Tag: family-members
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Plan Ahead: Protect Your #DigitalFootprint
As the world goes paperless, digital assets like photos, videos, social media accounts, and even virtual property are becoming really important. But, not many people are planning for what will happen to their digital stuff after they die. The laws about this stuff are always changing, and different websites have different rules. So, it’s important…
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Get Your 20 Percent Deduction by Calling 1-800-888-199A
The Tax Cuts and Jobs Act was passed in 2017 and will affect how lawyers and law firms in Florida plan their income taxes in 2018. The new laws will provide tax benefits for many lawyers, but they may need to restructure their finances to take full advantage of these benefits. The article explains important…
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The Tax Cuts and Jobs Act: Still Waiting for That Postcard
President Donald Trump signed the Tax Cuts and Jobs Act into law in December 2017. It made changes to the tax system, with the goal of making it simpler. Some parts of the tax code are easier, but others, especially for businesses, are more complicated. Many of the changes will expire in 2026. So, filing…
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Demystifying the Qualified Payment Right: Structuring and Administering a §2701-Compliant Entity
Estate planners use special business entities to help families pass on their wealth without paying high taxes. They often create these entities with two types of ownership: one that gets a guaranteed return on their investment (preferred interests) and one that gets any extra profits (common interests). Older family members can give the common interests…
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Navigating I.R.C. §2036 Tax Planning with Florida Law
For many years, a common technique in estate planning has been to create a partnership or LLC to hold valuable property and then transfer ownership interests to a trust to avoid estate tax. However, the IRS may challenge these transfers as an attempt to pass untaxed wealth to future generations while still maintaining some control…
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Funding the Estate Tax: Defusing the Liquidity Time Bomb
It seems like the rules around estate taxes might be changing soon. If they do, more people might have to pay taxes on their estates when they die. As lawyers, we help our clients figure out how to pay as little tax as possible and in the least disruptive way. In this article, we talk…
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The Trust Beneficiary’s Right of Access to Information
Beneficiaries have the right to know certain information about a trust, but sometimes trustees refuse to provide it. This can lead to beneficiaries feeling upset and hiring lawyers. In some cases, the trustee may not know their responsibilities or may intentionally withhold information. This article explains what information beneficiaries can get under Florida law and…
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Estate Planning During an Election Year: Will It Be 2012 All Over Again?
2020 might be a very busy year for estate planning attorneys because the current laws that give people a big tax break on what they can leave to their family and friends when they die could change soon. The laws are set to expire in 2025, but some people think they might change even sooner,…
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IRA Accounts and Possible Stretch Reduction
In 1974, Congress created IRAs to help people save for retirement without having to pay immediate taxes on their contributions and investment gains. This is known as a traditional IRA. You can get a tax deduction for the money you put into your IRA, but only until you turn 70 and a half. You can…
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Designing Trust Systems for Florida Residents: Planning Strategies, Things You Should Know, and Traps for the Unwary
Trusts are commonly used for estate and financial planning. They help avoid probate and protect assets. There are different types of trusts and it’s important to understand the implications before funding one. For unmarried individuals, a revocable trust is often used to avoid probate and maintain control over assets. However, in some cases, it may…
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Drafting Wills for the Remarried Spouse
Forms used for the traditional marriage are not suitable for second marriages, especially when children are involved from a previous marriage. Attorneys need to make sure that their clients have updated wills that take into account the unique circumstances of a second marriage. The estate planner should educate their client about the potential conflicts between…
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Intestacy in the Context of Estate Planning in Florida: When to Apply the Intestacy Rules and How to Avoid them
In short, a law firm and their lawyer are being sued for not properly representing their client in a case. The client claims that the lawyer didn’t try hard enough and made mistakes. The lawsuit is seeking money for the client’s losses and damages. If someone dies without a will in Florida, their property will…
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Multiple Representation in Estate Planning: Beyond Advisory Opinion 95-4, Part 2
