Month: March 2020
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...
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...
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...
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...
2013 Gift Tax Exclusions
In Revenue Procedure 2012-41 the IRS announced the annual gift tax exclusions for 2013. The 2013 annual gift tax exclusion amount for a gift to a non-spouse increased for the first time since 2009 ($13,000) to $14,000 per gift. Thus, a taxpayer can give up to $14,000...
Does the Homestead Tax Exemption Automatically Pass to a Surviving Spouse?
The term “homestead” is very confusing under Florida law. There are generally 3 areas of homestead, (1) descent and devise (the rules on distributing the homestead at death), (2) creditor protection and (3) the tax exemption and the corresponding “save our home cap”...
Event at Clearwater Marine Aquarium April 6, 2018
As many of you know I am involved with the Clearwater Marine Aquarium as a volunteer on the dive team and the rescue team. I am also on the Board of Directors and one of our Board members is sponsoring a wonderful event at the aquarium on April 6, 2018… Great food,...