Estate Planning

Florida Adopts a New Durable Power of Attorney Statute

August 4, 2011

Effective October 1, 2011, Florida Statutes Chapter 709 will be substantially revised. Durable Powers of Attorney executed prior to October 1, 2011 will remain effective, with the new statute applying to all newly executed documents. Those serving as an agent under a power of attorney will now have expanded duties in a fiduciary capacity, including: [...]

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Why Not Give your Family a Christmas Present in July?

June 30, 2011

Congress passed legislation in December 2010 which gives individuals a marvelous opportunity to gratuitously transfer wealth down to succeeding generations – but only for the next two years. In 2011 and 2012, the amount a person can transfer exempt from gift tax is $5,000,000 (up from the previous $1,000,000). If transferred properly, the exempt amount [...]

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What A Relief!

December 28, 2010

Fourth Quarter , 2010 The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act was signed into law on December 17, 2010, extending many of the so-called “Bush tax cuts,” benefiting both individuals and businesses. Some of the more notable provisions include:

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A Golden Opportunity.

December 28, 2010

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act was signed into law on December 17, 2010, providing two years of tax relief and planning opportunities. The December 2010 Act addresses the “sunset” of our transfer tax system with higher exemption amounts andlower tax rates through December 31, 2012.

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Small Business Tax Incentives

December 22, 2010

Fourth Quarter , 2010 On September 27, 2010, President Obama signed the Small Business Jobs Act, including valuable business and individual tax incentives. Many of the $12 billion in tax incentives are temporary, while others are permanent and may require careful planning to maximize the tax benefit. Some key tax incentives include:

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“Say It Ain’t So, Joe!” – Congress Fails to Act on Estate Taxes

January 10, 2010

To compare that young boy’s disappointment in Shoeless Joe Jackson with our Congress’ recent failure to act regarding the estate tax is, admittedly, a stretch of poetic license.  However, “say it ain’t so” most accurately summarizes my reaction last New Year’s Day when it became clear that the estate planning practice had been thrown into [...]

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The “Incentive Trust” – A Novel Idea OR Just Déjà Vu All Over Again*?

February 12, 2009

First Quarter, 2009 As many of our clients know, the irrevocable trust is an integral component of any estate plan designed to protect inherited monies from the spendthrift or intemperate habits of children, grandchildren and other beneficiaries. Frequently, clients ask us to write trusts that provide for staggered partial distributions to their loved ones over time, [...]

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Is Your Real Estate Safe?

November 3, 2008

Now that very few things seem safe, it is a good time to think about the safety of your real estate. Real estate can be an individual’s most valuable asset, but it can also be one of the most fought after assets in recovery suits. Here are some things to consider: Homestead Property. Owning a [...]

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Will Your Family Or The IRS Inherit Your IRA?

September 4, 2008

Federal statutes and regulations governing individual retirement accounts (IRAs) have changed significantly in the last few years. IRAs may represent the most significant assets you have to pass on to your family. Proper planning is essential to postpone or reduce the income tax consequences to your heirs. A married IRA owner may designate as beneficiary [...]

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Just A Few Things You Ought To Know

April 3, 2008

New laws went into effect last summer which significantly revised the rules applicable to Florida trustees. Basically, the new laws are designed to ensure that an irrevocable trust’s “qualified beneficiaries” (defined broadly to include practically all beneficiaries with a vested present or future interest in all or a portion of the trust’s assets) are provided [...]

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