Florida Tax Planning: Memo on Foreign Tax Compliance

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 trust, and at other intervals during the existence of those trusts, there are various informational and tax return filing requirements imposed by the Internal Revenue Service (“IRS”) on the parties connected to the trust or other entity. This memorandum briefly explains the various potential filing requirements for a foreign trust, foreign corporation, or other type of foreign business entity, as well as for a settled trust that may in the future become a foreign trust. This memorandum is not intended to take the place of competent advice from an accountant, tax return preparer, or other tax professional experienced in the filing of tax and informational returns relating to international transactions, but only to put you on notice of filings that may be required. Failure to comply with these reporting requirements may subject the fiduciary, grantor, settlor, and/or the beneficiary(ies) to possible civil penalties, and in some cases, if the failure to file is intentional, criminal penalties. It is highly recommended that professional advice be sought and adhered to in complying with the IRS requirements regarding your activities.

Click here to read the memo.

--Stuart Morris, Esq.

Florida Estate Planning: Estate Planning Article in the New York Times

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.html

If you have any questions about how this may impact your estate planning, please do not hesitate to contact me a info@law-morris.com for all of your Florida estate planning needs.

- Stuart Morris

Florida Estate Planning: Cartoons for the Estate Planning World

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+trust

Of course, if you would like to consult with a qualified Florida estate planning attorney about asset protection, tax planning or estate planning regarding your particular set of circumstances, please call or contact us.

Florida Estate Planning: Review Your Florida Estate Plan

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.

1. Change or contemplation of change in Marital status;
   
2. Death of spouse;
   
3. You or your spouses' health changes;
   
4. Death or change in the health or marital status of a trustee, executor, guardian, or beneficiary;
   
5. If you change your residence or move to another state;
   
6. Change in or anticipation of the number of children or grandchildren whether by blood or adoption. Consider step-children also;
   
7. Any disabilities, health issues, or significant factors on lifestyle of children or grandchildren;
   
8. If you buy, sell, or contemplate buying or selling a business.
   
9. Upon the discovery of a hereditary issue that will or might affect you in the future; or
   
10. Change in tax law or its been more than two years since you reviewed your plan with your attorney.
    

We offer Florida Estate Planning reviews for our clients and those who have used another attorney in the past. Our goal is to provide the best protection for your and your family members. We often find that even some of the most expensive estate plans do not take into consideration the divorce or issues with your children. While some of us like our children-in-laws better than our own children, many do not want the future ex-spouse of our children to inherit half of our child's inheritance. Please contact Morris Law Group before making any estate planning decisions.

Florida Asset Protection Attorneys Can Help Structure Assets

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 like these it is more important than ever to protect your assets from the claims of creditors. You should discuss your assets and potential liabilities with a Florida Asset Protection Lawyer who also has experience as a Florida Estate Planning to make sure they are protected to the fullest extent possible from claims that could cause you to lose the assets or income you have worked hard to create.