tag:blogger.com,1999:blog-74201741375239690562010-02-15T10:30:24.636-08:00A blog by Florida tax and estate planning attorney Stuart Morris, founder of Morris Law Group, based in South Florida. The blog covers all issues that encompass tax planning, estate planning, trusts, asset protection and wealth preservation.Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.comBlogger30125tag:blogger.com,1999:blog-7420174137523969056.post-12680143505263237652010-02-15T10:24:00.000-08:002010-02-15T10:28:28.332-08:00

Recently, I wrote a memorandum to outline the tax compliance matters you will need to attend to regarding the estate planning or corporate work we have structured for our clients. (Click here to read the entire memo.)Upon the creation of a foreign trust or other type of entity (including but not limited to a foreign corporation), or a domestic trust which contains provisions to become a foreign

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-14879190415813091742010-01-28T13:29:00.000-08:002010-02-15T10:30:24.646-08:00

I recently came across a fascinating article on estate planning in the New York Times. It's a quick read and provides an interesting overview of what's happened in estate planning over the past year (and in the year to come) even for those of us Florida estate planning attorneys.http://www.nytimes.com/2010/01/09/your-money/estate-planning/09wealth.htmlIf you have any questions about how this may

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-35968649993230744862010-01-10T13:33:00.000-08:002010-01-10T13:54:02.462-08:00

I know, I know, lawyers aren't supposed to have much of a sense of humor. But I came across a great site that has funny -- really funny -- cartoons about Estate Planning: http://stus.com/stus-category.php?cat=TOP&sub=WIL&name=estate+cartoons+will+trustOf course, if you would like to consult with a qualified Florida estate planning attorney about asset protection, tax planning or estate planning

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-78953768619261553232009-12-16T18:32:00.000-08:002009-12-16T18:35:01.196-08:00

The IRS recently announced that the gift tax annual exclusion will remain unchanged in 2010 at $13,000.The yearly amount of the exclusion is based on the Consumer Price Index and has increased from $10,000 in 1997 to $13,000 in 2009 and 2010. As long as your gifts to an individual are less than the exclusion amount, there is no gift tax return that is required to be filed and no gift taxes are

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-83758419115391687162009-11-15T15:02:00.000-08:002009-11-15T15:04:45.099-08:00

Will Contest Clauses are generally included to prevent children or beneficiaries from attempting to dispute their portion of an estate. In some states they are valid and many others like Florida they are not valid by statute.Given that a No Contest Clause in a Will is invalid in a Florida Probate case, should they be used in Florida? If your will is contested and the end result under the state

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-32605243395023907062009-10-21T18:32:00.001-07:002009-10-21T18:35:22.288-07:00

Many of my South Florida Estate Planning clients ask me when and how often they should review their Florida Estate Plan. I like to recommend that people take a look at their situation on a yearly basis and if they notice any of the following, they should make an appointment with their Florida Estate Planning Lawyer.Change or contemplation of change in Marital status;Death of spouse;You or your

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-49935655026224082872009-09-18T10:34:00.000-07:002009-09-18T10:38:55.137-07:00

Recently, I began to think about how many Florida estate planners take their own advice and have documents that are up to date and trusts that are funded and then reviewed by Florida Estate Planning Attorneys.I first became concerned with my Florida Estate Plan when I was going overseas for an extended time and there had recently been some bombings in the area I was traveling to. My wife refused

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-13069725875120359132009-07-20T12:26:00.000-07:002009-07-20T12:28:56.089-07:00

Is Florida probate required if the decedent had a living trust?Most people do not transfer all of their assets into a Florida Revocable Trust prior to their death. If their home, or other personal property was not transferred into the trust prior to their death, a Florida probate may still be required to properly dispose of the remaining assets. Often bank accounts, IRA's, land, business

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-65743585791954968142009-06-29T11:37:00.000-07:002009-06-29T11:41:48.756-07:00

Florida Asset Protection Attorneys can help structure the ownership of assets to protect from liabilities and creditors. Often individuals own a bulk of their assets individually or in a Florida Revocable Trust, or in a corporation. The assets and businesses held in these entities can be subject to the claims of creditors if a judgment is obtained against the individual.In tough economic times

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-57608963941456608982009-05-22T12:55:00.000-07:002009-05-22T12:57:03.249-07:00

A couple was recently charged with theft and elder abuse for taking money from their elderly parents, under authority of a power of attorney to pay for personal expenses. These included vacations, plane tickets, lodging and meals.A Power of Attorney grants the agent (attorney-in-fact) broad powers to act in the best interest of he person. Often agents who accept this power do not understand that

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-5806763402724872262009-05-14T17:45:00.000-07:002009-05-14T17:51:23.702-07:00

Often the decision of whether to use a Florida Will or Florida Revocable Trust depends on issues surrounding distribution of assets, disability, and death. This summary of issues should help you determine which is best for your circumstances. Of course, it's always best to talk to a qualified Florida estate planning attorney before making any decisions.Privacy What happens with a will: No

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-67613315698944024662009-05-07T17:19:00.000-07:002009-05-07T17:23:05.251-07:00

Members of a House and Senate negotiating committee have worked out a compromise resulting in permanently keeping the estate tax at 2009 levels. Specifically, individuals could exempt $3.5-million from taxes ($7-million for couples), with amounts above that taxed at a 45 percent rate. This is essentially the House version of the legislation.

