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Tag: family-members

  • Understanding Probate: What it Means for High School Students

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    – Probate is based on state law and varies in length depending on the state. – If a deceased person has a valid will, probate begins when the executor presents the will to the courthouse. – If there’s no will, the court will appoint someone to administer the estate. – The process involves filing a…

  • “Understanding the Importance of a Living Will”

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    A Living Will is important for addressing end-of-life conditions such as persistent vegetative state, end-stage conditions, and terminal illnesses. It helps clarify your intentions and wishes for medical care providers, family members, or friends if any of these conditions occur. Having a valid Living Will can relieve family members of the guilt of making end-of-life…

  • Understanding Testamentary Capacity in Florida Wills and Trusts

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    – Florida law requires a person to have testamentary capacity to create a valid will or trust. – Testamentary capacity means the person must understand their property, know their family members, understand the document they are signing, and have a rational plan for property distribution. – The person must also understand the consequences of their…

  • “Reasons Why High School Students Still Need an Estate Plan”

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    – The federal estate tax exemption amounts are set to decrease in 2026, potentially affecting individuals and married couples with large estates. – Even people with estates below the taxable amounts should consider estate planning, as it can ensure assets go to their chosen beneficiaries and address income tax planning. – Basis, or the amount…

  • Tax-Free Withdrawals from Your Private Company

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    1. Capital repayments: When a closely held corporation repays debt that has been capitalized, it is not treated as a dividend. The corporation can also deduct the interest paid on the debt. This assumes that the debt has been properly documented and that the corporation’s debt-to-equity ratio is not excessively high. 2. Salary: Reasonable compensation…

  • The Job of a Court-Appointed Fiduciary in Handling Wills and Trusts

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    – Court-appointed fiduciaries are responsible for managing assets and accounting for the trust or estate’s assets. – They offer objective solutions to resolve conflicts among family members or stakeholders. – They safeguard the intent of the deceased or settlor and the interests of the beneficiaries. – Fiduciaries manage the financial aspects of trusts and estates,…

  • Florida’s Response to Last Minute Marriages

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    1. Florida law now allows family members to contest deathbed marriages, which previously allowed the surviving spouse to inherit the decedent’s property. 2. Deathbed marriages were often used by individuals to take advantage of elderly single persons and claim their wealth. 3. Surviving spouses in deathbed marriages had rights to live in the family home…

  • Hoiberg Group – Legal Services for You

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    – Form 1099-K is used to report certain payment transactions to the IRS. – Taxpayers must report all their income on their tax return, regardless of whether they receive a Form 1099-K. – Form 1099-K is received for business transactions, self-employment, gig economy activities, and the sale of personal items and assets. – Money received…

  • Florida Charities Must Report Conflicts of Interest and Finances

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    – Charities subject to the Act are now required to adopt a conflict of interest policy for transactions with certain related parties. – Most charitable organizations are now required to file a tax return and financial statements. – Charities with over $1 million in revenue and less than 25% spent on program services costs must…

  • “Keeping Your Business and Real Estate Separate”

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    1. Owning real estate in a separate entity from the operating business can provide liability protection, limiting claims to the value of the property and accounts held with it. 2. Keeping real estate within a corporation for tax purposes may result in double taxation if the property is sold. Alternatively, holding real estate in a…

  • Why Florida Couples Are Choosing Postnuptial Agreements

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    – Postnuptial agreements are created after marriage and outline how assets will be divided in case of divorce or separation. – Couples in Florida create postnuptial agreements to protect their separate assets brought into the marriage. – Postnuptial agreements can clarify financial responsibilities, address infidelity, protect business interests, and be part of an overall estate…

  • How Quitclaim Deeds Work in Florida

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    Benefits of using a quitclaim deed in Florida: – Allows for quick and easy transfer of property – Saves time and money in legal fees and title searches – Useful for transferring property in divorce settlements or between family members Limitations of using a quitclaim deed in Florida: – Does not guarantee the grantee a…

