THE ACADEMY
Like it or not, you’ve joined The Academy! Jokes aside, we hope to put you in touch with our writings, resources, and newsletters that might help you learn about the area of law which is impacting you. If the answer isn’t here, never fear, just give us a call, we’d love to help!
THE SURPRISE GIFT FLORIDA GIVES TO THE NEWLY DEPARTED
Thinking about making a move to the Sunshine State to avoid those pesky state income taxes? You might be avoiding something else too! First things first, Florida – the land of sun, sand, and no state income tax, is like a fiscal paradise in the midst of the mainland...
A Wild Ride Through Estate Tax Exemptions
There is at least one good piece of news about inflation…the annual increase in estate, gift and generation-skipping transfer tax exemption! These exemptions are like a force field protecting your wealth from the tax man’s greedy grasp! You can give up to these...
Palm Beach Residents Have Had It With The Newcomers From The North
"When famed chef Daniel Boulud hosted a soirée last month celebrating his 20 years in Palm Beach, well-heeled guests nibbled on caviar in the garden of the Brazilian Court hotel, where his Cafe Boulud is situated. But there was a clear divide between the tony island’s...
Record Breaking Sale for Palm Beach "Billionaire William Lauder is the buyer of Rush Limbaugh’s longtime Palm Beach estate, which sold for a record $155 million, according to people familiar with the transaction. The roughly 2.7-acre waterfront property on tony North...
Palm Beach’s Private Island Is For Sale
"If you’ve ever wanted an island entirely to yourself off of Palm Beach, now’s your chance. The man-made 10 Tarpon Isle, which includes a soon-to-be-completed 21,406-square-foot massive mansion, has just hit the market for a humble $218 million. That’s up from its...
Thank You Inflation
You can keep more money from the IRS next year, thanks to inflation.. The Internal Revenue Service will allow Americans to shield more of their income from taxes in 2023 because of higher inflation, the agency announced Tuesday, raising income thresholds for all tax...
Homeowners Insurance vs. Title Insurance
Purchasing a home can be one of the most exciting experiences in life and making sure your new investment is protected should be top of mind. Whether you’re buying your home in cash or taking out a loan, purchasing both homeowners insurance and title insurance is the...
Dogs Can Own Houses Too
People love their pets. But Madonna has taken her love to a whole new level. A little over twenty years ago she gave her home to a corporation named after her dog, Gunther. According to this story, Gunther and his descendants lived in the house ever...
Democrats Drop Death Tax Changes
On October 29, 221 a new draft of the “Build Back Better” bill was released. That new version of bill eliminated the proposed reduction in estate tax exemptions from $11.7 million to about $6 million. So unless there are additional changes to the law...
Will Estate and Gift Tax Exemptions Be Reduced?
Many of our clients are concerned about whether estate tax exemptions will be reduced this year. Last month the House Ways and Means Committee released a bill that provided, in part, for estate and gift tax exemptions to be reduced to about $6 million (from $11.7...
The U.S. Government is giving everyone a break on estate taxes…for now. How can you take advantage before the break goes away?
Here is a question that we receive on an almost daily basis from our clients: “I’ve read in the news that the estate and gift tax exemption is going to be reduced. How can I take advantage of the current exemptions before they are cut?” Right now the current gift...
Protect Your Family from Lawsuits with a Domestic Asset Protection Trust
Conversations with family, friends, and colleagues can sometimes wander into the topic of lawsuits, divorces, bankruptcies, and other threats that put one’s property at risk of loss to a creditor. Such conversations often leave people shaking their heads, asking what...
Wealthy In Gift-Giving Mood As Senate Ready to Flip
Delray Beach, Fla. -- With Georgia’s US Senate election results not even certain, tax attorney Bill Stetson’s in-box started to swell. How might President-Elect Joe Biden in the White House and Democrats in control of the House and Senate affect gift tax and estate...
Trump Triumphs Over New York Taxes
Florida has its first President! Donald and Melania Trump are now permanent residents of Florida. They did this in October by recording a “Declaration of Domicile” in Palm Beach County court. The New York Times reported that the move was “primarily for tax purposes.”...
Election Update: Planning under the Biden Administration
After several days of counting ballots, Joe Biden has been declared the winner of the 2020 Presidential election by many major news outlets. Although we await the official certification of the election by each state, an official concession by President Trump, and the...
