Estate Planning Issues for the Family Lawyer
Every family lawyer must have some knowledge of estate planning issues as you are advising your clients through dissolution of a marriage. Even something as simple as documenting in your file that you have advised the clients that they should consult an estate...
How Do You Select a Trustee?
Estate planning requires many decisions, not the least of which is whom to appoint as an agent to act under a health care surrogate and a durable power of attorney and whom to appoint as a personal representative and a trustee. How do you select these individuals?...
Prepare for Increased Taxes in 2013
As many of you know, the U.S. Supreme Court upheld the 2010 Health Care Act on June 28, 2012. What you may not understand is how this decision will affect your tax burden in 2013. It is more likely than not that the 3.8% surtax (the “Surtax”) on net investment income...
A Beneficiary Has an Interest in a Trust… Are Those Assets Included in a Divorce Equitable Settlement?
Many parents create trusts which benefit their children and grandchildren. Often, the trustee’s decision as to what to distribute to a child or grandchild is fully discretionary. Alternatively, the trustee can be directed o distribute for health, education,...
WHEW! Relief For Co-Executors Whose Attorney Did Not Elect Alternate Valuation…
A Form 706 is required for a taxable estate or for an estate electing portability. Generally, assets are valued as of the date of death to determine an estate tax. The Internal Revenue Code (the “Code”) grants a relief provision if, for example, the stock market...
Is It Tenants By The Entireties Ownership (“TBE”)?
Tenants By the Entireties ownership (“TBE”) is a form of joint tenancy ownership in real or personal property between a husband and wife. Four “unities of title” are required for joint tenancy ownership: (1) unity of interest (each joint tenant must have an equal...
Act Soon…Discounted Gifts Will Become Harder…
Individuals and their attorneys are very creative when planning to reduce estate taxes. One technique is to transfer an interest in a family owned family limited partnership (“FPL”), at a discounted value, to a family member while keeping the entity in the family....
The Intersection of 529 Plans and Trust Law…Do They Collide or Work in Tandem?
The Intersection of 529 Plans and Trust Law… Do They Collide or Work in Tandem? In the recent Iowa case of Alberhasky v. Alberhasky, a trustee changed the beneficiary of a 529 Plan which was created with funds from a trust. The primary issue was whether the trustee...
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...