Clearwater, Florida Estate Planning Blog
When Does 75% plus 25% NOT Equal 100%… When the Tax Court Rules!
In the recent case of Estate of Miriam Ward v. Commissioner, T.C. Memo. 2021-017 (Feb.18,2021), the Tax Court ruled that a charitable deduction to charities was valued at a discount even though 100% of the charitable amount was given to charities. Thomas ("Tom") and...
Which Controls? The Partnership Agreement or the Will?
In Finlaw v. Finlaw, the court determined that a provision for disposition of a partnership interest overrode the terms of a decedent's Last Will and Testament. The decedent, Twila, together with her husband and the Palmers, entered into a partnership agreement (the...
Single people should not overlook estate planning
Recent world events have prompted more and more people to do the responsible thing and make plans for their estates. Parents who realize that if they die without a will, their children may struggle with an uncertain future, and they are taking the time to make those...
Change is Coming…Beware and Plan for it!
On March 25, 2021, Senator Bernie Sanders and Whitehouse proposed a bill (the "Sanders Bill") which would drastically change the estate and gift tax. Of course, the Sanders Bill is only a proposal, but this Sanders Bill should be considered in your 2021 planning....
Ancillary probate for property in another state
If your parents or other loved ones sought relief from harsh winter weather, chances are they escaped to the south during the colder months. On the other hand, if they called Florida their home, they may have enjoyed their summers in a cooler clime. No matter what...
Recent Nebraska State Supreme Court case – Nonjudicial Modification is NOT a Slam Dunk…
In a recent Nebraska Supreme Court ("Court") Case, the Court determined that a nonjudicial settlement agreement (the "Agreement") did NOT reflect the settlor's intent and voided the agreement. Our clients often want a nonjudicial settlement agreement believing that it...
An Estate Tax Closing letter? Soon It May Cost You…
The Internal Revenue Service ("IRS") issued a Notice of Proposed Rulemaking ("Notice") which proposes a new user fee to receive IRS Letter 627 - the Estate Tax Closing Letter (the "Letter"). A Letter is necessary to not only clear title for real estate, to close a...
Is your will valid in Florida?
Writing a will is an important and basic estate planning step that few people take. A will that is valid and legal can be an effective way to spare your loved ones many of the stresses and complications that may arise after your death. You can also use a will to...
Assessing your ability to be an estate executor
Taking on the role of estate executor may seem like an honor, and the person who asks you to handle these duties certainly does honor you with the request. However, it is also a tremendous responsibility, and it may place you at risk of personal loss at worst and...
Accepting the role of estate executor
Someone you love has asked you to be the executor of his or her estate. This means your loved one wants to include your name in a will, designating you as the person responsible for handling the probate process and all it entails. Perhaps you were not even fortunate...