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.

THE IMPORTANCE OF A LAST WILL & TESTAMENT

♠ Posted by Marc J. Soss in ,,,,,,,
Prince's death puts living will discussion into the spotlight SARASOTA, Fla. -- It's something that experts say you don't want to have running away from you. If you pass away without a will in the state of Florida, the state statutes would decide where your assets go. "Everyone should have a will, because what it does, it shows the court and all the beneficiaries how you want your assets to pass," said Marc Soss, a Sarasota attorney. According to estate planning attorneys, around two-thirds of people don't have a living will. Many folks we talked with at Bayfront Park on Thursday are in...
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FIDUCIARY ACCESS LAW IN FLORIDA

♠ Posted by Marc J. Soss in ,,,,,
On March 10, 2016, Governor Scott signed in law the “Fiduciary Access Law.”  Effective July 1, 2016, the law allows custodians to turn over "data, text, images, videos, sounds, codes, computer programs, software, databases" and other files. Under the law, Internet service providers and other custodians can grant access to fiduciaries who submit written requests with certified death certificates, letters of administration and other documents that show proof of power of attorney. They can request usernames, addresses and other unique subscriber information to identify accounts or ask...
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CHANGES TO THE PARTNERSHIP RULES COMING IN 2017

♠ Posted by Marc J. Soss in ,,,,,,
The Bipartisan Budget Act of 2015 has strengthened the IRS’s ability to audit partnerships (including multi-member LLCs). The new rules apply to tax years beginning after 2017, and will apply to partnerships of 100 or more partners. To prepare for these changes, Partnerships should amend their Partnership Agreements and select a “Partnership Representative” (sole contact individual with the IRS auditor and someone authorized to make all decisions regarding how to handle the audit). The new rules require the IRS to assess the partnership if filing errors are detected during an audit....
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ONLY ONE RESIDENCY TAX EXEMPTION AT A TIME: DON'T BE GREEDY

♠ Posted by Marc J. Soss in ,,,,,
FloridaHomestead law provides two major benefits: (i) creditor protection; and (ii) partial exemption from ad valorem tax. However, each of these benefits can be lost if you claim a residency based tax exemption in another state (you can’t be a resident of two states at the same time). The recent Fourth District Court of Appeals ruling in Venice L. Endsley, Appellant, v. Broward County, Finance and Administrative Services Department, Revenue Collections Division, Appellees. 4th District. Case No. 4D14-3997. March 23, 2016, makes that fact abundantly clear. In Endsley, a husband, with...
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