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 [...]
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. [...]
Form 8939 and Instructions
This is quick alert for our readers. Yesterday, the IRS posted Form 8939, Allocation of Basis Increase for Property Acquired from a Decedent, and today, the IRS posted the instructions to the Form 8939. The Form 8939 has been substantially revised since the last release, and this is the first set of instructions issued by [...]
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 [...]
Form 8939 Filing Deadline Extended
Today, pursuant to Notice 2011-76 (the “Notice”), the IRS extended the due date for filing the Form 8939 from November 15, 2011 to January 17, 2012. This Notice is unexpected considering shortly ago on August 29, 2011 the IRS issued Notice 2011-66 extending the deadline for filing the Form 8939 to November 15, 2011. Rev. Proc. 2011-41 was [...]
Fed Up with the QTIP Trust? Tax Results of Terminating QTIP Trust
Many of today’s modern estate plans employ a marital trust under Code sections 2056(b)(7) or 2523(f) known as a QTIP trust (QTIP stands for Qualified Terminable Interest Property). This is a trust which grants a life income interest to spouse and upon his or her death, named beneficiaries receive the remainder. The property funding the [...]
RSS Feed
Facebook
Twitter
LinkedIn