Generation Skipping Transfer Tax
The IRS assesses gift and estate taxes on transfers of assets from the taxpayer to heirs either during life or at death.
Is the Property Owned By a Decedent’s Business Entity an Asset of the Estate?
In a recent case, the Decedent was the sole member of a limited liability company at the time of her death. Creditor Carmel Investments filed a claim against Decedent’s estate for the balance of a note and mortgage on property owned by the LLC.
What is a Charitable Remainder Trust?
A charitable remainder trust is an irrevocable trust that allows the settlor/taxpayer to donate property, cash, securities, or other assets to charity and still receive an income stream for life.
Connelly v. United States – Effect on Your Estate Planning
In its recent Opinion in Connelly v. United States, 144 S.Ct. 1406 (June 6, 2024) the U.S. Supreme Court held that a corporation’s contractual obligation to use life insurance proceeds to redeem a deceased shareholder’s shares was not a liability but rather must be included when calculating the value of the decedent’s shares for estate tax purposes.
Are There Limits to a Trustee’s Absolute Discretion?
Even though the settlor of a trust may provide that the trustee has “absolute discretion,” or “sole and unfettered discretion,” the trustee must still act reasonably and may be liable to the beneficiaries if he abuses his discretion.
Convicted Felons Cannot Serve as Personal Representative
It is statutory Florida law that a person is not qualified to act as a personal representative of a decedent’s estate if the person has been convicted of a felony. This is codified in Fla. Stat. 733.303 which states: 733.303 Persons not qualified. — (1) A person is not qualified to act as a personal representative if […]
A Trust Contestant is Entitled to Prior Estate Planning Documents to Establish Standing: Boren v. Rogers, 243 So. 3d 448 (Fla. 5th DCA 2018)
This 2018 opinion from Florida’s Fifth District Court of Appeal is an issue often found in trust cases when conducting discovery. The Fifth District held that, in a trust contest, unless there is a finding of good cause not to produce the documents, a trust contestant is entitled to obtain prior estate planning documents of […]
You’ve been disinherited – Now What?
Learning that you have been left out of a family member’s or friend’s will can come as a shock, and whether the omission from the will was intentional or accidental, it is one of the most common bases for will disputes. Immediate action and consultation with a probate litigation attorney is essential on these kinds […]
Can a Guardian of a Ward Change a Ward’s Trust?
The short answer to this question is yes but with court approval. Florida Statute 736.0602(6) provides that a guardian of the property of a settlor may only exercise a settlor’s powers with respect to revocation, amendment, or distribution of trust property only as provided in section 744.441. Florida Statute 744.441(19) provides that, a guardian, after […]
529 College Savings Accounts and Recent Changes
A 529 plan, known as a Qualified Tuition Plan (QTP), is a tax-advantaged savings plan sponsored by a state or state agency and designed to be used for a designated beneficiary’s education expenses. A QTP is set up to allow an individual to prepay or contribute to an account established to pay a student’s (a […]