On August 2, 2016, the IRS issued proposed regulations under Code section 2704 that, if finalized in their current form, will effectively eliminate any meaningful valuation discounts for transfers of interests in family-controlled entities between family members. The issuance of these proposed regulations is one of the most important developments for high net worth families […]
Section 2704 of the Internal Revenue Code provides for special rules relating to the valuation of transfers of business interests to certain family members for estate, gift, and generation-skipping transfer tax purposes (collectively the “transfer taxes”). Practically, § 2704 limits the ability to lower the value of a business interest as determined for transfer tax […]
David J. Akins recently co-authored the article titled; Improvements Made to Florida’s Estate Tax Apportionment Statute which was published originally in the Florida Bar RPPTL Section’s ActionLine, Summer 2015 issue. The article may be viewed in its entirety HERE. David J. Akins is a shareholder in the Orlando office of the Dean Mead law firm. He received […]
VIERA, Fla. – (May 11, 2015) – Dean Mead, a business law firm with five offices across Florida, announced that Michelle L. Naberhaus has joined its Brevard County office as Of Counsel in the Estate and Succession Planning department. Naberhaus has more than 15 years of experience and is well-known throughout the Space Coast for […]
Brian Malec on Florida’s Family Trust Company Legislation Brian M. Malec, attorney in our Orlando office, recently co-authored Florida Enacts Family Trust Company Legislation with Scott A. Bowman. The article was published in ActionLine; Fall 2014 edition. Brian was one of the principal authors of Florida’s Family Trust Company Legislation. Click HERE to view the article.
Consequences of Modification of a QTIP Trust Settlement: One Scenario in ‘The Tale of Moné Baggs Smith’ A “QTIP” trust is a “Qualified Terminable Interest Property” trust. It is often used by spouses in a second or subsequent marriage where at least one party has children from a previous marriage. The QTIP trust allows the […]
How to Modify a Credit Shelter Trust without Destroying Tax Benefits A credit shelter trust, often referred to as the “Family Trust,” helps married couples avoid estate taxes when passing assets to their heirs. Upon the death of the settlor, the spouse benefits from the trust assets and the income they generate for the remainder […]
On March 27, 2014, the Florida Supreme Court issued an opinion in the case of Aldrich v. Basile. This case concerned the Last Will and Testament of Ann Aldrich, which she drafted using an “E-Z Legal Form.” Ms. Aldrich made specific bequests in the Will, but the Will contained no residuary clause. After the Will […]