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-64447724983558899912009-04-23T18:59:00.000-07:002009-04-23T19:09:18.435-07:00

Tax schemes are illegal, and can lead to problems for both scam artists and taxpayers who risk significant penalties, interest and possible criminal prosecution. (For these reasons, and many others, it's always important to consult with a qualified Florida Tax Planning Attorney for advice on tax plannig strategies.) The IRS urged taxpayers to avoid twelve common schemes:

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-66798687509067864382009-04-20T18:39:00.000-07:002009-04-20T18:44:06.806-07:00

While Florida generally recognizes wills created in another state that were valid at the time they were created, it is often a good idea to have your will reviewed by a Florida Estate Planning Attorney when you move to Florida.One problem one often runs into is that guardians for minor children who reside in Florida must be a close relative or a resident of the state of Florida. Often people

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-9828024140730974132009-04-06T12:15:00.000-07:002009-04-06T12:17:06.783-07:00

It seems like ever few months we hear about another company who provides living trust seminars to the public and scares them into purchasing unnecessary trusts.Another "Trust Mill" has been found guilty of practicing law without a license by masquerading as qualified financial advisers, estate planners, lawyers, and paralegals to exploit and prey upon senior citizens with the creation and selling

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-10013267947303477242009-03-23T19:15:00.000-07:002009-03-23T19:18:27.737-07:00

Often a Florida Revocable Trust is not modified promptly upon a divorce. If the trust is subject to Florida law, Florida Statutes 736.1105 can amend the trust when the prior spouse is named as a beneficiary and the other spouse creates the trust.736.1105 Dissolution of marriage; effect on revocable trust.--Unless the trust instrument or the judgment for dissolution of marriage or divorce

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-3190341635754728382009-03-14T18:14:00.000-07:002009-03-14T18:19:39.940-07:00

As a Florida Estate Planning Attorney, I am constantly reading about the subject to keep up-to-date with the latest law and approaches to handling my clients' needs. Jonathan Blattmachr, a partner at Milbank, Tweed, Hadley & McCoy LLP, has published "Reducing Estate and Trust Litigation Through Disclosure, In Terrorem Clauses, Mediation and Arbitration" in the Cardozo Journal of Conflict

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-79503123062444106112009-03-03T17:47:00.000-08:002009-03-03T17:49:51.868-08:00

If a person dies and owns anything that does not transfer upon death like a bank account, car, home, retirement account, or accounts receivable a Florida Probate is necessary to transfer these assets to the rightful owner. It does not matter if they have a will, a trust, or any other estate planning documents. Often we get clients who say they are the executor or personal representative and

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-30694968844935920232009-02-22T18:48:00.000-08:002009-02-22T18:52:08.037-08:00

While Florida generally recognizes wills created in another state that were valid at the time they were created, it is often a good idea to have your will reviewed by a Florida Estate Planning Attorney when you move to Florida.One problem we often run into is guardians for minor children who reside in Florida must be a close relative or a resident of the state of Florida. Often people designate

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-29872203424176415682009-02-09T18:44:00.000-08:002009-02-09T18:49:17.918-08:00

One very useful Medicaid planning technique involves the creation of an irrevocable Medicaid Asset Protection Trust (a Florida Irrevocable Trust). With a Medicaid Asset Protection Trust a person or couple can transfer some of their property to the trust to hold and manage for their benefit during their live with the remainder paid to their family after their death. (As always, such a trust should

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-84240957962238556592009-02-03T19:16:00.000-08:002009-02-03T19:18:14.768-08:00

Under Florida's new trust laws, generally, the Trustee of an irrevocable trust is required to keep beneficiaries of the trust reasonably informed about the trust and its administration. This article provides a simplified guide to Trustees and trust beneficiaries regarding the new trust law related to this duty to inform and account.BENEFICIARIES DEFINED. This duty to inform and account under the

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-26765983108181486502009-02-02T18:49:00.000-08:002009-02-02T18:52:34.389-08:00

Gerry Beyer has an article on a Trustee's Duty to Disclose and the rise in Surcharge Litigation. Dana G. Fitzsimons Jr. recently published an article - Navigating the Trustee's Duty to Disclose, Prob. & Prop., Jan/Feb 2009, at 40.If you are managing wealth for your children, this should be a concern for you. As a Florida Trustee, it is important to avoid potential liability to your children.

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-28158635472087930692009-01-26T18:33:00.000-08:002009-02-02T18:49:08.780-08:00

Forbes.com has an article on where not to die.Sixteen states and the District of Columbia (shaded in red) impose their own estate taxes. The dollar amount exempted from tax (in black) and the top tax rate (in yellow) vary by state. Eight states (shaded in orange) levy an inheritance tax, meaning the tax rate (in black) depends on who gets the money. New Jersey and Maryland levy both types of tax.

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-40511082188475615452009-01-15T19:55:00.000-08:002009-01-15T19:56:27.015-08:00

The following fifteen common assets and applicable beneficiary designations should be reviewed to make sure they will not be paid (or given) directly to the special needs child:(1) IRA, 401(k) and other retirement benefits.(2) Life insurance (including employer-provided life insurance) benefits.(3) Accidental death and travel insurance benefits provided through credit cards when a person

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0tag:blogger.com,1999:blog-7420174137523969056.post-88794105894547295672009-01-10T19:34:00.000-08:002009-01-10T19:40:52.637-08:00

Recently, a friend pointed out an ad on Craiglist for a Californian Estate Planning Attorney who was offering 25% off on Estate Planning.This is not something we would do, and maybe we're different than other Florida Estate Planning Lawyers. Here at Morris Law Group, our clients already get great value for the service they receive. But I am interested: would you ever check Craigslist.com for a

Noah Davishttp://www.blogger.com/profile/14477431046756270810noreply@blogger.com0