As long as the sole designated beneficiary is not the surviving spouse the RMD is the life expectancy of the designated Beneficiary.
Each years MRD’s is computed by dividing the prior year-end account balance by a life expectancy factor
(called the “Applicable Distribution Period” (ADP) or divisor) obtained from an IRS table,
Some of the common issues with naming beneficiaries on retirement accounts:
1) Make sure you name a beneficiary on a retirement account or estate will become beneficiary.
2) Multiple Beneficiaries on accounts can cause problems because all Beneficiaries must take the ADP of the oldest beneficiary 3) Lump sum distribution requirements- can be transfered to IRA.
We previously reported that there were no RMD (required minimum distribution) in 2009. This turns out not to be trust in at least one case. If you turned 70.5 in 2008 and did not make your RMS in 2009 as required. You must still make your RMD by April 1, 2009
The University of Miami School of Law’s Heckerling Institute will host the 43rd Annual Estate Planning Conference from January 12 –16, 2009 at the Orlando World Center Marriott Resort & Convention Center.
The Heckerling Institute on Estate Planning is the nation’s leading conference for estate planning professionals. As the largest gathering of its kind in the country, the conference is designed to meet the educational needs of sophisticated attorneys, trust officers, accountants, insurance advisors, and wealth management professionals.
This year, the Institute offers a new series of programs focusing on the estate planning and administration issues associated with retirement plan benefits. The comprehensive series will provide registrants with a thorough understanding of the planning techniques involved in this growing practice area. This year’s Institute will also address the planning issues and opportunities presented by recent economic developments, changing demographics and the prospect for wealth transfer tax legislation in 2009. Conference sessions such as “Planning for the Unknown for 2010 and Beyond” and “Estate Planning for the Next Generation of Clients” reflect these timely concerns.
Professor Gerry Beyer, author of the WIlls, Trust & Estates Professor Blog wrote an article where a Texas court admitted a copy of a will which gave most of the assets to the decedents sister instead of the children. The will had been seen shortly before the decedents death and many people had access to it. Normally, if a will was last seen in the decedents possession and cannot be found the Florida Will is presumed to have been revoked by the decedent. But his presumption can be overcome as it was in this Texas case.
As a Jacksonville Florida non-compete Lawyer, I often am asked about some of the provisions that are contained in a Florida employment agreement. I found an article on the Texas Non-Compete Law Blog, entitled Texas Executive Employment Agreements: Checklist for Employees and thought that the information would be relevant to my Jacksonville Clients. I have based this information on what was contained in that article, but modified removed some information and added some that is specific to Jacksonville and throughout Florida .
1. Term of Employment. Employment agreements are either for a fixed term or at-will. Most at-will employment agreement can be terminated by either party at any time for any reason. Some Jacksonville employment agreements are for a fixed term (e.g., a six-months or one-year term) also contain provisions pursuant to which the employer may terminate the employee “for any reason” on shorter notice (e.g., “thirty days’ notice”). Such an agreement is in reality a 30-day employment contract.
2. Position, job duties, location. Florida Employment agreements routinely contain provisions outlining what the employee’s title will be, what their duties will be, who the supervisor will be, and where the work will be performed.
I have begun seeing attorneys advertise on Craigslist. Here is the latest one in San Francisco.
This San Francisco Estate Planning Lawyer is offering a 25% off on California Estate Planning.
I have tended to take a different approach and price my services at lower fixed rate than many of the Jacksonville Estate Planning Lawyers. I am interested to find out If you would check craigslist for a lawyer ? If so please Le me know.
Under Florida Law, the fees for a probate must be reasonable. Many lawyers charge the statutory rates of approximately 3% of the estate. This fee schedule is only a guideline and is not necessarily reasonable. In addition, we have seen probate fees that include the percentage on non probate assets like a homestead. This is clearly not permitted under the statutes and case law. If you would like a quote on a Florida Probate Contact a Florida Probate Lawyer.
Update:
Jacksonville Probate Lawyer, David Goldman has put together a Florida Probate Handbook that is being offered free to readers and visitors of his websites. If you would like a copy, visit the Free Florida Probate Handbook web page, fill out the form, and one will be sent to you within 24 hours by email.
A common question with Florida Estate Planning is whether an adult who is adopted is considered a child. We often recomend that out clients places language in their Florida Wills or Florida Revocable Trusts that deal with these issues. The typical language deals with adopted children above or below a certain age. Most people want to consider children adopted at a young age the same as a child who is naturally born. Occasionally it is necessary for an adult to be adopted. This can happen to provide medical coverage or for other reasons. In these cases, individuals may not want to consider these adopted individuals the same as their naturally born or younger adopted children.
Gerry Beyer of the Wills, Trust & Estate professor Blog wrote an article on a Texas case where the court found that an adopted adult is not treated as a descendant. Gerry points out that this ase seems to be one where the court struggled with the facts and created bad case law to deal with the facts in the case.
Garry’s moral is one that should be used in all estate planning documents. When making gifts to classes such as “children,” “grandchildren,” and “descendants,” settlors and testators should indicate whether adopted children are included and if adopted children are included, the age by which they need to be adopted to be included in the class.
As many of you have noticed the Firearms articles on this site have been transitioned to the NFA Gun Trust Lawyer website. If you are in Florida or any other state and are looking for a NFA Trust Lawyer or Gun Trust Lawyer or Contact us or visit NFA Gun Trust Lawyer website for more information. If you are looking or a gun trust in another state you can contact the NFA Gun Trust Lawyer ®website.
If you are looking for a form to create your own Gun Trust, check out http://www.GunTrust.com which allows individuals to create a real gun trust in only a few minutes by prompting them through a series of questions.
