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IRA Saves A Missed Alternate Valuation Election
When an estate exceeds the applicable exclusion amount (the “Exemption”) of $5.490 million, a taxpayer is required to file a Form 706 for the decedent’s estate. Under the Internal Revenue Code (the “Code”), assets are valued as of the date of death. However, the Code...
Linda on a manatee rescue…fun clips
As some of you may know I volunteer on the Clearwater Marine Aquarium stranding team. I thought you all might enjoy a change of scenery from our normal tax and law notes so enjoy a clip of a successful manatee rescue and release!...
ALWAYS Request Release from Personal Liability for Estate Taxes…It Could Save You from Catastrophic Financial Consequences!!!
In the recent case, United States v. John Michael Paulson, 2000 WL 1821022 (3.23.2020), a California Federal District ruled in favor of an executor of an estate for release from PERSONAL liability for estate taxes. John Michael Paulson (“Mike”) became an initial...
Single Family versus Multi-Family Home… Is Homestead Creditor Protection Available for Beneficiary if Owner Rented Rooms prior to his Death?
Single Family versus Multi-Family Home… Is Homestead Creditor Protection Available for Beneficiary if Owner Rented Rooms prior to his Death? In the recent case, Anderson v. Letosky, the District Court of Appeal for the Second District determined that a beneficiary...
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,...
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...
Check out the NEW Internet TV Series, “Rescue Clearwater”, the true story of Clearwater Marine Aquarium
[subscribe2] Many of you know that I am a volunteer at the Clearwater Marine Aquarium (“CMA”) on the stranding, marine mammal and dive team as well as on the Board of Directors. What you may not know is that CMA is now producing a new internet television series,...
Is Ignorance REALLY Bliss?…Not When Signing a Will.
Many individuals do not understand the importance of the procedure of signing a will and/or a trust and may get frustrated when required to go to their attorney’s office to sign their documents. Many ask “why can’t I just go to the bank and do this” or “I am out of...
Can a Guardian Amend a Ward’s Revocable Trust?
When a person (the “grantor”) creates a revocable trust, the grantor can generally amend or revoke the trust at any time prior to the grantor’s death. What if the grantor becomes incapacitated? Can the guardian of the grantor amend the trust? To find these answers you...
End of Year Thoughts
At year-end we often think about what is important to us.. family and friends. First I want to thank each and every one of you for either being a client, personal friend, professional friend or family. I love helping people and if this blog has helped one person I...