Generally speaking, signing under seal makes the contract more formal. “The formality of a promise under seal is an efficient, trustworthy method of channeling a person’s deliberate intent to be legally obligated”
What is Ancillary Probate?
The primary probate proceeding is usually held in the decedent’s state of residence or home state. However, a state probate court only has authority over property in its own jurisdiction; it does not have the power to issue orders for property that is located in another state. Therefore, an additional probate proceeding becomes necessary.
Kobe Bryant and The Importance of Estate Planning
Unfortunately, the passing of a young and healthy individual like Bryant occurs more often than one would like to acknowledge and does not make headline news. When these ill-fated events take place, families are often left to mourn the death of a loved one while also navigating the complexities of administering an estate that was not properly planned.
Preserving a Tenancy by the Entirety in your Florida Estate Plan
Traditionally, estate planners have split tenancies by the entirety in order to fund separate trusts for both spouses, with the aim of maximizing estate tax exemptions.
Foreign Partnerships & Tax Form 8813
Under Internal Revenue Code “IRC” Section 1446, a partnership of this sort may be made up of any kind of foreign corporation, international organization, non-resident individual or foreign estate or trust. Any partnership that falls under the definition of 1446 must pay the required withheld taxes mandated by the IRS.
What do I do if I owe Money to the IRS?
If you have not filed your tax returns for years and now you owe lots of money to the IRS, there are ways to deal with this issue but the best advice is to contact a tax attorney so they can explain all of the different steps and hopefully lower some of the money you owe.
Homestead Exemption v. JTWROS
In Florida, JTWROS means that the full title to property goes to the owner that survives. The “survivor” of the joint owner automatically owns 100% of the asset when the other joint owner passes away.
Private Foundation vs. Public Charity: What’s the Difference?
Both a private and public charity are actually very similar in nature, the only small difference between the two is the manner in which funds are attained by the organization.
Can I lose my Homestead Exemption in Florida?
To qualify for the homestead exemption, a person must meet certain requirements and a person may lose their homestead exemption if the requirements of the statute are not met every year.
What is the 2025 Tax Sunset?
President Trump signed the Tax Cuts and Jobs Act (“TCJA”) into law on December 22, 2017, which brought many changes to the Internal Revenue Code (“IRC”). The changes made have affected many taxpayers in different ways.
Do I Qualify for a Qualified Business Deduction Under §199A?
The Internal Revenue Code provides business owners an income deduction when reporting their qualified trade or business’ income, also known as a qualified business income.
What is a GRAT?
GRAT, short for Grantor Retained Annuity Trust, is a type of irrevocable trust that alleviates the tax cost of passing assets to your beneficiaries.
Nonprofit Forms 1023 & Form 1023-EZ
The main difference between Form 1023-EZ and Form 1023 is the information required from the organization and the time for approval. Form 1023 is used by organizations that are bigger and expect to receive more than $50,000 in the following three years. While Form 1023-EZ is three pages, Form 1023 is 26 pages!
How Should you Handle Car Ownership in Estate Planning?
Car ownership should always be considered when thinking of estate planning. There are different options to how a person should approach dealing with their vehicle and an estate plan.
What Happens to a Car Lease After the Car Lessee’s Death?
Often times, payments still need to be made and the payments become the responsibility of the deceased car lessee’s estate. Sometimes car dealerships will negotiate with the personal representative of the deceased’s estate and may be able to transfer the remaining lease to another person.
Is an Executor the same as a Personal Representative?
The personal representative you appoint will be the person in charge of handling your estate once you pass. This individual has vast responsibilities and powers; therefore, your personal representative should be someone that you trust.
What are the Consequences of not Having a Will?
What happens if you do not have a will or your will is not valid? In these cases, the state declares the individual to have died “intestate,” and your property follows a chain of succession to determine the owner.
Probate Assets vs. Non-Probate Assets
Probate is the process after a person passes or becomes disabled; their assets are put on hold until the will is validated, any remaining debt is paid off, and the beneficiaries of the will are identified. Probate can be a long and stressful process, especially after such a difficult time. Non-probate assets avoid this long, costly process and pass directly to a decedent’s heirs.
Creating a Trust for your IRA
IRAs allow you to save for retirement with tax-free growth on a tax-free basis. You can also establish different sub-trusts within the IRA trust for the benefit of your beneficiaries, including your spouse. You can design each sub-trust to fit the unique needs of each beneficiary.