Clearwater, Florida Estate Planning Blog
If you thought your ERISA retirement plan was safe in Bankruptcy from the IRS think again!
A recent unpublished California case, Stuart A. Gross v. Commissioner of Internal Revenue, (CA 9 2/25/2014) AFTR 2d 2014-529, addresses the exemption versus the exclusion of an ERISA plan (basically a retirement plan such as a 401(k) or defined contribution plan, the...
Advanced Directives vs. Guardianship… Which One Applies?
Most of my clients will do anything to avoid a guardianship court proceeding. Thus, we prepare advanced directives such as a durable power of attorney, designation of health care surrogate and a living will (“Advanced Directives”) which appoint people to act on the...
CARES Act Signed into Law on March 27, 2020
CARES Act Signed into Law on March 27, 2020 The Coronavirus Aid, Relief, and Economic Security Act or the CARES Act (the “Act”) was signed into law on Friday, March 27, 2020. The highlights of the Act are as follows: Waiver of the early 10% penalty for early...
Can You Save Real Estate Taxes on More Than One Homestead?
The homestead tax exemption gives Florida residents a favorable real estate tax break and more importantly the “save our home cap” advantage. I recently wrote about this on a prior blog. While the real estate tax break may not be a huge amount of money, the “save our...
What IS our administration thinking about estate tax? What to look forward to in 2015!
Recently the Administration released its fiscal year 2015 revenue proposals that will affect taxpayers. The following summarizes some of the items: (1). Exemption of IRA owners of having to take minimum required distributions after 70 1/2 if their IRA benefits do not...
SECURE ACT… Confusing Requirements for Required Minimum Distributions Clarified…
While everyone knows that the SECURE Act (the “Act:) has passed as discussed in a prior blog, there are some outstanding issues, one of which was the confusion surrounding the RMSs and the reporting requirements of the custodian. In Notice 2020-6, the Internal Revenue...
Working for You While Working from Home
Working for You While Working from Home Kit Van Pelt, Esquire With the recent spread of Covid-19 and its immediate impact, more people are staying home to help prevent the spread of the coronavirus. With the uncertainty of how long this will take and worrying about...
You Sell Your Homestead… Are the Proceeds Exempt From Creditors?
As I have discussed in prior blogs, one of the advantages of owning a home is creditor protection provided by the Florida Constitution. The homestead has to meet certain requirements but once those requirements are met, the homestead is a valuable asset protected from...
Does the Trustee’s Attorney Also Represent the Beneficiary?
A trustee of a trust generally hires an attorney to represent him or her in administering the trust to ensure that they are administering the trust in accordance with Florida law. Confusion often arises when a beneficiary receives correspondence and/or documentation...
Same Sex Surviving Spouse Allowed to Pursue Pension Benefits
As most of you know, and, as I discussed in a prior blog, same sex marriage is now recognized for federal benefits. However, what happens when a same sex spouse claims benefits for a spouse who died prior to the decision of the favorable case? A recent case, Schuett...