FLORIDA ESTATE PLANNING AND PROBATE LAW BLOG: February 2017

PLEASE BURY MY DOG WITH ME

♠ Posted by Marc J. Soss in pet burial planning,pet buried with owner,pet estate beneficiary,pet funeral,pet trust,Sarasota estate planning

Our beloved pets (dogs, cats, pigs, birds, etc..) are typically buried in a pet cemetery. However, there is a growing movement today to allow pet owners to be buried (or their cremated ashes) with their pets in a human cemetery. New York is just one of a few states to pass laws allowing such burials (in cemeteries that are willing to handle them, as Church cemeteries may opt out). Similar bills are pending in Louisiana, Indiana, Massachusetts, and elsewhere. In Pennsylvania, cemeteries can offer one section for people, another for pets, and a third area for both. Virginia permits pets and owners...

DOES YOUR FORMER STATE OF RESIDENCE STILL BELIEVE YOU ARE A RESIDENT?

♠ Posted by Marc J. Soss in Power of Attorney,probate attorney,retirement planning,Sarasota attorney,Sarasota estate planning,Sarasota retirement planning,senior citizens,state death taxes

The term “Snowbird” refers to an individual who spends their winters in one of the sunshine states (Florida, Arizona, etc..) and their summers in one of the cooler weather states (Northeast, Northwest, etc..). Most Snowbirds claim one of the sunshine states, without or a limited state income tax, as their permanent residence. Problems can arise for a Snowbird when their former state of residence still deems them to be a resident of that state and subject to its states taxing authority. For example, a New York resident is subject to both state and federal income taxes on all income earned....

FEDERAL ELDER ABUSE AND PREVENTION ACT ON THE HORIZON

♠ Posted by Marc J. Soss in elder abuse act,guardianship abuse,probate attorney,sarasota elder abuse,Sarasota estate planning,Sarasota guardianship abuse,Sarasota retirement planning,senior citizens

The Elder Abuse and Prevention Act has a high chance of becoming law this year. The legislation has received substantial support among elderly advocacy groups because of its promise to make the world a safer place for seniors. Additionally, the Act will increase penalties for marketing fraud schemes targeting seniors and expand data collection of elder abuse to help create more reliable statistics highlighting the prevalence of this problem. The Act is also aiming to enlist the Justice Department to become a greater protector of seniors....

EVEN THE WEALTHY FAIL TO UPDATE THEIR ESTATE PLANNING DOCUMENTS

♠ Posted by Marc J. Soss in Estate planning attorney,florida probate lawyer,inheritance planning

In a 2016 study, 26% out of 3,105 wealthy individuals surveyed had a complete estate-planning strategy to transfer their wealth to the next generation. Further, only 54% had created a will, but most had not updated them. As a result, $1.5 trillion of the $3.2 trillion is without direction as it falls into the hands of the next generation. Perhaps, the reason why people avoid preparing an estate plan is because they are not sure what they want to do with their wealth at some distant point in the future and a clearer picture of what heirs should receive will present itself at a later date. Another...

IRS TAX DEBT CAN RESULT IN PASSPORT DENIAL OR REVOCATION

♠ Posted by Marc J. Soss in federal tax debt,IRS collection,IRS tax debt,passport denial,passport revocation,seriously delinquent tax debt

In December 2015, legislation went into effect that requires the IRS to provide a list of names to the State Department of individuals with “seriously delinquent tax debt” (more than $50,000 in unpaid federal taxes, including interest and penalties). These individuals, if their tax debt is not resolved (pays the tax in full, enters into an installment agreement, an offer in compromise with the IRS or a timely request for collection due process hearing), are at risk of having their U.S. passports revoked within the next few months. The legislation requires that the State Department to refuse...

THE 2017 FEDERAL ESTATE AND GIFT TAX LIMITS

♠ Posted by Marc J. Soss in 2017 Federal Estate Tax,2017 federal gift tax exemption,florida estate planning,Sarasota estate planning,Sarasota retirement planning,Sarasota Tax Attorney

The IRS has published Rev. Proc. 2016-55 and the federal estate and gift tax limits for 2017. For 2017, the credit against federal estate tax (federal exclusion amount) is increased to $5,490,000. For an individual who passes away during 2017, no federal estate tax will be imposed if his or her gross estate is less than $5,490,000. For a married couple (including a same-sex couple) the federal exclusion amount is $10,980,000. For 2017, the federal gift tax limit of $14,000 remains in place. This allows an individual to gift up to $14,000 in 2017, to any individual without being required to...

CONGRESSIONAL ATTEMPT TO CLOSE MEDICAID LOOPHOLES

♠ Posted by Marc J. Soss in community spouse,elder fraud,elder law,estate planning,florida estate planning,Medicaid eligibility,medicaid law,medicais applicants;

Congress is considering making it more difficult for a community spouse to utilize an annuity to qualify for Medicaid. The proposed bill would prevent married couples from using assets to purchase an annuity for the community spouse, so that the institutionalized spouse can apply for Medicaid. The bill would count half of the income from a community spouse's annuity as income available to the institutionalized spouse for purposes of Medicaid eligibility. Savings from the legislation would be utilized to reduce waiting lists for home health care waivers. In addition, Congress is reviewing legislation...