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. Property that is transferred from one person to another after an individual passes on may be subject to estate tax.
The gift and estate tax exemption for 2015 is $5.43 million and is indexed for inflation….
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.
Upon death, the legacy contact is able to download an archive of the deceased person’s profile and photos. He or she is not able to log in to the account, however….
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. However, no beneficiary is named in an NCP trust. The administrator may make changes when necessary, and some states limit the time for this type of trust to 21 years while others allow a dynastic trust with unlimited duration….
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.
John Farina is a Florida Bar Board Certified Business Litigation Attorney and is also Florida Bar Board Certified in Wills, Trust and Estates, a certification less than one percent of all Florida attorneys hold….
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. The 2015 annual gift exclusion is $14,000 per individual. These limits mean that someone can leave their heirs an estate worth up to $5.43 million or provide a gift, up to $14,000, to someone without paying federal taxes….