SELECTING THE RIGHT TRUSTEE FOR YOUR TRUST

♠ Posted by Marc J. Soss in estate plan,estate planning,florida estate planning,florida probate lawyer,Last Will and Testament,Revocable Trust,Sarasota attorney,Special Needs Trust

Upon creation of a Revocable or Irrevocable Trust (a legal arrangement through which a trustee holds legal title to property for another person), you will need to appoint an individual or trust company to serve as its trustee (person or entity in charge). With a Revocable Trust, that individual is typically the creator of the Trust. With an Irrevocable Trust, this can be either an individual or individual (but not the creator). Regardless of the type of Trust created, it is important to appoint an individual or institution to serve if the named individual or institution is unable to continuing...

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YEAR END RETIREMENT PLANNING TIPS

♠ Posted by Marc J. Soss in 2015 Retirement Account Contributions,2015 Retirement Limits,2016 Retirement Account Contributions,2016 Retirement Limits,estate plan,florida probate attorney,Florida Retirement,Sarasota Tax Lawyer

Year end retirement planning deadlines you need to meet in order to qualify for income tax deductions and credits: Make last-minute 401(k) contributions. An employee can contribute up to $18,000 to a 401(k) account in 2015. Workers age 50 and older can make catch-up contributions worth an additional $6,000, or a total of $24,000 in 2015, which are also due by Dec. 31. An investor over age 50 who is in the 25 percent tax bracket and maxes out his traditional 401(k) will save $6,000 on his federal income tax bill. But even a smaller contribution of $5,000 would save him $1,250...

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FLORIDA GUARDIANSHIP REFORM - IS IT ON THE WAY?

♠ Posted by Marc J. Soss in elder abuse,elder fraud,elder law,estate plan,Florida Guardianship,Florida Guardianship Attorney

For decades, states have granted courts the power to appoint guardians or conservators for elderly or disabled people unable to tend to their basic needs. Most appointed guardians are family members, but judges can turn to a growing industry of professional, unrelated guardians. Often the guardians are granted broad authority over a ward’s finances, medical care and living conditions. But guardianship systems across the country are plagued by allegations of financial exploitation and abuse, despite waves of reform efforts, according to a Wall Street Journal Page One story. As a result, critics...

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