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.

DEDUCTIBILITY OF FUTURE ALIMONY PAYMENTS

♠ Posted by Marc J. Soss in ,,,,
Prior to the Tax Cuts & Jobs Act of 2017 ("ACT"), a divorced spouse could deduct any alimony payments made to his former spouse. The former spouse had to claim the alimony received as income. The ACT eliminated this tax deduction effective January 1, 2019. The implementation of this change remained unclear for agreements executed prior to December 31, 2018, but modified after that date. On July 22, 2019, the IRS issued an article clarifying the treatment of payments pursuant to a modified agreement. The article explained that "the new law applied to a modified agreement if the modified...
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FLORIDA RANKED 46TH IN 2019 LAWSUIT CLIMATE SURVEY

♠ Posted by Marc J. Soss in ,,,
Florida’s lawsuit climate ranked 46th out of 50 in a new national survey released on September 18, 2019, by the U.S. Chamber Institute for Legal Reform (ILR). The city of Miami ranked among the ten worst jurisdictions in the nation. The 2019 Lawsuit Climate Survey was conducted by The Harris Poll on behalf of the U.S. Chamber Institute for Legal Reform. The poor perception of Florida’s legal climate is critical because 89 percent of survey participants—an all-time high—said a state’s lawsuit environment is likely to impact their company’s decisions about where to locate or do business. The survey...
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CALIFORNIA LEGISLATION TO PREVENT EXPOLOITATION OF THE ELDERLY

♠ Posted by Marc J. Soss in ,,,
Exploitation of the elderly is a serious problem in our country. Many incidents involve caregivers that take advantage of the vulnerability of the individuals they are caring for. The California Legislature has closed loopholes in its Probate Code that allows abusive caregivers to marry their way into a dependent adult’s wealth. Assembly Bill 328, signed by California Governor Newsom on June 26, 2019, and effective on January 1, 2020, creates a presumption of undue influence that applies in two scenarios. California law previously presumed that a dependent adult who signs an instrument benefiting...
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North Carolina Department of Revenue v. Kimberly Rice Kaestner 1992 Family Trust

♠ Posted by Marc J. Soss in ,,,,
On June 21, 2019, the U.S. Supreme Court addressed the case of North Carolina Department of Revenue v. Kimberly Rice Kaestner 1992 Family Trust. The Court, in a unanimous decision, found that the State of North Carolina may not tax trust income that (i) has not been distributed to the beneficiaries, for which the beneficiaries lack the right to demand the income, and (ii) for which the receipt of that income is uncertain simply because those beneficiaries reside in the state. North Carolina taxed the Kaestner trust based on N.C.G.S. §105-160.2, which provides that the state can tax any trust...
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ARE YOUR ESTATE PLANNING DOCUMENTS SAFE?

♠ Posted by Marc J. Soss in ,,,
Many clients wonder whether it is best to leave their original estate planning documents with the attorney that drafted them or in their homes. The recent weather events and climate change, including hurricanes and tornadoes, has led to discussions on where would they best be protected? In many instances, people escape from their homes with only the clothes on their back, or even if they do have a bit of time to gather items to take, they may not think about their estate planning documents. In addition to paper copies, it is a good idea to preserve your estate planning documents electronically...
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