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.

REVISED DEATH CERTIFICATES FOR SAME-SEX COUPLES IN FLORIDA

♠ Posted by Marc J. Soss in ,,,,,
The United States Supreme Court ruling in Obergefell v. Hodges in 2015 has brought many changes, protections and complications for same-sex couples. In 2015, after the historic court ruling, a gay widow asked the state of Florida to correct his deceased spouse’s death certificate to reflect their prior marriage in New York. The state of Florida refused since the couple were not legally married, under Florida law, at his date of death. The widower then sued the state to correct the inaccuracy. On March 23, 2017, a U.S. District Court Judge ruled in his favor and ordered the state to correct his...
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WHAT HAPPENS TO YOUR DEBT AT DEATH?

♠ Posted by Marc J. Soss in ,,,,,,
Everyone reads about the huge transfer of wealth occurring from one generation to the next, however, it is estimated that 73% of decedents have outstanding debt at their death. According to Credit.com, the decedents carried an average total balance of $61,554, including mortgage debt, and $12,875, without. Approximately 68% had credit card balances, 37% was mortgage debt, 25% had auto loans (25%), 12% had personal loans, and 6% had student loans. Fortunately, the “[d]ebt belongs to the deceased person or that person’s estate.” Only if the decedents estate has sufficient assets to cover their...
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EVER WONDER WHAT YOUR FICA TAX IS FOR?

♠ Posted by Marc J. Soss in ,,,,,,,
FICA taxes, which originate from the Federal Insurance Contributions Act, is a United States federal payroll (or employment) tax imposed on both employees and employers. This payroll tax is withheld from employee paychecks and paid by employees and employers for (1) Social Security (OASDI) and (2) Medicare. The tax helps to fund benefits for retirees, disabled people and children. Your tax contribution helps your parents and grandparents have a secure retirement while securing today and tomorrow for you and your future family. Here is the breakdown of these taxes are paid: The employer and employee...
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HOPING FOR AN INHERITANCE? YOU MAY NOT GET AS MUCH AS YOU EXPECT

♠ Posted by Marc J. Soss in ,,,,,,,
Everyone should be grateful to receive an inheritance, and no parent wants to leave their offspring with nothing. But just 21 percent of those who plan to bequeath money to their children tell them how much money they'll get. When kids do find out the size of their inheritance after a loved one passes away, it's often less then expected. It can add an unwanted feeling—disappointment—into an already-volatile emotional stew. More than half of 2,700 adults surveyed for Ameriprise Financial late last year expect to get an inheritance of more than $100,000. Among those who had already received an...
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FUTURE LIFE EXPECTANCY DECLINE FOR THOSE RESIDING IN THE UNITED STATES?

♠ Posted by Marc J. Soss in ,,,,,,,
While the life expectancy at birth for residents of industrialized nations will continue to increase in the future the same is not expected in the United States. The life expectancy for US residents is expected to be on par with those in Mexico (women) and the Czech Republic (men). In contrast, South Korean women and Hungarian men are projected to make the largest overall gains (with South Koreans second among males). It is anticipated that South Korean women will live to an average of 90 years old by 2030 (the first time a population will break the 90-year barrier). While US residents are...
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NEVADA v. DELAWARE FOR ASSET PROTECTION TRUST?

♠ Posted by Marc J. Soss in ,,,,,,,,
Delaware has promoted itself as the top jurisdiction for creating an asset protection trust. However, a 2014 court decision, Kloiber v. Kloiber, has put the creators of Delaware Asset Protection Trusts on notice of possibly choppy waters ahead. The case involved a Delaware Dynasty Trust (DDT) which had been established for a son, who later became embrioled in a divorce, his son’s spouse, and their descendants. At the time of the divorce, the trust’s assets totaled around $310 million. The settlement forced the trust to be severed, creating a separate trust for the wife which was funded with...
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INCREASED IRS AUDITS OF THE WEALTHY IN 2017

♠ Posted by Marc J. Soss in ,,,,,,,
The IRS is planning to focus its attention in 2017 on the "Rich." That means individuals and companies who are likeliest to hide money or under-report their tax burden. While the IRS launches fewer full-blown audits, the agency is sending out more “mass notices” addressing specific issues (especially large charitable contribution, large losses, mortgage interest deductions, and 529 college savings plans). So-called “hobby losses” are a frequent IRS target. To combat these audits, be prepared to produce extensive records and documentation to substantiate each and every loss and charitable d...
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THE HOLOCAUST EXPROPRIATED ART RECOVERY ACT

♠ Posted by Marc J. Soss in ,,
The Holocaust Expropriated Art Recovery Act was enacted to help Holocaust heirs recover art stolen from their families during World War II. The Act will finally be put to the test in a New York court, as the heirs of Fritz Grunbaum are looking to claim two valuable drawings by Egon Schiele. The heirs claim that Grunbaum’s collection, which included eighty-one Schieles, was confiscated by the Nazis. Countering that argument, collectors, dealers, and some museums argue that the Nazis did not steal it and that Grunbaum’s sister-in-law sold fifty-three of the Schieles to an art dealer in 1956. Further,...
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