The Income Tax Reduction Trust is a type of trust specifically authorized by the Internal Revenue Code. These irrevocable trusts permit you to transfer ownership of assets to the trust in exchange for an income stream to the person or persons of your choice (typically you, your spouse or you and your spouse) for life […]
Divorce is not the most pleasant experience. It represents an end to something that was once, presumably happy, and the process can lead to hurt feelings. When there are children involved, they may feel isolated and confused. There is often times heartbreak and there may be a lot of pain, but going through a divorce […]
Estate planning increasingly includes some form of charitable giving. During the last three decades, wealth ballooned in the United States, but affluent clients tended to increase their charitable transfers more than their family inheritances. According to John Havens of the Boston College Center on Wealth and Philanthropy: “Reports from the IRS indicate that charitable giving […]
If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs. But eventually someone will need to step in for you when you are no longer able to act due to incapacity or after your death. Because successor trustees have a lot of […]
LLCs generally work best for: Businesses with a limited number of owners, that are actively up and running. At about 35 owners of the business, at a maximum, the logistics of making collective business decisions are manageable. New small businesses. Sometimes, new businesses want to pass early-year losses along to it’s owners to deduct against […]
One huge reason homeowners are unable to buy and sell property are title defects which cause fights over lien priority. An experienced lawyer can help you work through lien priority disputes through quiet title actions, negotiations, or litigation. Income Taxes: When you forget to pay your taxes, an IRS tax lien arises automatically. This lien […]
Most people do not realize how common disability is, or how likely it is that they will become disabled at some point during their working career. In fact, studies show that one in three 20-year-old workers will become disabled at some point before they reach their full retirement age. For those workers who do become […]
Not many parents like to talk to their children about their wealth. How much money people have is usually considered a private matter, something it’s not polite to talk about. But not talking to your children about how much they may inherit can leave them unprepared to handle even a modest amount. This is becoming […]
These days, more people are living single than ever before. In 1970, just about one- third of Americans 15 and older were single, according to U.S. census data. Today, that number’s closer to 50 percent. Whether never married, divorced or widowed, singles need to pay just as much attention to their estate planning as married […]
We are now in the holiday season. Think of that Norman Rockwell perfect Christmas, family and friends getting together. Chestnuts roasting on an open fire. That is the ideal. What is the reality? Actually, the holidays are very stressful times. I have found over the years that many people will come to me to file […]
Divorced, Remarried, or Widowed? Why Your Estate Plan Needs Extra Attention Blended families are more common than ever. According to the U.S. Census Bureau, about 2.4 million stepchildren lived in American households in 2021. That number highlights just how many families are navigating remarriage, stepchildren, and extended family ties, and why careful estate planning is […]
Lawyers can use “cloud computing” to provide software and store records but must take reasonable steps to ensure than information remains confidential, according to a suggested Bar ethics opinion. As the proposed opinion notes: “Because cloud computing involves the use of a third party as a provider of services and involves the storage and use […]
The amount of child support that the one parent pays to the other parent is determined by the Florida Child Support Guidelines. There is a formula that is used to calculate the amount of child support to be paid by both the parents. The children have the right to be supported by both parents. It […]
The Supreme Court recently refused to hear appeals from states whose same-sex marriage bans had been struck down by the U.S. Circuit Courts. As a result, same-sex marriage is now legal in several states where it had previously been banned, either by state statute or by state constitutional amendment. (There are some exceptions. Idaho, for […]
The Importance of Trust and Estate Taxes Today The trust is recognized as a separate taxable entity for federal income tax purposes and is governed by rules similar to that of individuals. It is an arrangement whereby a trustee is appointed to manage property for the benefit of beneficiaries. The estate or trust must file […]
One popular yet confusing estate planning tool is the Family Limited Liability Company (“FLLC”). FLLCs are frequently created as part of an estate planning strategy used to facilitate gift giving to a person’s children and grandchildren. FLLCs are also used to shield assets from creditors. As the name implies, a FLLC is a type of […]
The disability compensation program administered by the Veterans Benefits Administration provides monthly benefits in recognition of disabilities, diseases or injuries that occurred or were aggravated by active duty. There are a number of disability benefits available to veterans. The conflicts in Iraq and Afghanistan have greatly increased the amount of veterans filing disability claims. As […]