Protecting Your Significant Other’s Future
October is a popular month for couples to tie the knot in the United States. While wedding planning most often includes tuxedos, dresses, rehearsal dinners, and guest lists, an often overlooked part of pending nuptials is estate planning. For young couples beginning a...
Helping Couples Plan for Their Future
October is one of the most popular months for couples to tie the knot in the United States. While wedding planning most often includes tuxedos, dresses, rehearsal dinners, guest lists, and the honeymoon, an overlooked part of pending nuptials is estate planning. For...
Strike While the Rates Are Low: Low Interest Rate Planning Strategies for Passing on Your Wealth
COVID-19 has deeply impacted the economy in the United States and will likely continue to do so for some time. While most would agree that this pandemic is not a positive development, there are nevertheless some silver linings. One such silver lining is that certain...
Preparing Your Beneficiaries to Receive Their Inheritance
When you hire an estate planning attorney, you are often looking for help with preparing your accounts and property to ultimately pass smoothly and safely to your loved ones. This is a key component of estate planning. An experienced estate planning attorney will put...
Retirement Account Basics for 2020
The COVID-19 pandemic has led to volatile markets, and your retirement account may have a much smaller balance than only a few short months ago. In response to the economic fallout stemming from the pandemic, Congress passed the Coronavirus Aid, Relief, and Economic...
Estate Planning as a Powerful Exercise in Optimism
Many scientific studies have established that there is a wide range of benefits flowing from a positive attitude and positive thinking. At a time when many are focused on worst-case scenarios and gloomy predictions, you can resist the pull of negativity and embrace...
Financial Literacy Month: Are All of Your Financial Ducks in a Row?
In March 2004, the Senate passed Resolution 316, which officially recognized April as National Financial Literacy Month. Both Houses of Congress have passed similar resolutions since then designed to encourage financial literacy so that individuals are better prepared...
Celebrate Single Parent Day: Take Steps to Provide for Your Kids’ Future
In 1984, Congress issued a resolution, signed by President Reagan, establishing March 21st as National Single Parent Day: a day devoted to recognizing the dedication of single parents, who make self-sacrificial efforts to care for their children’s needs, and...
No Clawbacks Allowed: What Does This Mean for You and How to Take Advantage of This Gift
The 2017 Tax Cuts and Jobs Act doubled the gift and estate tax exclusion amount—i.e., the amount that can either be excluded from your estate when determining if your estate will owe any taxes when you pass away or the amount you can gift to individuals during your...
Millennials, You Need an Estate Plan Too
As millennials (born 1981 to 1996), you are well known for your distinctiveness as a group. Your generation has followed paths and set goals that are decidedly different from those chosen by previous generations. You are highly diverse, better educated, more socially...
Caregivers, You’re Not Planning Just for Yourself
As a caregiver, you spend much of your time, money, and energy taking care of the needs of others. Those who have taken on the role of caregivers for ill or disabled spouses, aging parents, children, or other loved ones with special needs are typically selfless and...
Steps to Take When a Loved One Dies
As your estate planning attorneys, we are here to help you when your family member or loved one dies. If you are simply too overwhelmed to call us during the first couple of weeks after your loved one passes away, it is important to keep in mind that there are...
Estate Planning Awareness Week: Having a Conversation with Your Family About Their Estate Plan
In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, which designated the third week of October as National Estate Planning Awareness Week. Nevertheless, according to a 2019...
Important Considerations for Beneficiary Designations of Life Insurance Policies
Life insurance is often one of the most important parts of an estate plan. People usually purchase life insurance to prevent their spouse, children, or other dependents from suffering financial hardship if they die unexpectedly. You may think that all you need to do...
When Is It Critical to Review Your Estate Plan, and Why?
Just like other important life tasks, your estate plan deserves your time and attention. It’s important that you work with us to review your estate plan at least once a year. Think of this as your estate plan’s annual physical exam, and remember—prevention is the best...
Niche Trusts: As Unique as You Are
You’re not a carbon copy of your neighbor. Likewise, your estate plan shouldn’t be a carbon copy of theirs. A qualified estate planning team’s approach to counseling will be tailored to your specific needs. As your team works together to produce, tailor, or edit your...
Your Vacation Checklist
You’ve packed sunblock and a beach novel. You’ve planned your itinerary and bought plane tickets. But have you ensured that your estate plan is up to date? Don’t leave home without making sure your financial health and the future of your loved ones is provided for....
