Month: May 2020
Minor Beneficiaries.. Does Your Beneficiary Designation Really Reflect Your Wishes?
Many of us have minor children and grandchildren for whom we want to provide. Often we may include them as beneficiaries of our retirement plans, insurance plans and our wills and trusts. For example, Joe and Sheila are young parents of two minor children, Dakota and...
An Intersection of Litigation and Probate… Do Not Crash!
A recent case indicates how litigation and probate often intersect. If you or your attorney do not understand litigation procedural rules, then you could lose valuable rights. In Sudman v. O’Brien, Theresa Z. Sudman (“Theresa”) lost her right to object to a court...
New Fiduciary Rule for Financial Professionals
Under prior law, most financial professionals were NOT considered a fiduciary under Section 4975 (c)(1)(E) and (F) of the Internal Revenue Code (the “Code”) , which provides that a fiduciary can NOT handle income or assets of a plan or IRAs in the fiduciaries’ own...
New Fiduciary Rule for Financial Professionals
Under prior law, most financial professionals were NOT considered a fiduciary under Section 4975 (c)(1)(E) and (F) of the Internal Revenue Code (the “Code”) , which provides that a fiduciary can NOT handle income or assets of a plan or IRAs in the fiduciaries’ own...
Charitable Gifting… Don’t Forget the Receipt!
Many of us love to benefit charities and make gifts of used clothing, furniture and miscellaneous items. In a recent Tax Court Memorandum case, Kunkel, the Internal Revenue Service (the “Service”) reminds us what needs to be done to be able to deduct the value of...
Is Your Claim Filed Against the Estate Timely?
The time period for filing a claim against an estate is set forth in the probate code. and if you miss the deadline that you can be barred forever from filing a claim against an estate. Section 733.2121 of the Florida Statutes requires that the personal representative...
Do a Trust or Will Yourself? Does It REALLY Save Money?
We are all looking for a great deal, whether it is food, travel, electronics and yes…legal services. With all the new legal services and forms online you may be tempted to use all of these services. The question is do you really benefit? In recent months, our office...
You Inherit an Annuity…Should You Rely On Advice From A Broker?
Many times our clients are beneficiaries of a loved one’s annuity. They then go to their broker to discuss distribution options. Most brokers will advise their clients to discuss with their attorney or tax advisor which type of distribution to take. Suppose, however,...
COMMUNITY PROPERTY…Helping a Client who Moves From a Community Property State Is Not as Easy as You Think…
Moving from a Community Property State to Florida…Be Sure to Review Your Estate Planning Documents… Community Property is a concept which Floridians are not well acquainted. There are 9 community property states. The concept of community property is that, during a...
What is your liability as a fiduciary for estate or trust tax returns?
No authority exists in the Internal Revenue Code of 1986, as amended (the “Code”), the Treasury Regulations thereunder or case law that imposes a duty on a taxpayer to file an amended tax return to correct an error or omission on a previously filed tax return if the...