Many people choose to lower their tax bill my making charitable contributions. There are certain steps that a person can take to be sure that their contributions are reflected on their tax returns. First and foremost, be sure that you are contributing to a qualified organization. Keep in mind that ‘donations’ to individuals or certain […]
Your business is most likely a major asset and source of income to you and your family. However, it is probably not properly protected from life events of the co-owners. Most business owners would be shocked to discover what happens to their business when “life happens” to one of the business co-owners. Many businesses have […]
Safety Tips for Motorists All motorists need to be especially alert and cautious when driving on Halloween because of the high number of pedestrians walking the streets. Watch for children darting out from between parked cars. Watch for children walking on roadways, medians and curbs. Enter and exit driveways and alleys carefully. At twilight and […]
Will my beneficiaries owe taxes on the retirement accounts I pass down to them? Probably. Assets like life insurance, real estate, vehicles and non-retirement investment accounts are not counted as income when they’re inherited. Retirement accounts, however? They’re “income in respect of a decedent,” and any amounts withdrawn from non-Roth accounts are subject to income […]
Business contracts are comprised of several key elements. These elements are included to make sure that all of the contents of the contract are legally binding. The key business contract elements also help to prevent misunderstandings that could occur if they were omitted. The key elements of a business contact are: The parties. The contract […]
The holidays are quickly approaching, and for some families, that means pulling out the Parenting Plan. Holiday time sharing schedules in family law vary from case to case, but generally there is a premise that parents should have equal time sharing during the holidays. The major holidays that are almost always addressed in a parenting […]
As a business owner, you should know about buy-sell agreements. A closely held or family business could face a lot of financial and tax problems on an owner’s death, incapacitation, divorce, bankruptcy, sale or retirement, without one. The cost of a buy-sell is very small compared to its benefits. A buy-sell agreement can ward off […]
People often hear things about living trusts from friends, family members and the media, and just assume they are true without taking the time to check them out. Here are some common misconceptions—and the facts: A living trust is expensive. A well-drafted living trust will have a higher initial cost than a will. But when […]
Unfortunately, elder abuse in elder care facilities and nursing homes is very real, and not uncommon. Those who have a family member or loved one in an elder care facility or nursing home need to be aware of any warning signs of abuse. One of the most common signs of elder abuse is decubitus ulcers, […]
In Florida, a custodial parent who wants to move with the child more than 50 miles away, for any period longer than 60 days, must notify the other parent before moving. If the noncustodial parent agrees to the move, the parents must file a written agreement with the court. If the parents can’t agree, the […]
Your company should have a standard form contract that you use when dealing with customers or clients. Every contract can be tailored to be more favorable to one side or the other. You can start with your form of contract, and your clients can agree and sign or request changes be made. Working with a […]
Most parents want to treat their children fairly in their estate planning, and many assume that means having their children inherit equally. But fair does not necessarily mean equal. There may be special circumstances to consider before you divide the family pie into equal parts. For example: You may want to leave more to your […]
Hiring an attorney can be a little scary. If you are like most people, you don’t have much experience with lawyers and legal issues. Sometimes we need them though. Meeting with lawyers to find out which one is best for you can be intimidating. Working with an attorney is a genuine relationship, requiring mutual trust, […]
Naturalization is the legal process through which a foreign citizen or national can become a U.S. citizen. Naturalization is the only way to become a U.S. citizen if you were not born a U.S. citizen or did not acquire citizenship immediately after birth. In order to be naturalized, an applicant must first be qualified to […]
Mediation is the process where the mediator helps parties to achieve an agreement. The parties meet with the mediator, with or without their attorneys. Usually, the parties separate into two rooms, called a “caucus”, so that they can discuss the issues more comfortably. The mediator will go back and forth between rooms to communicate any […]
Our homes are probably the most valuable asset we own. Yet most people don’t think about how to hold title until the title company asks you when you buy or refinance. But this deserves careful consideration, because how you hold title to real estate has far-reaching effects. Some common ways to hold title are: Individual […]
