Firm News
The Murky Waters- Lifetime Waiver by a Surviving Spouse of Their Homestead Right at Death
A recent case, Thayer v. Jefferson, illustrates how a surviving spouse can waive their homestead right under the Florida Constitution during their lifetime. As has been discussed in prior blogs, there are 3 aspects of Florida homestead. First, the homestead real...
Be Careful Transferring Rental Real Estate To an LLC…
Many advisors advise their clients to transfer rental real estate to an LLC for asset protection. However, a recent case illustrates how such a transfer may surprise the client. In S and A Property Investment Services, LLC v. Pedro Garcia et a (Miami-Dad)County...
Qualified Beneficiaries Are Entitled To Trust Accountings…Who Are They?
In Dunley v. Dunley, a beneficiary of a trust challenged an order that he was not entitled to a trust accounting. James and Alice were married and had 2 children, Edward and Samuel. James created a trust in 1984 (the "Trust") and he was the sole trustee. Alice...
Carefully Read the Florida Constitution Before Contesting Homestead Status!
In re Rolle, a bankruptcy judge decided that, even though the owner husband was not living at the homestead, the homestead was still protected from his creditors. In 2013 prior to their marriage, Rolle (the "Debtor") and Wife purchased a home (the "Homestead") in Lee...
Regular screening and monitoring is essential during pregnancy
Your pregnancy should be a time of joy and excitement as you look forward to the addition of a new little life to your family. One of the most important things you can do during this time is to receive regular medical care provided by a qualified Oregon doctor or...
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...
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...
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...