Many of our clients bring to our attention 529 plans that they have set-up for the benefit of their children or grandchildren. The plans get their name from Section 529 of the Internal Revenue Code and are more commonly referred…
Unfortunately, we are often asked questions about hospice care, assisted suicide, and euthanasia. People in favor of these concepts commonly use the term death with dignity, whereas opponents use the term assisted suicide. The American Medical Association uses the term…
There are lots of ways to give to your favorite charity - you could send a check, change the beneficiary on a life insurance policy, sponsor an event, or donate some tangible personal property, just to name a few. However, one technique that has been around since 2006 that some people are unfamiliar with is an IRA Charitable Rollover.
To many, the words tax-exempt are synonymous with churches and synagogues. However, there is much more to these words than meets the eye. In fact, the structural variations of tax-exempt organizations are so numerous that the IRS had to come…
One of the questions we get most frequently is: How often should I revisit my estate plan? It is an excellent question. As circumstances change, it is important to review and update your estate plan to ensure that it continues to properly align with your wishes.
If you do not know who or whom has been listed in these beneficial positions, or if it has been some time since you last looked, check all your beneficiary designations now, because...
With the campaign trail set to kickoff in the upcoming months, many tax-exempt organizations may be asking themselves whether or not they can get involved, and to what extent. The Internal Revenue Code strictly prohibits certain tax-exempt organizations from participating…
A question we frequently get at our law office is how much taxes will be due when I die? Most people are surprised to find out that the answer to that question is zero. According to CNBC, only two out…
Over a decade ago, our firm heard a story about a bad car accident involving a young Floridian in his freshman year at Penn State University in College Station, Pennsylvania. The Campus Police Department notified the parents of the incident…
The next time you open a new account or purchase a home, take a moment to contemplate how you want to title the asset, as the choice you make may produce significant impacts or unforeseen consequences in the future. Asset…
As discussed in last month’s blog, the Heckerling Institute on Estate Planning is a five-day long program which takes place in Orlando, Florida. In our prior blog, we discussed the Secure 2.0 Act and the new Corporate Transparency Act of…
Topics for this year focused on: The Secure 2.0 Act; Inflation Reduction Act; lessons in estate planning for the middle rich; trust situs issues; installment obligations; firing clients; and the United States Department of Treasury Greenbook, which focuses on tax proposals for the upcoming year(s).
We all have that friend who loves to travel. Usually, that person is involved in some sort of company sponsored reward program that allows them to accumulate miles or points. This begs the question - what happens to those miles/points…
Community property means that all property acquired between spouses during a marriage will be presumed to be owned as an undividable 1/2 interest by each spouse. This is an important concept for asset protection, divorce, and estate planning issues. With…
Many families have created Private Foundations during their lifetime or at the death of a family member to carry out the family's charitable intentions for an extended period of time. Black's Law Dictionary defines Private Foundation as An organization which…
In 2016, Florida enacted Chapter 740, a new law which became known as the law of Fiduciary Access to Digital Assets. This new law outlines the rules and procedures to allow Personal Representatives, Trustees and other fiduciaries the right to…
In today's world, it is almost impossible to not have some sort of digital trail. A digital trail may include music, emails, frequent flyer points, family photos, videos, movies, information stored in the cloud and, of course, passwords. Some of…
One of the reasons people try to avoid probate in Florida is because the probate process provides the deceased person’s creditors with an open forum to bring claims against the decedent’s estate. In a typical probate administration, a Personal Representative…
Nuptial Agreements are contracts made between parties, either before or after they enter into a marriage, which address asset ownership and distribution in the event of divorce or death. Nuptial Agreements signed before the marriage date are commonly called Prenuptial…
Living Wills and A Do Not Resuscitate Orders are often confused because both documents address an individual's greatest fear: death. However, the two documents address vastly different scenarios. So, what is the difference? Living Will A Living Will (also known…