Clearwater, Florida Estate Planning Blog
The Intersection of 529 Plans and Trust Law…Do They Collide or Work in Tandem?
The Intersection of 529 Plans and Trust Law… Do They Collide or Work in Tandem? In the recent Iowa case of Alberhasky v. Alberhasky, a trustee changed the beneficiary of a 529 Plan which was created with funds from a trust. The primary issue was whether the trustee...
Voiding of QTIP Election May Save Gift Taxes…
Instead of an outright distribution to a surviving spouse, estate planners often advise that assets be distributed to a qualified terminal interest property (“QTIP”) trust for the benefit of the surviving spouse. This planning occurs often in a second or third...
Fixing a Bad Beneficiary Designation After Death…Not So Fast!
After a decedent’s death, a personal representative or trustee often discovers that a decedent’s individual retirement account (“IRA”) beneficiary designation is wrong, incomplete or missing. Many people think that, by fixing this beneficiary designation via court...
Tax Planning Technique Works TOO Well…Be Careful What You Wish For!!!
As discussed in a prior blog, a grantor of a trust, which is a “grantor trust” for INCOME tax purposes, pays income taxes on the income earned in the trust. The grantor’s payment of the income taxes benefits the beneficiaries of such trust as the income taxes do not...
So Maybe Your Son-In-Law or Daughter-In-Law Aren’t What You Expected…How Do You Make Sure They Don’t Receive Your Assets?
I have had many clients who love their children but aren’t so enamored by their children’s choice of spouse (to be fair MANY clients love their childrens’ spouses but this blog discussion does not address those situations). If a parent, at their death, provides for...
Paper…A Relic of the Past? Yes… At Least As To Most Court Filings…
If you have a claim against a decedent’s estate, then under Section 733.702(1) of the Florida Statutes such claim MUST be filed within the later of 3 months after publication of the notice to creditors or 30 days after receipt of the notice to creditors. Electronic...
US Supreme Court Strikes Defense of Marriage Act… Now What?
On June 26, 2013, in United States v. Windsor, 570 U.S. ___ (2013), the Supreme Court of the US upheld the Court of Appeals for the Second Circuit (the “Appeals Court”) decision in Windsor v. US, which upheld a challenge to Section 3 of the Defense of Marriage Act...
Do You Have Proper Substantiation For That Charitable Deduction?
Many of us make annual or weekly contributions to a favorite charity, whether a religious institution, school, hospital or other charitable organization. Often taxpayers “assume” they can take a deduction on their income tax return for the contribution just by writing...
DING DONG…. WILL THE STRETCH IRA BE DEAD?
Many individuals own an individual retirement account (“IRA”) with a named beneficiary. Under current law, if the beneficiary is a designated beneficiary, then, when the owner dies, the designated beneficiary must take at least a minimum required distribution (“MRD”)...
New Tax Act Creates Trap for Family Law Attorneys and Their Clients
Upon divorce, most clients find their estate planning documents do not meet their needs. A happily married couple generally have aligned interests, both wanting to save estate taxes and provide for each other and their children. Accordingly, they may create trusts...