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Taxation & Estate Planning

Death and Taxes Blog

Commentary on estate planning, estate administration, and real estate issues from a Chicago-area attorney.
By Joel A. Schoenmeyer

Post Frequency: 2.4/day

Last Entry: May 14, 2013 at 12:00:31

Why Living Trusts Don?t Always Avoid Probate in Florida

Posted on May 14, 2013
Living trusts are a popular tools for avoiding probate in Florida. But even though probate may not be required to transfer assets, the trustee may want to probate the deceased person?s estate to deal with creditors.Why Living Trusts Don?t Always Avoid Probate in Florida is a post from: probate attorney Jeramie Fortenberry

Taxation of Lifetime Gifts vs. Transfers at Death

Posted on May 07, 2013
Lifetime gifts versus transfers at death. From a tax planning perspective, should a client hold property until death or transfer it during his or her lifetime? Taxation of Lifetime Gifts vs. Transfers at Death is a post from: probate attorney Jeramie Fortenberry

Estate Tax Provisions of the 2014 Budget: Is the Current Estate Tax Law Permanent?

Posted on April 30, 2013
Since the Treasury recently released President Obama?s 2014 budget proposals, there?s been a lot of grumbling about the President?s proposed estate, gift, and generation-skipping transfer tax provisions. If enacted, these proposals would change the estate tax laws yet again...

ATRA: What the New Estate Tax Law Means to You

Posted on April 23, 2013
President Obama signed the American Taxpayer Relief Act of 2012 (ATRA) on January 2, 2013. Whether ATRA is a ?relief? to taxpayers depends on how you look at it. Things aren?t as good as they were under prior law, but they aren?t as bad as they could have been if Congress had not acted...

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Explanation of President Obama?s 2014 Budget

Posted on April 16, 2013
The Treasury recently released a general explanation of the Obama administration?s revenue proposals for 2014. In an attempt to broker a deal between Republicans and Democrats, President Obama?s proposals include both spending cuts and tax hikes. Explanation of President Obama?s 2014 Budget is a post from: probate attorney Jeramie Fortenberry

Using an Unrecorded Pocket Deed to Avoid Probate

Posted on April 12, 2013
Using an unrecorded pocket deed to avoid probate is almost always a bad idea. There are always better alternatives, such as a Lady Bird deed, living trust, our recorded conveyance. Using an Unrecorded Pocket Deed to Avoid Probate is a post from: probate attorney Jeramie Fortenberry

How to Get Appreciated Real Estate Out of C Corporations

Posted on April 03, 2013
When it comes to getting appreciated real estate out of a C corporation, there are no quick and easy solutions. But the tax problem usually gets worse if it is not addressed. The best time to deal with the issue is usually ten years ago; the second best time is now...

The Estate Plans of George Washington and Abraham Lincoln

Posted on February 18, 2013
Today being President?s Day, I thought it may be fun to take a look at the estate plans of two of our most famous presidents: George Washington and Abraham Lincoln.The Estate Plans of George Washington and Abraham Lincoln is a post from: probate attorney Jeramie Fortenberry

2013 Estate Tax Rates

Posted on January 23, 2013
The American Taxpayer Relief Act of 2012 raised the maximum Federal estate tax rate from 35 percent to 40 percent. Here's are the new permanent estate rates for 2013 and beyond. 2013 Estate Tax Rates is a post from: probate attorney Jeramie Fortenberry

Rights of Stepchildren to Assets of a Deceased Parent in Probate

Posted on December 04, 2012
Dad dies. Stepchildren claim that stepmother is taking dad?s assets and not communicating with them. Stepmother claims that all of the marital assets passed to her as surviving spouse and the children are just bugging her. There?s conflict and confusion...

The State of the Estate Tax ? Thoughts for December 2012

Posted on November 29, 2012
If Congress fails to act by the end of the year, the estate tax exclusion will drop from $5.12 million to $1 million, meaning that anyone with a taxable estate worth more than $1 million could be subject to estate tax. At the same time, the estate tax rate could increase from 35 percent to as high as 55 percent, taking more than half of the estate...

How to Transfer of Automobile or Mobile Home without Probate in Florida

Posted on November 27, 2012
Florida law allows the certificate of title to be transferred to the heir or beneficiary of the deceased person, without any need for a formal court proceeding. How to Transfer of Automobile or Mobile Home without Probate in Florida is a post from: probate attorney Jeramie Fortenberry

Proposed Amendments to Florida Constitution Would Extend Homestead Benefits

Posted on October 29, 2012
Four of the eleven proposed 2012 amendments to the Florida constitution deal with changes to the Florida homestead laws. Here?s a quick rundown of the proposed changes to Florida homestead protection. Proposed Amendments to Florida Constitution Would Extend Homestead Benefits is a post from: probate attorney Jeramie Fortenberry

The Problem of Mishandled Mississippi Probate Matters

Posted on October 23, 2012
No legal system is perfect, but that doesn?t mean that improvement is impossible. Sometimes a na�ve question or two can advance the status quo. Here are a few humble suggestions that I think would improve the current Mississippi probate system. The Problem of Mishandled Mississippi Probate Matters is a post from: probate attorney Jeramie Fortenberry

How to Force Someone to Close or Settle an Estate in Mississippi

Posted on September 18, 2012
In our Mississippi probate practice, we sometimes get calls from heirs or beneficiaries who are anxious to move things along. Often the estate proceeding has stalled, and the heirs simply want to know why. There are many causes for delay in closing estate, some legitimate (e...

