorney that drafted them or in their homes. The recent weather events and climate change… Read More
2019-07-12 19:56
A New Jersey appeals court has ruled that a married Medicaid applicant could request a spousal waiver for undue hardship even though the spouses were not estranged because the applicant's s… Read More
2019-06-07 20:40
Currently, the State of Connecticut holds the distinction of being the only state that imposes a gift tax. While the legislation was again proposed, which included a repeal of the Connectic… Read More
2019-05-31 18:06
On July 1, 2019, Indiana will become the eighteenth (18th) state to enact domestic asset protection legislation (“DAPT”). S.B. 265, enacted by the Indiana legislature on April 9… Read More
2019-05-23 20:44
The State of Florida imposes a documentary stamp tax of seventy (70) cents per one hundred ($100) dollars of consideration. Consideration includes mortgage obligations or other liens. In… Read More
2019-03-08 20:28
A Florida Senate bill that would permanently shorten how long patients can have Medicaid cover past healthcare bills narrowly cleared its first state Senate committee hearing Monday, advanc… Read More
2018-12-14 20:15
In December 2018, federal officials approved a state request that will provide Floridians less time to apply for Medicaid coverage if they want healthcare costs retroactively covered. Th… Read More
2018-11-30 21:27
On November 20, 2018, the IRS announced that individuals taking advantage of the 2018 through 2025 increased gift and estate tax exclusion amounts will not be adversely impacted if, after 2… Read More
2018-11-08 15:09
The Tax Cuts and Jobs Act of 2017 (the “Act”) that went into effect on January 1, 2018, made important changes to existing tax laws. In the family law area, the Act eliminated… Read More
2018-11-07 14:59
The Internal Revenue Service dollar limitations for retirement plans and other benefits for 2019. 401(k)/403(b) Contributions $19,000 457(b) Limit $19,000 Catch-up Contributions $6,000… Read More
2018-10-18 16:37
The Internal Revenue Service (“IRS”) has a new collection tool for taxpayers with serious delinquent tax deficiencies and it was created under § 7345 of the Internal Revenu… Read More
2018-09-21 21:56
On October 18, 2018, over three (3) years after the Department of Veterans Affairs (“VA”) originally proposed them, new regulations to qualify for needs based benefits go into e… Read More
2018-09-14 20:51
CASE OF INTEREST FROM GEORGIA - Estate of Caldwell Jones, Jr. v. Live Well Financial (11th Cir., No. 17-14677, Sept. 5, 2018): A Federal Court of Appeal has ruled that federal law does not… Read More
2018-08-22 17:39
On August 17, 2018, at the request of a 401(k) plan sponsor, the IRS issued a private letter ruling 201833012 (the “Ruling”). The Ruling was requested with the intent of assisti… Read More
2018-05-24 19:30
On May 10, 2018, the IRS released Revenue Procedure 2018-30 which sets forth the dollar limitations for health savings accounts (HSAs) in 2019. HSAs are subject to annual aggregate contribu… Read More
2018-04-30 22:28
Under existing social security rules, men that have children later in life (it would be gender discrimination but biologically women can’t currently conceive a child after age 60) are… Read More
2018-04-27 17:48
Effective January 1, 2019, residents of the state of Maryland will see their state estate tax exemption increased from $4 million to $5 million. The law went into effect on April 5, 2018, a… Read More
2018-04-09 17:09
The Fair Housing Act (FHA) states that housing providers may not “discriminate against any person in the terms, conditions, or privileges of . . . rental of a dwelling . . . because o… Read More
2018-03-22 16:04
When the new tax law was signed by President Trump most experts viewed it as detrimental to future charitable donations and deductions. The significantly increased standard deduction meant… Read More
2018-02-20 23:08
The Budget Act of 2018, signed into law on February 9, 2018, provides individuals with 401K retirement plans relaxed hardship restrictions. The new relaxed restrictions include: (i) Resciss… Read More
2018-01-25 23:32
The federal income tax code has long favored home ownership over renting. A homeowner could claim an unlimited deduction for mortgage interest paid and state and local taxes incurred. The ne… Read More
2018-01-20 00:00
The new tax law makes significant changes to federal tax law and has implications for your existing estate plan. The following is a list of issues to consider when determining whether to up… Read More
2018-01-05 00:20
The new Tax Cuts and Jobs Act of 2017 (the “Act”) brings a new savings opportunity for those who desire to put away funds for a child, grandchild or other family members future… Read More
2017-12-26 23:56
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act of 2017 (the “Act”) that was passed by Congress on December 20, 2017. The Act will take effect o… Read More
2017-12-14 21:35
The May 15, 2017, U.S. Supreme Court ruling in Howell v. Howell is a unanimous victory for disabled U.S. veterans. The decision upheld federal law that military disability compensation is n… Read More
2017-12-05 14:42
Effective January 1, 2018, the State of Connecticut will require certain pension and annuity payors to withhold Connecticut state income tax from distributions made from an employer retirem… Read More
2017-11-27 22:14
Federal legislation recently made permanent an individual taxpayer ability to make charitable contributions directly from his or her IRA. These contributions are made directly from the IRA… Read More
