â€‹In case you missed it, TrustCounsel launched a collection of legal resources in January 2017. Created to enlighten individuals and legal practitioners on critical matters that surface in trust and estate administration, the Legal Library will be updated on a regular basis to address contemporary issues pertaining to probate, trusts, and related tax matters.
The IRS recently issued Notice 2017-12 describing new procedures for closing federal estate tax returns. Estate tax closing letters are not recognized as a formal closing agreement. Taxpayers must request a transcript.
Senate Bill 446 was introduced to the Senate in late February. The bill, the Constitutional Concealed Carry Reciprocity Act of 2017, would implement concealed carry reciprocity nationally for certain firearms.
Florida's Probate Code provides a short window of time for creditors to make claims against the decedent's estate following creditor notification, with a statute of limitations extending two years after the decedent's date of death. A recent appeals court decision involving an estate and a claim against an insurance company for bad faith draws attention to application of statutes of limitations, the degree to which estates are immune to claims, and an insurance company's powers to refuse defense of an estate.
A bill introduced earlier this month in the House and Senate in Tennessee proposed to create an annual sales tax holiday for guns and ammunition. The proposed tax incentive in HB 744 (SB 1004) asks lawmakers to consider holding the three-day tax exemption the first weekend of every September.
A senior official with the ATF released a white paper proposing to lift restrictions on firearms sales and imports. The 11-page document 'provides potential ways to reduce or modify regulations, or suggest changes that promote commerce and defend the Second Amendment.' Among several matters, a few notable items include federal regulation changes for silencers, gun show sale changes, and lifted import restrictions.
Florida lawmakers released an initial draft of House Bill 167 in early January 2017. HB 167 would ban private transfers and sales of large capacity ammunition magazines and assault weapons (with some exceptions) across the state.
While the term digital estate planning refers to developing provisions for post-mortem transfers or disposition of online assets, S.B. 206 (known as the Florida Electronic Wills Act) addresses a digital component of one's estate plan. An electronic will is one that is prepared, executed, and stored entirely on digital platforms.
Guest contributor Dennis Gayness, a certified firearms appraiser with Triangle Shooting Academy, discusses the personal values behind a proper estate plan for one's firearms.