Tag: law-firm
-
Pre-Immigration Planning with the Foreign Trust: The Intersection of Income and Estate Tax
If someone from another country puts money into a trust in their home country and the trust makes money, the U.S. only taxes the money from the U.S. The trust can also be set up to benefit people in the U.S., but they only pay taxes on the money they get from the trust. If…
-
The Cashless Real Estate Deal: Beware of Phantom Withholding on Foreign Partners’ Income
When the real estate market goes down, it can result in more transactions where people can’t pay their debts. This can lead to something called cancellation of indebtedness income (COD income). In Florida, the commercial real estate market has been hit hard by hurricanes, causing insurance rates to go up a lot. This means that…
-
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…
-
Internal Revenue Code §1202 and You: Analyzing Exclusion of Gain on Sales of Small Business Stock
Section 1202 of the Internal Revenue Code allows small businesses to exclude some or all of the gain from stock sales. Small businesses can plan for this benefit when considering selling their business. Tax professionals can help determine if a business qualifies for the gain exclusion. The article focuses on businesses that do consulting, as…
-
Time Law: A New Paradigm for Small Law Firm Efficiency and Growth
“Time law” is a new approach for small law firms to manage their time and be more efficient. It was developed by an attorney who struggled with balancing all the tasks of running a legal practice. He realized that many other small law firms were facing the same challenges. This new approach helps lawyers manage…
-
Beast of (Shifting) Burden: What Constitutes Undue Burden Sufficient to Shift ESI Production Costs Under Fla. R. Civ. P. 1.280?
Basically, when you have to find and share a lot of electronic information for a lawsuit, it can cost a lot of money. In Florida, the law says that if it’s too hard or expensive for the person being asked for the information to get it, then the person asking for it might have to…
-
Garnishing a Lawyer’s Trust Account: Actions to be Taken by Lawyer Garnishee
In 2008, the Florida Supreme Court said lawyers could have their trust accounts garnished if they owe debts. This means the lawyer’s bank account could be used to pay off their debts. The law requires the lawyer to give a full report of the money in their trust account and to hold onto it to…
-
Guerilla Research
Research is the most important weapon for lawyers. It’s like the Minutemen’s sharpshooting in the American Revolution, it helps level the playing field. Even with the computer, traditional research is still essential. I used to be a criminal lawyer, but when I switched to business litigation, I had to learn a lot of new things.…
-
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…
-
Waiting for Estate Tax Repeal: What Do You Tell Your Clients in the Meantime?
The 1988 film “The Boost” is about a guy who loses everything when his business is affected by a change in tax laws. The repeal of the estate tax in 2001 could also affect lawyers who help people with their estate planning, but it’s not clear what will happen yet. Planning techniques that made sense…
-
Reforming Florida’s Elective Share Law: Is the Cure Worse Than the Disease?
The surviving spouse of a Florida resident who passes away has the right to a percentage of the deceased person’s assets, called the elective share. This is meant to make sure the surviving spouse has enough to live on and also recognizes their contributions to the marriage. However, there have been problems with the current…
-
Eminent Domain: Identifying Issues in Damages for the General Practitioner
The government has the power to take private property for public use, but the owner must be fully compensated. There are three types of compensation: the value of the property being taken, damages when only part of the property is taken, and relocation expenses for mobile home owners. The government can take either a partial…
-
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…
-
Public Private Partnerships: The Future of Public Construction in Florida?
The government is struggling to afford construction projects, so they’re teaming up with private companies to get them done. These partnerships can be a good way for both the government and the companies to make money. In Florida, they’re using this method to improve a major road, which will hopefully create jobs and help the…
-
Close Encounters of the Referendum Kind
Amendment 4 in Florida proposes that voters should have the final say on all comprehensive planning decisions. If approved, this amendment would require a public vote on any new land use plan or changes to an existing plan. This means that local representatives would not have the final say, and decisions would be made by…
-
Hidden Legal Risks of Green Building
“Green” construction is now a mainstream trend, and with it comes the potential for legal disputes over unmet expectations and other risks. For example, if a green building certification isn’t achieved, the owner could face financial losses, including the loss of tenants or government incentives. It’s important for owners, designers, and contractors to be aware…
-
Florida Community Association Law: Contracts Clause Application in an Ever-Changing Legislative Landscape
When representing a Florida condominium association, you have to know and follow a lot of laws. This includes the Condominium Act and the Not-For-Profit Corporation Act. You also have to look at the association’s documents like the declaration of condominium, the bylaws, the articles of incorporation, and the rules and regulations. Sometimes, arbitrators from the…
-
Shedding Light on Keeping Beneficiaries in the Dark
A trustee has a big responsibility to keep beneficiaries of a trust informed about how the trust is being managed. Florida law says that the trustee has to share their contact information with the beneficiaries, let them know when an irrevocable trust is set up, and give them the opportunity to see the trust document…
-
The New Closing Protection Resets the Understanding Between Lenders and Title Insurers and Corrects Unhealthy Nationwide Trends in the Caselaw
A new closing protection letter (CPL) has been approved in Florida, and similar changes will soon appear in other states. The new CPL aims to make the language clearer and prevent misunderstandings between parties involved in real estate transactions. The CPL is a form that assures lenders that they can trust the attorneys and closing…
-
Hidden in Plain Sight: Avoiding Conflicts of Interest in Trust Litigation
Can a trustee use trust money to pay for legal fees in a court case about whether they did something wrong as a trustee? Before 2008, they needed court permission, but now they just have to tell the beneficiaries and the beneficiaries can ask the court to stop the trustee from using the money. If…
-
Can Selection of a Trustee Be a Material Purpose Under F.S. §736.0706(2)(d)?
When someone creates a trust, they choose who will be in charge of it, called the trustee. In Florida, the law allows the beneficiaries of the trust to ask the court to remove the trustee for certain reasons. One of those reasons is called “no-fault removal,” and it has four requirements. The court can remove…
-
2020: A Challenging Year for Keeping Up With Changes to Probate and Guardianship Rules and Statutes
Probate and guardianship laws in Florida had a lot of changes in 2020, which affected how attorneys handle these cases. These changes came from new laws and updates to existing rules. It’s important for attorneys to pay close attention to these changes to make sure they follow the right procedures when filing documents with the…
-
Enter the Twilight Zone: The IconBrickell Case and Mixed-Use Condominiums
Mixed-use developments in Florida are becoming more common, with buildings that have a lot of different uses in one place. For example, the Four Seasons in downtown Miami has offices, a hotel, a gym, and residential units all in one building. But, there can be challenges with figuring out who is responsible for maintaining shared…
-
Danger Will Robinson: The New Frontier of Remote Online Notarization and Electronic Wills
In June 2019, Florida passed a law allowing notaries to perform notarial acts remotely using audio-video technology and enabling the execution of electronic wills. The law goes into effect on January 1, 2020, with the electronic wills provisions becoming effective on July 1, 2020. The law includes details on how to become an online notary,…