FLORIDA ESTATE PLANNING AND PROBATE LAW BLOG

The Florida Estate Planning and Probate Law Blog is focused on recent federal and state case law and planning ideas.

IS THIS THE YEAR TO MAKE A ROTH IRA CONVERSION

♠ Posted by Marc J. Soss in ,,,,,
The crazy 2015 stock market offers some excellent planning opportunities, if you qualify.  While year-end has not brought the stock market back to where it started the year, it opens the door to those interested in making a Roth IRA conversion. Converting a traditional Individual Retirement Account (IRA) to a Roth IRA would allow the assets to grow tax-free, while remaining in your account, and tax-free distributions once you start withdrawing funds. There is no income limit or other restrictions on who is eligible to convert a traditional retirement account to a Roth IRA. The...
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2015 YEAR END TAX PLANNING CONSIDERATIONS

♠ Posted by Marc J. Soss in ,,,,,,
2015 Year-End Planning Moves: ·  Realize losses on stock while substantially preserving your investment position. There are several ways this can be done. For example, you can sell the original holding, then buy back the same securities at least 31 days later. ·  Postpone income until 2016 and accelerate deductions into 2015 to lower your 2015 tax bill. This strategy may enable you to claim larger deductions, credits, and other tax breaks for 2015 that are phased out over varying levels of adjusted gross income (AGI). These include child tax credits, higher education tax credits,...
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FLORIDA GUARDIAN DENIED FEE FROM MEDICAID RECIPIENT'S ASSETS

♠ Posted by Marc J. Soss in ,,,,,,,,,
On November 25, 2015, the Second District Court of Appeals, in the case of Lutheran Services Florida, Inc. v. Department of Children and Families (Fl. Ct. App., 2nd Dist., No. 2D13-5840, Nov. 25, 2015) held that the guardian of a Medicaid recipient may not deduct a guardianship fee from the recipient's income because the fee is not medically necessary. The case originated from a court order which authorized a professional guardian to deduct a monthly sum from an indigent and incapacitated individuals income and patient responsibility amount. The professional guardian then petitioned the Department...
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