Posted in Asset Protection,Probate & Trust Administration,Tax Law & IRS Defense,Wills, Trusts & Estate Planning
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.
In a previous blog (click here), we posted about the Mortgage Forgiveness Debt Relief Act (“MFDRA”) and how it had yet to be extended by Congress to cover mortgage debts forgiven in 2014. MFDRA prevents homeowners who went through a short sale, foreclosure sale, a principal reduction, or some other type of waiver of a deficiency regarding their primary residence from being taxed on the amount of mortgage debt cancelled or forgiven.
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A power of attorney is a written instrument pursuant to which an individual (the “principal”) grants to another (the “agent”) the authority to act on behalf of the principal, primarily for financial and business matters. Powers of attorney and similar instruments are governed by Chapter 709 of the Florida Statutes, also known as the Florida Power of Attorney Act (FPOAA).
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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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Section 736.0708 of the Florida Statutes governs the compensation available to Florida trustees. Most trust documents provide reasonable compensation to the named trustee. However, if the trust document is silent on the matter, Chapter 736 provides that the trustee is entitled to reasonable compensation under the circumstances.[1] Accordingly, a Florida court may award reasonable compensation when the trust documents neglect the issue.
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The Florida Department of Revenue is authorized to levy a documentary stamp tax on deeds, bonds, promissory notes, written obligations to pay money, mortgages, liens, and other evidences of indebtedness. Florida law authorizes different taxation rates depending on the type of transaction. The documentary stamp tax is typically $0.70 per every $100.00 of consideration for instruments conveying an interest in real property including, but not limited to, deeds, easements, and contracts or agreements for deed.[1] Alternatively, the documentary stamp tax for bonds, mortgages, liens, promissory notes, and other written obligations to pay money is generally $0.35 per every $100.00 of consideration.[2] The documentary stamp tax for promissory notes or other written obligations to pay money typically may not exceed $2,450.[3]
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Posted in Asset Protection,Probate & Trust Administration,Real Estate Law,Wills, Trusts & Estate Planning
Many married couples jointly own their home or other Florida real property. It is easy to overlook the legal transfer of such jointly held property when faced with the death of a husband or wife. However, clearing title to real estate following the death of a loved one is an important consideration and should be promptly addressed by the surviving family and a licensed Florida attorney where possible.
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In a previous blog, (click for link), we posted about the importance of asset titling in estate planning and briefly described how beneficiary designation forms may implicate your personal plan. Beneficiary designations are intended to be a straightforward method for heirs to circumvent the probate process and receive funds in a timely manner. Beneficiary designations are found in many of your accounts, including retirement accounts, life insurance policies, bank accounts, stocks, certificates of deposits, bonds, mutual funds, and annuity contracts.
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