Year: 2019
Do YOU know if you have a power of appointment?
Many times for flexiblity and for tax planning a decedent may, in a continuing trust document, give a beneficiary either a limited or general power of appointment. For example, at my death I create a trust for my husband, Bob. At Bob’s death I give him a power of...
Tax Alert…What Will the Future Hold?
As you have probably read and heard, new tax legislation is looming to “simplify” the tax law. The major estate, gift and generation skipping transfer tax (“GSTT”) changes are as follows: The House: 1. The estate and generation skipping transfer tax (“GSTT”) would be...
Getting Married? Congrats! Now Time to Think about a Prenuptial Agreement?
In this day and age many of us are getting married for the second, third, fourth and maybe more times. Generally family law attorneys draft Prenuptial Agreements to plan for divore and death. Lately, I have been consulted on a more regular basis by family law...
IRS Allows Reformation of a Trust to Correct Scrivener’s Errors
Sometimes the drafter of a document makes a mistake that can lead to costly estate or gift taxes. In a recent private letter ruling (PLR) 201544005, the Internal Revenue Service (“IRS”) allowed a state court reformation of a trust to fix certain drafting errors which...
Homestead Devise Restrictions… Have you Inadvertently Waived Them?
I have previously discussed homestead in this blog and the subject can be very confusing. There are 3 areas of homestead protection… the homestead tax exemption (and the corresponding save our home cap discussed in the last blog), creditor protection during lifetime,...
You Are Getting Divorced…Do You REALLY Need to See an Estate Planner?
Upon a dissolution of marriage, Florida law provides that an ex-spouse can not benefit from the other spouse’s Last Will and Testament and Revocable Trust. This was discussed in a prior blog. This blog will address specific aspects of beneficiary...
Do Not Forget Your Minimum Required Distribution!
Many of you may be receiving a minimum required distribution (MRD) from a retirement plan or you may have inherited an IRA from which you must take a MRD. Do not forget to take the MRD prior to year end. Most people are very aware of the MRD requirements from their...
Estate Planning for Fido
Pets are often thought of as a member of the family and very important to us. However, it is usually difficult to find someone who wants to take care of your pet when you leave town for a week, let alone upon your untimely death. Although you can leave a pet to...
REMINDER!!! Clocks Turn Back But You Must Go Forward With These Items
The end of the year brings many deadlines and opportunities for planning. Here are a few items to remember: If you are over 70 1/2 and are charitably inclined make use of the qualified charitable distribution. No income to you and a gift to charity. Discussed in a...
Forget to Take Your Required Minimum Distribution from an Inherited Roth IRA?
If you inherit a Roth individual retirement account (“Roth IRA”), you must take required minimum distributions (“RMD”) from the Roth IRA each year after the death of the owner. The RMD is calculated based upon the beneficiary’s life expectancy or 5 years. To...