Clearwater, Florida Estate Planning Blog
Same Sex Surviving Spouse Allowed to Pursue Pension Benefits
As most of you know, and, as I discussed in a prior blog, same sex marriage is now recognized for federal benefits. However, what happens when a same sex spouse claims benefits for a spouse who died prior to the decision of the favorable case? A recent case, Schuett...
2013 Gift Tax Exclusions
In Revenue Procedure 2012-41 the IRS announced the annual gift tax exclusions for 2013. The 2013 annual gift tax exclusion amount for a gift to a non-spouse increased for the first time since 2009 ($13,000) to $14,000 per gift. Thus, a taxpayer can give up to $14,000...
Event at Clearwater Marine Aquarium April 6, 2018
As many of you know I am involved with the Clearwater Marine Aquarium as a volunteer on the dive team and the rescue team. I am also on the Board of Directors and one of our Board members is sponsoring a wonderful event at the aquarium on April 6, 2018… Great food,...
Does the Homestead Tax Exemption Automatically Pass to a Surviving Spouse?
The term “homestead” is very confusing under Florida law. There are generally 3 areas of homestead, (1) descent and devise (the rules on distributing the homestead at death), (2) creditor protection and (3) the tax exemption and the corresponding “save our home cap”...
IRS Publishes Proposed Regulations on Basis Consistency Requirements… What Does It Mean to You?
I recently posted a blog about the Internal Revenue Service’s (“IRS”) new basis consistency requirements. On March 4, 2016 the IRS published related proposed regulations. Remember this law (Section 1014(f) of the Internal Revenue Code (the “Code”)) requires a...
Over 70 1/2 or Know Someone Who is? Help a Charity…
Generally distributions from traditional individual retirement accounts (“IRAs”) are subject to income tax. For example if you have a $100,000 IRA and take a $20,000 distribution you have to include that $20,000 on your Form 1040. Until 2014 individuals over 70 1/2...
Portability and Blended Families…May Not Be A Good Mix!
Portability has been discussed in a prior blog but as the federal statute is fairly new, case law has been scarce. A recent Oklahoma Supreme Court (the “Court”) case has lawyers rethinking prenuptial and postnuptial agreements and the drafting of estate planning...
BE AWARE OF UNKNOWN AGREEMENTS WITH YOUR IRA
IRA assets are protected from creditors and income taxes while the assets remain in the IRA. However, you need to be aware that transactions relating to your IRA may unintentionally create a taxable event. In the Department of Labor (“DOL”) Advisory Opinion Letter...
Unhappy Debtor…Creditor with Charging Lien against Debtor’s LLC Interest entitled to Debtor’s LLC Distributions…
Unhappy Debtor…Creditor with Charging Lien against Debtor’s LLC Interest entitled to Debtor’s LLC Distributions… A recent case, John A. Kostoglou v. John Fortuna illustrates the effect of a charging order on a member’s interest in a limited liability company (“LLC”)....
Proper Beneficiaries in an Intestate Estate? Recent Case Discusses Time Limitations of Paternity Testing
Proper Beneficiaries in an Intestate Estate? Recent Case Discusses Time Limitations of Paternity Testing. A recent case, Robinson V. Estate of John E. Robinson analyzed Florida law regarding the statute of limitations (“SOL”) on paternity testing when an individual...