Monthly Archives: February 2015
February 23, 2015
When property is gratuitously transferred from one individual to another, it is considered a gift in the eyes of the government. This gift may be subject to the gift tax depending on how much the gift is worth and whether an individual has any of his or her gift tax exemption available.
February 16, 2015
…Florida users of social media may be interested to learn about the new legacy contact feature Facebook recently rolled out. Following years of criticism from family members about their inability to access deceased loved ones’ accounts, Facebook has developed a feature that allows those with a profile to designate someone who can control the account after the owner’s death.
February 10, 2015
…As Florida residents may know, some states allow noncharitable trusts to protect certain assets for a limited time or in perpetuity. This type of trust might be useful to protect domestic assets or provide for a pet.
Noncharitable purpose trusts offer some features of other trusts, such as naming a trust protector with the ability to administer the trust in the way the grantor wishes.
February 9, 2015
…Partner John Farina has been selected a 2015 Top 100 Trust and Estates lawyer, by the American Society of Legal Advocates (“ASLA”). ASLA is an invitation-only organization of elite lawyers in practice today. Less than one and a half percent of lawyers nationwide are members. ASLA draws its membership from lawyers who combine stellar legal credentials with a proven commitment to community engagement and the highest professional standards.
February 6, 2015
…Every year, the Internal Revenue Service provides updates to the amount individuals can set aside for their future or leave to their heirs tax-free. These guidelines allow for individuals to maximize ways to provide for their families now and after they are gone.
The 2015 federal estate tax exemption is $5.43 million per person.