lindagriffin
Exemption of IRAs from Creditors Means EXEMPT… or Does It?
Araguel v. Bryan illustrates the intersection of guardianship law, individual retirement accounts ("IRAs") and payment of guardianship expenses from the incapacitated individual's (the "ward") IRA after the ward's death. In October of 2019, Patrick and Leslie,...
Good News for Procrastinators Making the Portability Election
In 2010 Congress enacted legislation which provides for the portability of a decedent's spouse unused exclusion amount ("DSUEA). For example, if Bob dies with 12 million in unused exclusion amount (equivalent to 4.8 million in estate tax savings), his surviving spouse...
The Florida Homestead Chameleon Strikes Again
As many know, Florida homestead is a difficult concept as there are several aspects of Florida homestead... creditor protection, tax exemptions, save our home cap, and restrictions on devise if survived by a spouse and/or minor children. In the recent case of Feldman...
Do the Relatives of Your Ex-Spouse Inherit Under Your Will and Trust?
A recent Minnesota appellate court decided whether relatives of an ex-spouse inherits. Minnesota law is similar to Florida law and this case illustrates the importance of reviewing your documents after a divorce to be sure they reflect your intent. In Matter of the...
Life Insurance Proceeds are Not Always Treated the Same
A recent case illustrates the importance of the selection of life insurance to ensure that payments for the benefit of children and a spouse will occur. In Stevens v. Stevens, Kimberly and Gene dissolved their marriage in 2015. Gene agreed to provide that their...
LLC Operating Agreement vs. Will…Which Controls as to Disposition of Property?
The court determined in Tita v. Tita, that a specific bequest in a will overrides language in a limited liability company operating agreement. See a discussion on this matter in another case in a prior blog here. John Tita ("Decedent") signed his Last Will and...
NEW IRA Proposed Regulations…Timing of Distributions over 10 Years is NOT what Most Practitioners Believed!
The recent proposed regulations ("regulations") of the SECURE Act issued on February 23, 2022 surprised the tax community with rules regarding the 10 year distribution rule for beneficiaries, pleased the tax community by providing examples for determining whether...
Settlement in Probate Proceeding? Magic Language Should be in the Order!
In a probate proceeding, the personal representative and beneficiaries may have a dispute and reach a settlement agreement to resolve the controversy. The terms of the settlement agreement must be drafted carefully and referenced in the order approving the settlement...
Homestead… Red, Yellow or Green?
The concept of Florida homestead is one of the most difficult, if not one of the most important concepts to understand in estate planning. It has been called the legal chameleon because of the changing definitions of homestead depending on the context you are using...
Who Has Standing to Object in Probate Proceeding?
In Duff-Esformes v. Mukamal, a trial court overruled an objection by a beneficiary of an estate. The beneficiary of the estate was also a beneficiary of the trust into which the estate "poured over". Nathan Esformes died in 2015. His beneficiaries in his will were...