Using Loss Harvesting to Save Money During Tax Time

Posted on September 12, 2012
Note: This article was contributed by Grant Webb with Bisk Education?s CPA Review Program. Every investor invests to realize a future gain, but realized gains generally come with taxes. There are several tax strategies that can be used by tax advisers to reduce taxes on realized gains...

Obamacare: The Upcoming Medicare Tax Hike and What to Do About It

Posted on September 11, 2012
Even if lawmakers extend the Bush tax cuts for 2013 (I think that they will), this new 3.8 percent tax will effectively raise the top tax rate on capital gains and dividends to 18.8 percent. If the Bush tax cuts do expire, the capital gains rate will increase to $23...

Mississippi Tax Sales and Tax Lien Certificates: A Primer for Investors

Posted on August 23, 2012
It?s that time of year when interest in Mississippi tax sales seems to heat up as investors large and small gather in Mississippi courthouses to seek their fortunes. Given that my prior posts on Mississippi tax sales seem to attract attention, I thought I would provide a basic explanation of the process in Q and A format...

How to Get Letters Testamentary or Letters of Administration in Mississippi

Posted on July 10, 2012
In our free consultations, we often get questions about how to get Letters Testamentary or Letters of Administration in Mississippi. Often the person has been told by a bank or some other third party that Letters Testamentary or Letters of Administration will be required before a deceased person’s account can be accessed or information given...

How Long Does a Person Have to Challenge or Contest a Will in Mississippi?

Posted on July 05, 2012
The deadline for bringing a will contest or challenging a probate or estate administration in Mississippi depends in large part on what type of estate administration is being used. Mississippi recognizes two forms of estate administration: solemn form and common form...

Sample Pot Trust Form Clauses

Posted on June 28, 2012
I wrote recently about pot trusts�and how they can be used to provide for a more equitable distribution for minor children. As I mentioned, pot trusts allow all trust assets to be held in a common “pot” for the benefit of children until a certain triggering event occurs (attaining a certain age, graduating from college, [...

Can a Florida Personal Representative Sell Assets of the Estate?

Posted on June 12, 2012
Some people pass away leaving only real estate and/or some personal belongings, and not much else. Illiquid estates (estates where there is no cash) must be distributed just the same as any other estate. Sometimes the heirs or beneficiaries of the estate would prefer cash to a partial interest in the estate assets...

Special Needs Trusts: What Happens When You Ignore Special Needs Planning

Posted on June 07, 2012
Another example of the importance of special needs trusts.� I was contacted about a client with an all-too-common issue. A lady died several years ago without a will.� At the time of her death, she owned a home that had been severely damaged by Hurricane Katrina...

Admitting a Copy of a Lost Will to Probate in Florida

Posted on June 05, 2012
Considering the formalities the state of Florida requires in order for a will to be valid, it might be surprising that it?s not very difficult to have a copy admitted to Florida probate in the right circumstances. A valid will ? one that will be admitted to probate without the need for any additional evidence [...

Substituting or Removing a Personal Representative in Florida Probate

Posted on May 29, 2012
I wrote last week about the general requirements for serving as a personal representative in Florida. Just to recap: In cases where the decedent leaves a Last Will and Testament, the law?s first preference for the estate?s personal representative is the person nominated in the Will...

Who Can Serve as Personal Representative in a Florida Probate?

Posted on May 22, 2012
Any legally competent person who was a resident of Florida at the time of the decedent?s death is qualified to act as the estate?s personal representative in a Florida probate proceeding. This residency requirement is waived for family members and most in-laws...

Why I Don?t Think Lawyers Should Advertise on Facebook

Posted on May 17, 2012
The question for lawyers is not whether Facebook advertising influences purchasing decisions; it?s whether Facebook advertising is the best use of resources when compared to other forms of advertising, such as inbound marketing. Here's why I don't think that Facebook advertising is a good use of marketing dollars.

Can You Open a Safety Deposit Box Without Probate in Florida?

Posted on May 17, 2012
We are sometimes asked about whether Florida probate is required to access the contents of a safety deposit box in Florida. If there are no known probate assets, knowing what?s in the safety deposit box can often determine whether Florida probate is required...

A New Beginning (and Theme)

Posted on May 15, 2012
I just finished building a new WordPress theme for Death and Taxes and thought I?d share a few design notes here.� For those of you who follow this site via RSS, I also want to give a quick update on what?s been going on with the site over the past few months...

Document Automation

Posted on May 10, 2012
Document automation is good. It allows you to increase your productivity. And when used in combination with a flat fee system … Document automation can make you a bunch of money. Which is really good. I plan to write about document automation. But I’m not quite there yet...

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