A Florida Life Insurance Trust is an irrevocable trust that allows an individual to make the proceeds of a life insurance poliicy free from income taxes and estate taxes. Typical life insurance policies are income tax free, but many increase the value of one’s estate to the point that the…
North Dakota has joined the growing list of states in which we have a relationship with a lawyer who is familiar with the (NFA) National Firearms Act’s requirements relating to the formation of trusts to purchase Title II Firearms (sold by Class 3 SOT dealers). These include silencers, short barrel…
When creating a revocable trust you may be asked for a Employment ID number (EIN) or Tax ID to open the account or fill out the paperwork. Many banks do not understand the difference between a revocable and a irrevocable trust. Although irrevocable trusts require TAX ID or EIN’s revocable…
For a number of years the IRS has attacked FLPs and FLLCs on the basis that there is no valid business purpose for the entity. Clients have argued that a key reason for using the LP form is so that capital can be concentrated or pooled and then invested for…
A Power of Attorney is generally valid when you travel because a Power of Attorney valid in another state will be valid in Florida. That being said there has been a problem with out of state Power of Attorney being properly recognized in Florida. As a result Florida passed laws…
In Florida, the powers granted by a Florida Guardianship expire when the ward dies. Often people try to use their powers granted by a Florida Guardianship to control aspects of the after death process. The guardian is without any powers granted by the guardianship once the ward dies. If you…
Recently we have notice that Hospice organizations are refusing to allow people to visit relatives or friends while under the care of Hospice. In these cases, the people were turned away because someone with a Power of Attorney was able to state that the person was not wanted. It is…
Often I receive inquiries from individuals looking to create a NFA Gun Trust to purchase Title I Firearms. Several times these individuals are looking to keep these Firearms in their vehicle, motor home, or boat. Individuals, Trusts, Corporations, and LLC’s must get permission to transport these items interstate. The NFA…
Florida judge who presided over the Terri Schiavo case until her death, has a new assignment. He no longer judges Florida Guardianship cases. He judges divorce cases. The Judges transfer from Florida Probate and Florida Guardianship court to family court should allow Judge Greer who is now 65 to serve…
In 1984 the Supreme Court in Dickman v. Commissioner, defined a taxable gift by using an analogy. The Court used the income tax definition of “all income from whatever source derived” to describe how a taxable gift should be defined. Section 2501(a)(1) of the Internal Revenue Code imposes a tax…