Florida residents enjoy several asset protection and tax benefits which are helpful when structuring estate plans. However, the Sunshine State is currently experiencing changes that could alter how individuals approach their estates.
Domestic Asset Protection Trusts (DAPTs) help shield assets from creditor claims and judgments; a recent court opinion addresses how statutes of limitations might apply to actions involving DAPTs.
The largest wealth transfer in history is slated to occur over the next few decades. Approximately $16 trillion dollars will pass on to heirs and other beneficiaries. How can high-net-worth individuals start preparing for the forthcoming asset transfers?
Following the death of Robin Williams last year, our estate planning attorneys showcased a privacy issue that surfaced in the media surrounding Williams' estate. While the estate appeared to be structured carefully with his spouse and each child provided for separately, his surviving spouse is bringing estate conflicts to court.
New surveys of ultra-wealthy individuals show a pattern in inheritance investments. A growing number of inheritors plan to invest in private companies.
Homeowners often enjoy various benefits depending on the way they choose to hold title to real property. In Florida, homeowners have an additional benefit available in the form of the homestead exemption.
Owners of firearms in Tennessee might want to keep an eye on nearly a dozen proposed changes to state gun law. Some of these legislation updates affect compliance with the National Firearms Act, transactions by gun dealers, and guidelines for firearm felonies, among several other items.
President Obama's State of the Union address included a proposition to eliminate a â€˜trust fund loophole.' The loophole refers to a â€˜step-up' in the tax basis of asset appreciation at the time of one's death.
Rebuilding life after a spouse passes away involves proper planning, and the potential financial loss associated with a spouse's death could impact a surviving partner and their family.
The federal government created new procedures over the past few years for tax reporting for offshore accounts. Taxpayers who avoid tax bills by not reporting international account income are violating the law.