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 2017 NEW TAX LAWS IMPACT ON HOME OWNERSHIP

♠ Posted by Marc J. Soss in ,,,,,,
The federal income tax code has long favored home ownership over renting. A homeowner could claim an unlimited deduction for mortgage interest paid and state and local taxes incurred. The new tax law has turned this once advantageous situation on its head through a combination of an increased standard deduction, lower marginal income tax rates and limit on mortgage interest deductions. It is estimated that the increased standard deduction (from $12,700 to $24,000 for a couple) will decrease the number of individuals that itemize on their tax returns from 44% to 14%. The new tax law also caps...
Read More

ESTATE PLANNING QUESTIONS FOR CONSIDERATION IN 2018

♠ Posted by Marc J. Soss in ,,,,,
The new tax law makes significant changes to federal tax law and has implications for your existing estate plan. The following is a list of issues to consider when determining whether to update your estate planning documents. 1. Will the new federal tax law change impact my estate plan? The new tax law increases the federal exemption amount from $5,600,000 in 2017 to $11,200,000 in 2018. As a result, there will no longer be any federal tax assessed on estates valued between $5.6 million and $11.2 million. Many estate plans created marital trusts to avoid having to pay any estate taxes on the...
Read More

EXPANDED 529 PLAN BENEFITS FOR ELEMENTARY AND SECONDARY SCHOOL EDUCATION

♠ Posted by Marc J. Soss in ,,,,,,,
The new Tax Cuts and Jobs Act of 2017 (the “Act”) brings a new savings opportunity for those who desire to put away funds for a child, grandchild or other family members future education expenses. The Act, which went into effect on January 1, 2018, expands the use of 529 Savings Plans (“529 Plan”). A 529 Plan is legally known as “qualified tuition plans,” are sponsored by states or educational institutions and are authorized under Section 529 of the Internal Revenue Code. 529 Plans were designed to encourage saving for future college costs and provide for qualified higher education expenses...
Read More