An article discusses how a legal decision called Advisory Opinion 95-4 affects how attorneys work with married couples in estate planning. It talks about how attorneys and clients can decide on the specific responsibilities of the attorney in the engagement arrangement. Some attorneys may want the option to keep some information confidential from one spouse,…
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Drafting Trusts That Include Broad Invasion Powers
Sometimes a client might want to include a broad standard in their trust that allows the beneficiary to access the trust funds for more than just basic needs like health and education. However, there are certain restrictions on when and how this standard can be used. Marital trusts and independent trustees can still allow for…
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Unraveling the Mysteries of the Florida Exemptions for Life Insurance and Annuity Contracts, Part 1
Florida has laws that protect residents’ assets, like their primary residence, life insurance, annuities, retirement accounts, and education savings accounts. In this two-part article, we’ll look at the rules for protecting life insurance and annuities in Florida. Part one focuses on how life insurance is protected after the insured person passes away, how the policy…
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Challenging Inter Vivos Transfers Procured by Undue Influence: Factors to Consider
Florida has a lot of people who take advantage of elderly people. When someone is coerced into giving away their stuff, it might be seen as undue influence and could be reversed. The courts have guidelines for challenging a contested will, but it’s not as clear for gifts given while the person is still alive.…
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Putting Conventional Probate Concepts to the Test: Parker v. Parker and the Decedentâs Estate as an Indispensable Party
The recent court decision in Parker v. Parker highlights the confusion in Florida law about who can bring a case to get back assets transferred by someone before they died. Some cases say the decedent’s family can bring the case, while others say it should be the personal representative of the estate. The Parker case…
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Access to Digital Assets Florida’s New Law for Fiduciaries: What Are Digital Assets and Why Are They Relevant?
Digital assets, like social media, email accounts, online banking, and digital currency, have value and need to be protected. Florida has a new law that lets certain people, like guardians, access these assets. Federal laws and terms-of-service agreements also protect digital assets from unauthorized access. The SCA makes it a crime to access digital communication…
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The Shifting Landscape of Guardianship Law: Three Consecutive Years of Changes
Changes to Florida’s guardianship laws in the past few years have been focused on providing more protection for wards and stricter scrutiny of guardians. These changes came about due to concerns about abuses by professional guardians and the need to improve the system. The Legislature made substantial changes to the Guardianship Code in 2014, 2015,…
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The New Florida Family Trust Company Act
The Florida Family Trust Company Act was signed into law in 2014, allowing for the creation and regulation of family trust companies (FTCs) in Florida. FTCs provide trust services for family members and also offer investment and administrative services. Before this law, there was no way for FTCs to operate in Florida. Existing FTCs need…
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Where the Presumption of Undue Influence Should Not Apply: Consider the Dutiful Son and the Dutiful Daughter Exceptions
More than 30 years ago, the Florida Supreme Court outlined a list of factors called the Carpenter factors that can be used to show if someone influenced a person to create a will or trust in their favor. This changed the way probate and trust cases are handled because it made it easier for someone…
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The Uniform Partition of Heirs Property Act: A Solution in Search of a Problem
The Florida Bar Journal recently talked about the Uniform Partition of Heirs Property Act (UPHPA), saying it’s better for heirs’ rights. But Florida’s current probate law already protects those rights. The UPHPA may cause more problems than it solves. Florida law allows property to be divided and sold fairly. So, the UPHPA may not be…
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Fiduciary Duty: A Foundational Tenet Trending Back Into the Forefront
In the next 15 years, a lot of older people in the U.S. will pass on their money and assets to their families, which will be the biggest transfer of wealth ever in the country. Most of this money is owned by people over 60 years old, and they are expected to pass on $4.1…
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Taking the Quick Out of Quitclaim Deeds
The Dingle v. Dellinger case is a reminder for attorneys to be careful when preparing transfer deeds for real estate. In this case, the attorney made a mistake in the deed, and the people who were supposed to receive the property sued the attorney for negligence, even though they weren’t the attorney’s clients. This case…