Clearwater, Florida Estate Planning Blog
Transfer of IRA in Divorce…Pay Attention to Details or Transfer Will Be Taxable!
Unfortunately, even though a divorce settlement agreement (the “Agreement”) may be properly drafted, unless the parties to the Agreement comply with the terms of the Agreement, favorable tax consequences may not apply. In Kirkpatrick V. Commissioner, a divorced...
Don’t Be Shocked if Your QDRO Doesn’t Work…A QDRO is NOT Just a Form!
For those who have gone through a divorce, a QDRO may have been part of your agreement. A QDRO is a “qualified domestic relations order” and is required if a divorced couple splits certain retirement plans and want to avoid adverse tax consequences. A QDRO is NOT...
Do You Know in Whose Name Your Car is Titled?
When I meet with clients one of the topics I discuss is protection from lawsuits. Generally the highest risk asset is the automobile or the boat, both of which are a “dangerous instrumentality”. If, for any reason, the driver kills someone the owner can be liable. A...
Are You A Beneficiary of a Trust? What You Need to Know…
Some of you may be in the fortunate position of benefiting from a trust that either a relative or close friend has established for you. Being a beneficiary of a trust is usually a good thing IF you are receiving the assets to which you are entitled. How do you know to...
Every Word Counts…Be Careful How You Draft…
In drafting a document it is important to mean what you write and write what you mean. A recent case, Sibley v. Estate of Sibley illustrates what happens when the term “in existence” is not specifically defined in the document. In Sibley, Curtiss Sibley (“Curtiss”)...
Electronic Wills? The Future of Will Drafting in Florida?
Until a recent Florida Real Property, Probate and Trust Law (“RPPTL”) meeting, this author had never heard of an electronic will statute. An organization, independent of RPPTL and the Florida Bar, proposed a bill in the legislature, (the “Act”) with the help of...
URGENT… Plan for Using Estate and Gift Tax Exemption in 2012
As many of you already know 2013 is going to be a year of change in the tax world… Until December 31, 2012 you can make tax free gifts of up to 5,120,000 but on January 1, 2013 tax free gifts will be limited to 1,000,000. That is HUGE. If your estate is well under...
Did You Remember to Take Care of Fido or Mimi?
Pets are our family and, for some of us, our only family. Yet, do we always remember to provide for them if we become incapacitated or die? Unfortunately, many people forget to specifically plan for their pets and when problems arise about taking care of the pets,...
WIN-WIN PLAN FOR CHARITIES AND TAXPAYERS IN 2019
In 2019, the Tax Cuts and Jobs Act provides a new standard deduction which has doubled from $12,700 for a married couple in 2017 to $24,400 in 2019. Thus, most taxpayers will not itemize their deductions and will, instead take the standard deduction. As charitable...
U.S. Supreme Court to Decide Revocation on Divorce Statute Case- Impact on Florida?
In March, 2018, oral arguments were heard by the U.S. Supreme Court regarding the constitutionality of the Minnesota statute addressing the revocation of beneficiary designation upon divorce. The ultimate decision will affect the interpretation of the Florida statute...