In response to the U.S. Supreme Court decisions on same-sex marriage in Obergefell v. Hodges and Windsor v. United States, the IRS has issued proposed regulations (Prop. Reg. §301.7701-18) that define an individual’s marital status for federal tax and employment purposes, including income, estate, gift, and generation skipping transfer tax purposes. The proposed regulations […]
Wealth Preservation/Estate Planning
Legislative Recommendations for Assisted Living Facilities: Addressing Florida’s Increasing Adult Population
Recently, several state legislative and regulatory proposals were advanced which could have an impact on assisted living facilities in Florida. The Assisted Living Facility (“ALF”) Workgroup for Legislation, chaired by Larry Polivka at the Claude Pepper Center at Florida State University, issued its legislative recommendations in December, 2014. The group expressed concern over Florida’s increasing […]
The New Florida Family Trust Company Act
Many wealthy families have found the family office structure an effective method by which to coordinate and optimize financial investment, accounting and recordkeeping functions for growing families. Recently, however, wealthy families have embraced the use of a private family trust company (a “PFTC”) as an enhancement to this concept. A PFTC is a state-chartered entity […]
Is Your Discretionary Trust Subject to Garnishment? Maybe…
Laws governing trusts are not static and changes often have far reaching impact on trust beneficiaries, trustees, and creditors of trust beneficiaries seeking to collect a beneficiary’s obligation from a trust. As the recent case of Berlinger v. Casselberry, 133 So. 3d 961 (Fla. 2d DCA 2013) demonstrates, it may not be easy to anticipate […]
Florida Homestead Protection – Considerations for Vacant Land
One of the benefits of living in our beautiful Sunshine State is the protection afforded homeowners via the The Florida Constitution, Article X, Section 4, otherwise known as the Homestead Exemption. The Homestead Exemption provides protection from creditors in almost all situations; however, the provision has limitations. The provision excludes certain types of debts: mortgages, […]
Potential Income and Estate Tax Issues Created by the New Florida LLC Act
Florida’s new LLC Act (“New LLC Act”) has created a real “buzz” in the legal community. Of particular concern to many practitioners are provisions of the New LLC Act which allow a member of a Florida LLC to “dissociate” (i.e., withdraw) from the LLC at any time in which event the dissociating member will continue […]