The SECURE Act, or the “Setting Every Community Up for Retirement Enhancement Act”, was recently signed into law on December 20, 2019 without much notice. It took effect on January 1, 2020 and significantly changed the landscape of retirement planning. Here are some of the major changes created by the new law:
Posted in Asset Protection,Estate & Personal Planning
Many of Florida’s senior citizens and families have reason to celebrate the 2017-2018 Annual Budget, which recommends $315.5 million for the Florida Department of Elder Affairs.
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Understanding the tax rules as a widow or surviving spouse can help you project the real tax cost of selling your primary residence. Below are just a few general things to consider in making the tax analysis.
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While we are happy to assist clients with creating wills to ensure assets are distributed according to clients’ wishes at their death, we offer a much broader service to clients. In addition to revocable trusts which can allow for control over assets titled in the name of the trust during lifetime, one of the most important documents that we draft for clients is a durable power of attorney.
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When you act as a trustee under a Trust or as an attorney-in-fact or POA under a Durable Power of Attorney, you are doing so as a fiduciary and under a legal role where you have certain legal authority. The above question could apply to any documents you sign such as a mortgage, promissory note, contract, or check. The short answer to the above question is – no, you do not need to. However, you may want to (depending on the type of document), and it may better practice to do so. Moreover, what the document actually says may control despite however you may sign.
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Previously, the federal Protecting Tenants at Foreclosure Act of 2009 (“PTAF”) provided some protection to Florida tenants leasing property in foreclosure. Subject to certain exceptions, the PTAF mandated that purchasers at a foreclosure sale take title to the property subject to the rights of a bona fide tenant. It also required the purchaser comply with certain notice requirements prior to terminating a lease. Unfortunately, the PTAF expired on December 31, 2014, potentially leaving Florida tenants unprotected. Thus, Florida legislatures enacted Section 83.561 of the Florida Statutes to help fill the void left by the expiration of the PTAF.
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The Firm is republishing a September 2014 blog post regarding the ability of Florida property owners to contest or appeal the assessed value of their property. The republished blog, below, includes updated information for 2015.
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Posted in Asset Protection,Estate & Personal Planning
Medicaid has been around for many years, as it was designed to help low income people with healthcare. In today’s society, many people use Medicaid as their long-term care insurance and it pays for the majority of nursing home care for patients across the United States.
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