By Phillip B. Rarick, Miami Trust Attorney
You have a valuable tax benefit from the IRS, but the deadline for taking advantage of this benefit is December 31. The IRS allows you to gift $14,000 per recipient each year tax free; if married, you can gift $28,000 per person.
Example: If you are married and have two children, you can gift $56,000 without incurring any gift taxes or using part of your lifetime gift tax exemption. (This exemption is $5.34 million; next year it will be $5.43 million.)
By Jacqueline R. Bowden, Esq. and Phillip B. Rarick, Esq.
Same-sex marriage will likely be legal in Florida beginning January 6 as a result of a historic 7-2 ruling by the U.S. Supreme Court yesterday, December 19. This ruling, denying Attorney General Pam Bondi’s request to extend a stay preventing the state from recognizing the marriages of eight same sex couples, may signal the state’s last defense of a constitutional ban on same-sex marriage in line with the over-whelming national trend to strike down such bans.
The ruling has profound legal consequences for Florida same-sex couples. This Alert reviews six Federal benefits available now, and three state benefits that will be available January 6 barring any further legal developments, which are unlikely as Attorney General Bondi has now conceded that the stay will end January 5.
First, let’s hope you don’t need this. But, if you do, here is a checklist of key estate planning items that should be considered prior to filing a petition for dissolution of marriage:
Note: This is a partial list of key items. Invariably there are other considerations. Consult your estate planning attorney.
1. Revise living revocable trust or will:
Introduction
Florida same-sex partners and same gender couples who were legally married in a state outside of Florida and have now moved to Florida should consider using a TBE (Tenants by Entireties) Delaware LLC to own Florida real estate or intangible property. Here is why.
Strategy
By Phillip B. Rarick, Miami Wealth Protection Attorney*
ASSET PROTECTION CHECKLIST FOR THE FLORIDA SMALL BUSINESS OWNER
By Phillip B. Rarick, Miami Trust Attorney
Who is the first to greet you when you come home? For me, it used to be my young daughters or son. But now that my youngest daughter is a teenager (and too cool for such shows of affection) those days are past. So now the first to greet me is Toby, our loyal Yorkie.
If you have a loyal pet like this, of course you do not want to forget him or her if you can no longer care for your pet. You have detailed instructions in your trust or will to take care of your loved ones – but have you forgotten your pets?
By Phillip B. Rarick, Esq., Miami Trust Attorney
Quote: There are three things that are real – God, human folly and laughter. The first two are beyond our comprehension. So we must do what we can with the third. – John F. Kennedy
Here are five bad items of advice – that you hear all the time from otherwise smart persons:
By Phillip B. Rarick, Esq., Miami Trust Attorney
¿Qué es un fideicomiso de vida? ¿Cómo ayuda a evitar la legalización? ¿Por qué la mayoría de familias están usando un fideicomiso de vida en vez de un testamento para proporcionar para sus queridos? Estas preguntas y muchas más tienen respuesta en nuestro informe popular, Comprendiendo Fideicomiso de Vida Para Residentes de la Florida.
Gracias a nuestra asistente legal Jacqueline Bowden, y nuestra pasante Tamara Bauza, ahora tenemos disponible una traducción en español del informe. Para obtener una copia haga clic aquí: Comprendiendo Fideicomiso de Vida Para Residentes de la Florida.
By Phillip B. Rarick, Esq., Miami Trust Attorney
Summary:
The following Alert discusses the Florida real estate form DR-430 required to be filed upon the cumulative transfer or control of more than 50% of the legal entity that owned the property, or transfer of more than 50% of ownership interest.
By Phillip B. Rarick
This summer my family had the opportunity to travel to France. It was a busy trip, and we saw many spectacular works of art and architecture by past generations of artists.
The most special trip was our visit Normandy, where a generation of Americans representing the diversity of this country, challenged and beat back one of the darkest forces ever assembled in human history. Here are a few pictures from this trip.
Florida Trust & Probate Attorneys Blog
