Month: August 2019
Does Divorce ALWAYS Revoke Ex-Spouse’s Rights Under a Will? Second DCA Says NO.
As discussed in a prior blog, Florida law provides that certain beneficiary designations naming a spouse are revoked upon divorce; provisions in a will naming a spouse are revoked upon divorce; and provisions in a trust naming a spouse are revoked upon divorce....
Read the Fine Print of Your Beneficiary Designation Form!
When an individual opens an individual retirement account (“IRA”), the beneficiary designation form must be completed. If married, many individuals will name their spouse first and then their children, if any. While this designation may or may not be good planning,...
IRS Announces Same Sex Marriage Regulations
The Treasury Department announced this afternoon that regulations will be issued shortly recognizing same sex marriages for federal tax purposes. Although this is a big step for same sex couples, these federal laws will not apply to registered domestic partnerships or...
Effect of Divorce on Beneficiary Designations
Many divorced individuals die without changing the beneficiary designations of life insurance and IRAs from their former spouse to a new beneficiary. Unfortunately, prior to July 1, 2012, such a designation would be valid. Thus, your former spouse would have been...
Prenuptial Agreement Waiver of Elective Share…Effective to Waive an Elective Share Provision in a Trust Document?
Prenuptial Agreement Waiver of Elective Share…Effective to Waive an Elective Share Provision in a Trust Document? Many family lawyers prepare prenuptial agreements providing that each spouse waives their elective share rights as provided under Florida Law. Generally...
What is the “Basis” of this IRS Notice?
The Internal Revenue Service (‘IRS”) does not often provide guidance for new legislation promptly. Recently, however, the IRS responded quickly to a new law and and effective dates. The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 ...
Why Look a Gift Horse in the Mouth? Why Disclaimers May or May Not Work..
In the estate tax planning world you can “disclaim” a gift or bequest and avoid unfavorable tax consequences. How does a disclaimer work? Let’s say Uncle Don dies and in his Last Will and Testament he provides that his daughter, Gloria, is to receive a $100,000...