2017-11-20 16:07
You can now add Connecticut, New York and New Jersey to the growing list of states trying to keep its retiring residents from fleeing to states with a lower or no state estate tax bill at d… Read More
2017-10-23 15:39
The Internal Revenue Service (“IRS”) announced on October 19, 2017, the following dollar limits applicable to tax-qualified plans for 2018: • The limit on the maximum amoun… Read More
2017-09-29 19:36
Effective October 2, 2017, new rules go into effect for federally backed HECM (Home Equity Conversion Mortgage) reverse mortgages. The good news is that the new rules will only impact new b… Read More
2017-09-25 14:04
For most, the release of the Consumer Price Index by the Department of Labor goes unnoticed. However, this information allows for the prediction of the 2018 estate, gift, and generation-sk… Read More
2017-09-06 16:28
The devastation of Hurricane Harvey will be felt for years to come. While relief efforts are underway to assist victims of the storm the Internal Revenue Service has also established proced… Read More
2017-08-22 14:02
The creation of a Health Care Surrogate is a vital part of every Florida estate plan. However, the individual appointed to serve in this capacity typically has no idea what the job may ent… Read More
2017-08-04 01:32
The ability to transfer up to $100,000 each year from your IRA to charity tax-free, have it count as your Required Minimum Distribution (RMD) and have it not included in your adjusted gross… Read More
2017-08-02 16:58
You have created a Revocable Trust (aka Revocable Living Trust) as a part of your estate plan and wonder what do you need to do next? The first, and most important thing, that you need to d… Read More
2017-08-01 21:55
Is your child ready for college? While you may have purchased for them new clothing, linens, towels, etc. the question becomes whether they have executed an estate plan? Most families fail… Read More
2017-07-13 18:18
Effective January 1, 2018, Delaware residents will no longer be subject to a state estate tax. Delaware becomes one of the thirty-three (33) states that do not impose either estate or inher… Read More
2017-07-13 18:03
Regardless of your state of residency it is important to have your estate planning documents in order. The following is a list of essential documents and how they will benefit you. Last Wi… Read More
2017-06-29 22:24
On Monday, June 26, 2017, Florida Governor Rick Scott vetoed the "Florida Electronic Wills Act" (the "Act")." The Act would have authorized the creation of electronic wills, and for their e… Read More
2017-06-15 19:43
In 2011, Congress raised the estate tax exclusion amount to $5 million per person (indexed for inflation) and added portability to the estate tax laws. The portability provision is an elect… Read More
2017-06-12 15:42
With the number of retirees moving to states which do not access an income, estate or inheritance tax many states are trying to find ways to recoup the lost revenue. The Minnesota Departmen… Read More
2017-06-06 13:45
Maintaining an offshore bank account is not illegal, however, failing to report income and interest earned is tax evasion. Effective January 1, 2017, IRS Revenue Procedure 2017-31 added Bel… Read More
2017-06-05 23:23
The State of Minnesota's recent budget brings it closer to joining the thirty-two (32) states that do not impose a state inheritance or estate tax in addition to the federal estate tax. The… Read More
2017-06-05 23:07
Tax reform dating back to 2014 has resulted in an increase in the District of Columbia's 2017 estate tax exemption amount to $2 million. In 2018 the exemption amount is anticipated to be eq… Read More
2017-05-22 19:21
In 2018, Florida voters will have the opportunity to vote on a constitutional amendment to raise the Florida homestead exemption from $50,000 to $75,000, on homes worth $100,000 or more. If… Read More
2017-05-11 15:10
The IRS has issued Revenue Procedure 2017-37 which contains the annual inflation-adjusted contribution, deductible and out-of-pocket expense limits for health savings accounts (HSAs) in 201… Read More
2017-05-08 15:39
In an effort to help protect the elderly U.S. population the Financial Industry Regulatory Authority (FINRA) has announced that the Securities and Exchange Commission (SEC) has approved a n… Read More
2017-05-02 20:56
Many individuals in our aging population are transitioning from home ownership to life in an assisted living facility (“ALF”). Many ALF’s require a onetime entry fee and… Read More
2017-05-01 20:45
In Gallardo v. Dudek (N.D. Fla., No. 4:16-cv-116-MW/CAS, April 18, 2017), a federal district court ruled that federal law prohibits the state of Florida from seeking reimbursement for Medic… Read More
2017-04-27 20:18
On Wednesday, April 27, 2017, President Trump outlined his plan for income tax reform. His plan includes the following: decreasing the top corporate tax rate from 35% to 15%; imposing a one… Read More
2017-04-25 17:12
We live in an ever-changing federal income and estate tax environment. On January 1, 2017, the federal estate tax exemption increased to $5.49 million per individual. That amount excludes o… Read More
2017-04-20 15:06
With almost 70% of the retiree population solely living on social security it is not surprising that the percentage of families with debt headed by someone age 65 to 74 rose from about 50%… Read More
2017-04-20 14:59
