Month: July 2020
Fixing a Bad Beneficiary Designation After Death…Not So Fast!
After a decedent’s death, a personal representative or trustee often discovers that a decedent’s individual retirement account (“IRA”) beneficiary designation is wrong, incomplete or missing. Many people think that, by fixing this beneficiary designation via court...
Tax Planning Technique Works TOO Well…Be Careful What You Wish For!!!
As discussed in a prior blog, a grantor of a trust, which is a “grantor trust” for INCOME tax purposes, pays income taxes on the income earned in the trust. The grantor’s payment of the income taxes benefits the beneficiaries of such trust as the income taxes do not...
So Maybe Your Son-In-Law or Daughter-In-Law Aren’t What You Expected…How Do You Make Sure They Don’t Receive Your Assets?
I have had many clients who love their children but aren’t so enamored by their children’s choice of spouse (to be fair MANY clients love their childrens’ spouses but this blog discussion does not address those situations). If a parent, at their death, provides for...
Paper…A Relic of the Past? Yes… At Least As To Most Court Filings…
If you have a claim against a decedent’s estate, then under Section 733.702(1) of the Florida Statutes such claim MUST be filed within the later of 3 months after publication of the notice to creditors or 30 days after receipt of the notice to creditors. Electronic...
US Supreme Court Strikes Defense of Marriage Act… Now What?
On June 26, 2013, in United States v. Windsor, 570 U.S. ___ (2013), the Supreme Court of the US upheld the Court of Appeals for the Second Circuit (the “Appeals Court”) decision in Windsor v. US, which upheld a challenge to Section 3 of the Defense of Marriage Act...
Do You Have Proper Substantiation For That Charitable Deduction?
Many of us make annual or weekly contributions to a favorite charity, whether a religious institution, school, hospital or other charitable organization. Often taxpayers “assume” they can take a deduction on their income tax return for the contribution just by writing...
DING DONG…. WILL THE STRETCH IRA BE DEAD?
Many individuals own an individual retirement account (“IRA”) with a named beneficiary. Under current law, if the beneficiary is a designated beneficiary, then, when the owner dies, the designated beneficiary must take at least a minimum required distribution (“MRD”)...
New Tax Act Creates Trap for Family Law Attorneys and Their Clients
Upon divorce, most clients find their estate planning documents do not meet their needs. A happily married couple generally have aligned interests, both wanting to save estate taxes and provide for each other and their children. Accordingly, they may create trusts...
Own Property in a Foreign Country? Don’t Forget to Plan for the Disposition in Your Estate Planning Documents
I have had the good fortune to travel all over the world and love looking at the real estate deals around the world. While I only dream about owning property in another country, I know many individuals pursue their dream and own real estate in different states as well...
Implied Death of the Intentionally Defective Grantor Trust (IDGT)?
In President Obama’s 2013 budget, he proposes to include a change to the estate and gift taxation of an Intentionally Defective Grantor Trust (IDGT) created by a decedent. An IDGT is created to remove the property from a grantor’s estate for estate tax purposes...