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...
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...
Florida Enters the Digital Age with New Legislation!
All of us have digital assets and electronic communications. Our Facebook pages, the Google emails, the bitcoins, the domain names… all are new assets since the estate planning profession has been in existence. Much confusion exists as to what a fiduciary can and can...
Recent PLR Clarifies Late Allocation of GSTT Exemption With Defective Split Gift
As discussed in a prior blog, the generation skipping transfer tax (“GSTT”) is a draconian tax of 40% on transfers to certain unrelated individuals younger than 37.5 years of the transferor, grandchildren and more remote descendants. Fortunately, however, Congress...
Details Matter When Completing A Beneficiary Designation!
A recent federal case, originating in Florida, illustrates the importance of compliance with the EXACT requirements to designate a beneficiary for a 401(k) and ESOP plan. In Arlene Ruiz V. Publix Super Markets, Inc., a federal district court determined that an intent...
Internet Sales Tax?
On Monday May 6, the Senate passed the Market Place Fairness Act (the “act”) that allows state and local governments to subject online shopping to state sales taxes. The act now moves to the House for a vote. If it passes the House, it will go to President Obama for...