  • Car Insurance: Stacked vs. Unstacked – What You Need to Know

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    – Stacking insurance allows you to combine uninsured/underinsured motorist (UM) coverage from multiple vehicles on your policy, providing higher coverage limits. – Unstacked insurance only provides the UM coverage limits for the specific vehicle involved in the accident. – Stacking is recommended, especially in Florida where many drivers are uninsured, to ensure adequate coverage for…

  • “Understanding the Role of Blalock Walters, P.A. in the Legal System”

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    1. The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued a new final rule on reporting requirements for beneficial ownership information under the Corporate Transparency Act on September 29, 2022. 2. The final rule requires certain entities, including U.S. corporations, LLCs, and non-U.S. entities registered to do business in the U.S., to report…

  • Taking Care of Someone in Florida: Your Duties as a Guardian

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    1. A guardian in Florida must make decisions in the best interests of the ward, promoting their welfare and overall well-being. 2. The guardian is required to maintain open communication with the ward, family members, and other interested parties involved in the guardianship. 3. Florida law mandates guardians to file annual reports with the court…

  • Florida’s New Law Challenged in Court

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    1. Several groups have filed a lawsuit challenging Florida’s SB 1718. 2. Florida’s immigration-related legislation, SB 1718, requires employers to use the E-Verify system and imposes criminal penalties on individuals transporting undocumented immigrants into Florida. 3. A complaint challenging the constitutionality of the new law, SB 1718, Section 10, alleges that it violates the due…

  • Everything You Need to Know about Unopposed Divorce in Florida

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    – An uncontested divorce in Florida is also known as a “simplified dissolution of marriage” and requires specific eligibility requirements to qualify. These requirements include both parties agreeing that the marriage is irretrievably broken, no minor children being involved, the wife not being pregnant at the time of filing, all marital assets and debts being…

  • “What Happens if the Defendant Dies in a Legal Case?”

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    1. When a defendant in a civil suit passes away, the cause of action is not extinguished by their death. 2. If a defendant dies before a lawsuit is filed, the personal injury action can be brought against the defendant’s personal representative in a pending action. 3. Florida’s survival statute ensures that all causes of…

  • “Working from Home? Find Out if You Qualify for Tax Deductions”

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    – Working from home can lead to extra costs, such as buying new furniture and office equipment, higher utility bills, and additional office supplies. – Unfortunately, W-2 employees may not be eligible for many tax breaks for their work-from-home expenses due to changes in tax laws. – The Tax Cuts and Jobs Act of 2017…

  • What Happens When the Estate and Gift Tax Laws Change?

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    – The TCJA provided higher estate and gift tax exemption amounts, but these are scheduled to revert to 2017 levels in 2026. – It is important to evaluate gifting capacity before utilizing the exemption, and to consider various gifting options such as forgiving loans or gifting discounted business shares. – The current increased exemption amounts…

  • “Winning a Wrongful Death Case: Legal Requirements”

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    – Wrongful death in Florida is defined as occurring when a person or entity causes another person’s death by a wrongful act or negligence. – Only the personal representative of the deceased person’s estate is allowed to file a wrongful death claim in civil court in Florida. – Surviving family members may be able to…

  • The Importance of Giving Gifts Properly

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    – Deathbed gifts made by personal check delivered before death but deposited after death are subject to estate tax. – The IRS successfully argued that the gifts were incomplete at the moment of death because the decedent had the ability to stop payment on the checks. – The entire amount of the gift checks, totaling…

  • Understanding Guardianship Law in Florida: Your Guide to the Basics

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    – There are three types of guardianship in Florida: guardianship of the person, guardianship of the property, and guardianship of both the person and property. – Guardianship of the person involves making decisions about the ward’s personal care and well-being. – Guardianship of the property involves managing the ward’s finances and property. – Guardianship of…

  • “Why Unmarried Couples Should Plan for the Future”

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    1. Unmarried partners are not protected by state and federal laws when it comes to inheritance, taxes, and decision-making powers. 2. Without estate planning, the state’s intestacy statute will determine who receives money and property, and unmarried partners may receive nothing under the law. 3. If a beneficiary is not designated on a life insurance…