BE AWARE OF UNKNOWN AGREEMENTS WITH YOUR IRA

IRA assets are protected from creditors and income taxes while the assets remain in the IRA. However, you need to be aware that transactions relating to your IRA may unintentionally create a taxable event. In the Department of Labor (“DOL”) Advisory Opinion Letter 2009-03A (October 27, 2009) the DOL stated…

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BENEFICIARY DESIGNATIONS

Beneficiary designations are becoming one of the “hot” topics in estate planning and litigation because of the amount of wealth being transferred. It is very important for you to know and understand whom you have named as your primary and contingent beneficiary of your retirement plans, IRAs, annuities, and life…

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PORTABILITY OF UNUSED EXCLUSION BETWEEN SPOUSES

Under the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010,” any applicable exclusion amount that remains unused as of the death of a spouse who dies after December 31, 2010 (the deceased spouse’s unused exclusion amount or “DSUEA”), generally is available for use by the surviving spouse,…

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NEW DURABLE POWER OF ATTORNEY STATUTE

The Florida legislature passed Senate Bill 670 which significantly revises Chapter 709, Florida Statutes for Durable Powers of Attorney (DPOA). The changes were effective on October 1, 2011. A DPOA is a legal document in which the principal appoints an agent to legally act on their behalf.  DPOA’s signed after the October…

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