Community Property in Florida – A Primer
In Florida, many clients and their attorneys do not consider the effect of community property laws on estate planning or estate and trust administrations. Many clients come to Florida from other states and countries in which they have acquired community property. These clients, and their attorneys, need to identify any community property and carefully consider [...]
Just Say No; What Happens When The Trustee Refuses To Cover The PR’s Notice Of Insufficiency?
The use of a revocable trust to avoid probate is a standard estate planning technique. What happens when the decedent dies with no probate estate, but had assets held in a revocable trust and debts owed to creditors? We know that the personal representative (PR) can seek contribution of assets from the revocable trust to [...]
Portability Election Deadline Extended
On February 17, 2012, the IRS issued Notice 2012-21, which allows certain estates of married individuals who died during the first six months of 2011 to extend the time to make the portability election. Code section 2010(c) was amended in 2010 to allow the estate of a decedent who dies after 2010 and who is [...]
Florida’s New Designated Representative Statute
Robert Naberhaus co-authored an article that was published in the Fall edition of the electronic version of ActionLine Vol. XXXIII, No. 1 – Fall 2011. The article is entitled: Secret Trusts: (Some) Questions and (Fewer) Answers About Florida’s New Designated Representative Statute By Robert J. Naberhaus III, Esq. (Dean Mead) and Mark R. Parthemer, Esq. [...]
Hill v. Davis: Challenging Qualifications of the Personal Representative
It’s rare that probate procedural issues make their way to the Supreme Court of Florida. However, on September 1, 2011 the Court issued its highly anticipated decision in Hill v. Davis, 36 Fla. L. Weekly S487 (Fla. 2011). The issue at hand is whether §733.212(3) of the Florida Statutes (2007) bars a challenge to the [...]
AICPA’s Comments on Notice 2011-66
On September 7, the AICPA Carryover Basis Task Force sent comments to the IRS on Notice 2011-66 making suggestions and requesting additional guidance on several issues, some of which are summarized below. They suggest a “policy of restraint” in auditing taxpayers having carryover basis issues for tax years after 3 years from the filing of the [...]
2011 Florida Legislative Update Seminar – Materials
For those of you who were unable to attend our recent seminar covering Florida’s new estate planning legislation, we have posted our materials on our website. We hope you find them useful.
Florida’s New Power of Attorney Act and Estates Bill – Update
Yesterday, Governor Scott signed into law Senate Bill 670, Powers of Attorney (reviewed in a post on May 20) and House Bill 325, Estates (reviewed in a post on May 13).
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