The new State of Washington Power of Attorney statute went into effect on January 1, 2017 (“Act”). The Act provides several changes and additions to the previous law, which aim… Read More
2017-04-13 23:16
Section 732.802 of the Florida Statutes is known as the “Florida Slayer Statute.” Subsection (3) provides “that a named beneficiary of a life insurance policy “who u… Read More
2017-04-05 20:34
Although a challenge to a Last Will and Testament (“Will”) or Revocable Trust (“Trust”) (an inheritance dispute) are a sad reality there is no guarantee that even wi… Read More
2017-04-04 17:19
Family inheritance disputes have become common place throughout the world. The recent case of Edwards and Kuiper v. Maxwell, 42 Fla.L.Weekly D742a (1st DCA, March 31, 2017) evidences that i… Read More
2017-03-28 22:11
The United States Supreme Court ruling in Obergefell v. Hodges in 2015 has brought many changes, protections and complications for same-sex couples. In 2015, after the historic court ruling… Read More
2017-03-24 22:11
Everyone reads about the huge transfer of wealth occurring from one generation to the next, however, it is estimated that 73% of decedents have outstanding debt at their death. According to… Read More
2017-03-21 19:19
FICA taxes, which originate from the Federal Insurance Contributions Act, is a United States federal payroll (or employment) tax imposed on both employees and employers. This payroll tax is… Read More
2017-03-16 14:53
Everyone should be grateful to receive an inheritance, and no parent wants to leave their offspring with nothing. But just 21 percent of those who plan to bequeath money to their children t… Read More
2017-03-10 21:01
While the life expectancy at birth for residents of industrialized nations will continue to increase in the future the same is not expected in the United States. The life expectancy for US… Read More
2017-03-09 22:46
Delaware has promoted itself as the top jurisdiction for creating an asset protection trust. However, a 2014 court decision, Kloiber v. Kloiber, has put the creators of Delaware Asset Prote… Read More
2017-03-09 22:30
The IRS is planning to focus its attention in 2017 on the "Rich." That means individuals and companies who are likeliest to hide money or under-report their tax burden. While the IRS launch… Read More
2017-03-03 00:13
The Holocaust Expropriated Art Recovery Act was enacted to help Holocaust heirs recover art stolen from their families during World War II. The Act will finally be put to the test in a New… Read More
2017-02-27 18:51
Our beloved pets (dogs, cats, pigs, birds, etc..) are typically buried in a pet cemetery. However, there is a growing movement today to allow pet owners to be buried (or their cremated ashe… Read More
2017-02-20 23:18
The term “Snowbird” refers to an individual who spends their winters in one of the sunshine states (Florida, Arizona, etc..) and their summers in one of the cooler weather state… Read More
2017-02-12 18:07
The Elder Abuse and Prevention Act has a high chance of becoming law this year. The legislation has received substantial support among elderly advocacy groups because of its promise to make… Read More
2017-02-12 17:57
In a 2016 study, 26% out of 3,105 wealthy individuals surveyed had a complete estate-planning strategy to transfer their wealth to the next generation. Further, only 54% had created a will… Read More
2017-02-10 15:53
In December 2015, legislation went into effect that requires the IRS to provide a list of names to the State Department of individuals with “seriously delinquent tax debt” (more… Read More
2017-02-08 17:16
The IRS has published Rev. Proc. 2016-55 and the federal estate and gift tax limits for 2017. For 2017, the credit against federal estate tax (federal exclusion amount) is increased to $5,4… Read More
2017-02-06 21:51
Congress is considering making it more difficult for a community spouse to utilize an annuity to qualify for Medicaid. The proposed bill would prevent married couples from using assets to p… Read More
2017-01-24 20:35
The IRS has issued Notice 2017-15 which provides same-sex spouses with federal estate, gift and generation-skipping transfer (GST) tax relief. The Notice allows same-sex spouses to recalcul… Read More
2017-01-20 20:40
On December 5, 2016, the State of Michigan joined the ranks as one of seventeen states (including Alaska, Delaware, Nevada, Utah and South Dakota) that permit the use of irrevocable self-se… Read More
2017-01-18 15:47
The benefits and negatives associated with establishing transfer on death (TOD) and pay on death (POD) accounts has been debated for a long-time. The main benefit of an account of this natu… Read More
2017-01-16 18:48
For years, probate practitioners relied upon a Federal Estate Tax Closing Letter (Closing Letter) as evidence that the IRS has accepted a Federal Estate Tax Return (Form 706) as filed and t… Read More
2017-01-13 20:02
Understanding social security can result in a happier retirement. January 1, 2017 brought in significant changes and the new age of 66 years and 2 months (it had been 65 years) for full ret… Read More
2017-01-12 19:31
For years it has been discussed that for estate tax purposes it was better to die a resident of certain states than others. The following is an updated list, as of January 1, 2017, of the s… Read More
2017-01-06 22:41
Student loan debt is not dischargeable in bankruptcy. As a result, the baby boomer’s generation enters retirement with student loan debt (approximately seven million Americans age 50… Read More
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