Time Is Running Out: 2012 End of the $5 Million Exemption

The December 17, 2010 “Tax Relief Act” signed by President Obama offered limited time beneficial changes to the estate, gift and generation skipping transfer (GST) tax provision. Specifically, it reduced the estate, gift and GST tax rates to 35 percent increasing and re-unifying the estate and gift tax exemptions. There is a time limitation that ends these provisions relating back to the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). The 2010 Act… Continue reading

Where are you Now and Where Should You be Going

Your Estate Planning in 2012, things to think over by yourself and with your attorney.

1. Prepare a statement as of December 31, 2011 which reflects: a. What you own reflecting current value and basis. b. What obligations you owe with payment arrangements including interest. c. What your net worth is at December 31, 2011.

2. If you have previous financial net worth statements, compare those to this current statement and see: a. Where you… Continue reading

So You Are Living Together Now?

We observe some couples these days, choosing to live together without marriage, or live together over an extended engagement. A number of interesting issues arise when a couple have a relationship akin to the longevity of marriage, but have not formalized this relationship with the state. We will explore several Estate Planning and Settlement issues a couple faces when trying to protect and provide for each other, the same as a married couple would. It… Continue reading

The Florida Power of Attorney Act

The Florida Power of Attorney Act is described in Florida Statutes §709. This document is signed by a “principal” who appoints an “agent”. The “agent” is granted authority in place of the principal as described and explained under the power of attorney.

Durable power of attorney means that a Power of Attorney not terminated by the principal’s incapacity.

We recommend that the durable power of attorney be used in two ways, first to manage financial… Continue reading

Where are you at 50 years of age?

These working parents have children of 8, 17, and 22 and have now reached 50 years of age. By this time, this couple has been working since they were married at 22, each have IRA accounts. They own a home valued at 485,028 but still have an $18,000 Mortgage. They have jointly owned CD’s totaling a value of $650,000. By the time one or both individuals are 50 years old, this couple has had a… Continue reading

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