Senior citizens in Florida are being warned to think before going to financial planning seminars and estate-preservation workshops that offer a “free lunch” or “free dinner” to lure seniors to attend. The Florida AG’s Office has received more than a dozen complaints from seniors enticed to attend a free meal…
The UPC or Uniform Probate Code has been modified to accept a Notarized Will as valid. Lawrence W Waggoner, wrote an article “The UPC Authorizes Notarized Wills”, 34 ACTEC 83 (Fall 2008). (This article was brought to my attention by Gerry Beyer of the Wills, Trust & Estate professor Blog)…
A Michigan Estate Planning Lawyer Blog has written another article on Problems with Michigan Trust Kits. While we have reported on these issues many times in Florida, there appear to be similar problems in other states. Christopher Berry, a Michigan Estate Planning Attorney, points out that Michigan citizens have lost…
Life insurance is counted as part of your taxable estate. Many people understand that life insurance is income tax free to the beneficiaries, but the do not know that the proceeds of a life insurance policy are usually counted as part of the decedent’s estate for Federal Estate Tax purposes.…
If you are a Trustee or Guardian over property in Florida There are many things to consider when remodeling or purchasing an older home, which is common in the real estate industry. I recently became aware of problems with some homes built before 1980 because they have a strong likelihood…
a Florida Revocable Trust is a trust created during the life of an individual which can be modified, amended, or revoked at anytime during their life. Often they are used to: 1. avoid Florida Probate; 2. Keep your assets and decisions private; 3. Simplify after death distributions; 4. Increase the…
A GRAT or Grantor Retained Annuity Trust is an estate planning technique that minimizes the tax liability existing when transfers of estate assets occur. Under a GRAT, an irrevocable trust is created for a certain term or period of time. The individual establishing the trust pays the taxes associated with…
The Emergency Economic Stabilization Act of 2008 temporarily raises the basic limit on federal deposit insurance coverage (FDIC) from $100,000 to $250,000 per depositor. WARNING the basic deposit insurance limit will return to $100,000 after December 31, 2009. The rise in insurance coverage applies to most trust accounts with no…
The FDIC has extended FULL insurance coverage to all Florida IOTA trust accounts, regardless of amount on deposit or number of clients. The unlimited FDIC insurance is available at all financial institutions that participate in the FDIC’s Transaction Account Guarantee Program. Please make sure that you comply with the trust…
The 2009 IRS annual gift tax exclusion is increasing form $12,000 to $13,000 for 2009. This increase means that more money can be given away for estate tax planning purposes. For example, a married couple with two married children will be able to give away up to $104,000 in 2009…