A Cram Down in a Chapter 13 bankruptcy allows you to reduce the principal balance of a debt to the value of the property it is secured by. You may be able to save your car, investment real estate, or certain other properties, by taking advantage of a Chapter 13 Cram Down. You are allowed […]
Unfortunately, a lot of people haven’t participated in any meaningful estate planning. Most will readily admit it is something they need to do, but they keep putting it off. Why? Here are some of the more common reasons why we procrastinate about estate planning—and some information that just might get you moving. It’s expensive. Granted, […]
Investing for retirement can be problematic for professionals in partnerships or other types of closely held firms. These individuals tend to spend their early careers focused on building their business. By the time they are ready to start saving money for retirement, standard retirement saving vehicles such as 401(k) plans can shelter only a small […]
Workers’ compensation is a major expense for most Florida businesses. It is important for employers to understand their duties and responsibilities under Florida law. When workers’ compensation insurance is purchased as required by Florida law, business owners are protected from being sued, except for under special circumstances, when an employee gets hurt or ill at […]
Nobody likes being tricked, mislead or ripped off. In fact, it’s illegal. It’s fraud, and that’s a crime. Here are some common types of fraud you’re apt to encounter on any given day and ways to avoid them: Website Misdirection. Buying online can be dangerous, even from trusted retailers. It’s not that those companies are […]
As a business owner, do you devote alot of time and energy “working in” your business to improve business operations and profitability, but neglect to “work on” your business by not addressing certain asset protection issues? Business owners, particularly those owning their business in corporate form, should consider the following: How to own C corporation […]
The initial stage of the Social Security Disability process involves the initial filing of your Social Security Disability application and the Social Security Administration’s review of your initial claim. In this stage of the process you will be filling out your application and providing the SSA with the documentation necessary to process your claim for […]
For students with disabilities, the traditional classroom setting doesn’t always work. To address this reality, the federal government established the Individuals with Disabilities Education Act, which ensures that disabled students have access to special educational programs tailored to their needs. Students in Florida, who qualify as a child with disabilities, after review by the school […]
These critical and essential elements must be contained in a written commercial lease agreement: Parties – Correctly defining the parties involved in clear and concise detail is extremely important, especially in a commercial lease situation. Your attorney must understand the business structure of the entities involved and comprehend what practical consequences and tax implications there […]
Contempt orders can be obtained when your ex-spouse is not following the time sharing plan you set. It is imperative that you take this legal action if you want to ensure that your rights are protected in the event that your ex stops paying child support or alimony. Without a court order, enforcement mechanisms such […]
Did you know that property owners are lawfully required to provide guests with adequate security? Or that a lack of proper security that leads to an injury or assault can lead to a premises liability lawsuit? Property owners must maintain a reasonably safe environment for visitors, which includes keeping those on their premises protected from […]
An adoption establishes a legal parent-child relationship between the adoptee and the adoptive parents. This legal relationship is identical to the legal biological parent-child relationship. Florida law authorizes adoptions for all persons, minors and adults. Any individual or couple considering adoption should be aware that some adoptions develop complications and they should fully educate themselves […]
Implementing an effective Drug Free Workplace program takes thoughtful consideration of what you are trying to accomplish, how you want to accomplish it, how much it will cost and how much it will save you company money. The first step is to develop a comprehensive policy. Establishing a comprehensive drug-free workplace program may be the […]
Family members start a major portion of new businesses launched in the U.S. every year. Owning a family business can be a very rewarding and prosperous venture. For family business owners, estate planning is crucial to the success of the business. If you have not already drafted an estate plan that includes the succession of […]
Most of us are familiar with the term, “defamation of character”. This is when an individual’s character or reputation is tarnished as a result of a fraudulent statement or action of another individual. Defamation is a broad term, and can be broken down into two types: spoken, which is called slander, and written, which is […]
1. DEFINE YOUR GOALS What do you want to happen to your assets in the event of your death or disability? If your beneficiaries predecease you, who are your alternate selections? How will your assets be distributed, and when will these distributions take place? Decisions on distribution of your estate assets should take into account […]