Want a Greater Sense of Purpose? Plan Your Legacy
When you think about the legacy you’ll leave, what comes to mind? Perhaps it’s security for your family or a positive contribution to your community. It could also be a tribute to the arts. Whatever it is, you don’t have to wait until you pass on to actualize your...
How to Coordinate Your Retirement and Estate Plans
We often think of retirement accounts as monolithic resources. It is easy to see why – we spend our working years socking away money for our future. Unfortunately, though, the rising cost of healthcare can quickly deplete even the largest of retirement funds. Because...
Your Personal Property Memorandum: 4 Tips for Success
What is a personal property memorandum? It is a frequently-used estate planning document that provides an opportunity to expand upon your will or trust. Many wills or trusts simply divide the whole of an estate equally between surviving family members. But, what if...
Five Key Considerations for Your Estate Plan
Maintaining your estate plan can feel overwhelming when faced with all the changes life can bring. Calling your attorney may not be your first instinct when you’re faced with a significant shift in income, investments, or employment, but consulting with us is a wise...
3 Estate Planning Secrets the Wealthy Use That You Can Too!
Strategies to Enhance Your Success Estate planning is complex and continually evolving. Often, affluent families are “early adopters” of the newest and best estate planning strategies. Luckily, by working with us, you can benefit from the same estate planning...
Estate Planning Projects to Tackle in the New Year
As the end of the year approaches and you begin to look back on 2018, what changes need to be reflected in your estate plan? Have you gotten married or divorced in the past year? Perhaps you’ve welcomed a new child or grandchild, or experienced a change in your...
2018 Midterm Elections: What Do They Mean For Your Estate Plan?
Strategic Planning Guidance in Light of the Midterm Results Estate planning is meant to be an ongoing process, not a one-time transaction. In the same way that you never stop budgeting, saving, and investing as you go through life, it is also sensible to see estate...
Three Legal Strategies When Facing a Major Health Event
What You and Your Family Need to Know Receiving a health diagnosis or learning that you need to undergo major surgery can cause substantial disruption in your day-to-day life. During this time, the last thing you may want to think about is estate planning. Although...
What Do the New 199A Regulations Mean for You?
New Choices and Opportunities for Tax Savings Are you a business owner curious about the new Section 199A deduction? Although the deduction became effective on January 1, 2018, guidance on how it would be calculated was delegated to the Internal Revenue Service (IRS)...
Back-To-School Preparation: Not Just About the School Supplies
Use This Time to Revisit The Parts of Your Estate Plan That Impact Your Children Most With all the considerations about your children’s wellbeing weighing on your mind from day to day, it can be easy to forget about some of the most important factors in keeping them...
Have You Taken Advantage of the Tax Cuts and Jobs Act Planning Window?
Important Estate Planning Tips You Should Act on Now Like all things, tax laws are constantly changing. Together, we need to respond quickly and strategically to the new developments in the tax law landscape. While you shouldn’t wait to review your estate plan in...
Keeping the Peace After You Are Gone
Planning With an Aim Towards Building Unity A will or trust contest can wreak havoc on families. The conflict can result in possibly irreparable resentment and loss of familial communication. Old rivalries and disputes can resurface during the trying time that occurs...
Planning for the Financial Future of a Troubled Adult Child
Your 3-Step Guide to Creating an Informed Estate Plan Are you concerned about any of your adult children? Estate planning can pose extra challenges for families with adult children struggling with addiction, marital issues, or irresponsibility with money. The last...
Does Your Family Know About Your Estate Plan?
A Guide for How Much to Share and With Whom It’s the thick of tax season and you’ve probably been working on (or finished) your tax returns. Most of us don’t feel comfortable sharing the details of our tax returns, unless we have to, say for a mortgage. But, your...
Planning Your Summer Vacation? 5 Things to Consider Now
In many states, winter is starting to thaw and flowers are beginning to bud. This can only mean one thing: summer vacation planning season is here. As vacation planning kicks into high gear, here are a few important things to add to your vacation readiness checklist....
Will My Debt Outlive Me? Your Questions About Debt After Death Answered
Have you ever wondered what would happen to your debts if you passed away before paying them off? Will your loved ones be obligated to pay your debts or will they simply disappear? Every person’s debt landscape is different, and the best approach is to create a...
How Tax Reform Will Impact You and Your Estate Planning
In December 2017, Congress passed, and President Trump signed a sweeping tax reform bill commonly known as the Tax Cuts and Jobs Act. This Act contains significant changes that will impact your estate planning and income tax situation going forward. Estate Tax Changes...
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