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Important Deadlines for Taxpayers in 2015

March 25th, 2015

Posted in Asset Protection,Business Law,General Practice,IRS & Tax Information

Calendaring important IRS and tax authority deadlines can save you a lot of headaches at tax time.  To avoid paying penalties and other tax consequences, keep a calendar and review tax deadlines with your Accountant, CPA, Enrolled Agent, or Tax Attorney.  Jackson Law Group has tax attorneys that can assist you with IRS or other tax problems.  The below items are a few examples of important dates:
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10 Biggest Mistakes in Asset Protection Planning

February 11th, 2015

Posted in Asset Protection,Estate & Personal Planning,General Practice

  1. Not Understanding the Purpose of Asset Protection: Asset protection will not make you “judgment proof.” Someone can still obtain a judgment against you.  You must distinguish obtaining a judgment and collecting on a judgment, which is typically only done after a judgment is rendered.
  2. Waiting Too Long To Begin Planning: Preventative planning is both most effective and least expensive before you have legal problems.
  3. Believing That It Is Too Late To Protect Assets: It’s never too late to improve protection. Anything is better than doing nothing.
  4. Thinking Creditors are Lazy or Not Smart: Don’t underestimate the skill and intelligence of your adversaries. Creditors and their attorneys are not lazy or thoughtless.  The court system can be a slow process.
  5. Failure to Comprehend Vulnerability of Your Business: The shares of stock or membership interests you own are vulnerable to creditor attack.
  6. Fraudulent Transfers and Conveyances: You cannot protect assets by giving them to family members.
  7. Misunderstanding Salary Exemption: Salary exemptions can be complicated. Don’t be trapped into misunderstanding these concepts, especially for business owners.
  8. Confusing Estate Planning With Asset Protection: Asset protection is oftentimes part of estate planning, but a living trust or will does nothing to protect your assets from creditors.
  9. Confusing Bankruptcy Law and Asset Protection Law: The new bankruptcy law does not affect Florida’s unlimited homestead exemption and other exemptions outside bankruptcy court.
  10. Giving Up Control Over Your Assets: The easiest asset protection plan is to give someone else control over your assets. This is all too often a poor solution.

If you own assets and are concerned about protecting them, avoid making the mistakes mentioned above.  For more information on developing an asset protection plan that is thorough and unique to your particular situation, we encourage you to contact a qualified, licensed attorney.

 

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Florida Mortgage Foreclosure Deficiency Lawsuits

February 3rd, 2015

Posted in General Practice,Real Estate Law

Procedurally, the State of Florida treats deficiency judgments on foreclosed residential homes differently than the foreclosure actions themselves.  Although the deficiency judgment may seem like an extenuation of the foreclosure action to homeowners, the reality is that a deficiency judgment action is its own legal proceeding.  In fact, the deficiency judgment cannot even take place until after the sale on the subject property.  That’s because a deficiency judgment action is filed by the lender to collect, in general, the difference between the amount owed by the borrower and the fair market value.  Recently, the State of Florida made a few changes to the procedural rules that govern deficiency judgments on real property that further distinguish deficiency actions from foreclosure actions.
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Tax Break Approved for Breastfeeding Mothers

January 19th, 2015

Posted in General Practice,IRS & Tax Information

The Internal Revenue Service has made a change to a policy that was rejected in 2010.  Based on the proven health benefits of breastfeeding for women and their children, the IRS will now allow mothers to count the costs of breast pumps and other supplies as a medical deduction on their taxes.  Breastfeeding women can spend as much as $1,000 each year on nursing supplies, thanks to the efforts of the American Academy of Pediatrics and other breastfeeding advocates that fought in recent years to advance this proposal.
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Florida Gun Trusts

December 2nd, 2014

Posted in Asset Protection,General Practice

Florida Gun Trusts, also known as NFA Trusts, Class 3 Trusts, Title 2 Trusts, or Firearms Revocable Trusts, are a great way to deal with the unique issues of owning, transferring, and possessing gun suppressors, silencers, fully automatic rifles, short barreled rifles and shotguns, or other Title 2 or Class 3 weapons.  Listed below are some key benefits of a Gun Trust:
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Owners of a Florida Professional Business are Restricted

November 26th, 2014

Posted in Business Law,General Practice

Florida law regulates the ownership of a professional limited liability company or professional corporation in an effort to safeguard the public from adverse interests.  See our prior two Blog Posts (LINK 1) (LINK 2) for more information on professional businesses.  Under Chapter 621 of the Florida Statutes, a professional business’s owners may only be professional limited liability companies, professional corporations, or individuals who are duly licensed or otherwise legally authorized to render the same professional service.[1]  Each owner must be licensed or otherwise legally authorized to conduct the professional service that the entity is organized or incorporated for.  For example, under this provision, a Florida attorney, accountant, and life insurance agent are prohibited from forming and operating a single professional entity. 
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Properly Naming a Florida Professional Business

November 19th, 2014

Posted in Business Law,General Practice

Florida has recently amended the law regarding what must be included in the name of professional businesses formed after January 1, 2014.  Below is a brief summary of the changes.  Companies formed prior to January 1, 2014 are not required to update the entity’s name to conform to the new requirements.  However, the entity’s name should still conform with Florida law prior to the recent amendments.  See our prior Blog Post (LINK) on what a professional service corporation or professional limited liability company is for more information on professional businesses.
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Understanding the “Professional” in a Florida Professional Business – Professional Service Corporations & Professional Limited Liability Companies

November 13th, 2014

Posted in Business Law,General Practice

Chapter 621 of the Florida Statutes governs professional service corporations and professional limited liability companies.  For an entity to file under this chapter, the practitioner must be engaged in a professional service.  A “professional service” is a type of service to the public that requires the performing individual to obtain a license or other legal authorization before engaging in practice.[1]  Examples of professional services in Florida include certified public accountants, public accountants, chiropractic physicians, dentists, osteopathic physicians, physicians and surgeons, doctors of medicine, doctors of dentistry, podiatric physicians, chiropodists, architects, veterinarians, attorneys at law, and life insurance agents.[2]
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