Notables

…Recently, the Internal Revenue Service has begun cracking down on gifts among family members that have not been reported. People who live in Florida and elsewhere are required to report such gifts on a Form 709. This form is known as a United States Gift Tax Return. It must be filed for transfers of property valuing more than $13,000, in spite of the current law that states that the lifetime gift tax exemption limit is $5 million.

…Estate tax planning is important for Florida residents, but it is also just as important for persons who own U.S. assets but are not U.S. citizens. The rules concerning non-resident asset taxation can be complicated, and they may only get more complicated over the next few years. Under current law, not only can the federal government levy estate taxes on property, but some states may also demand a probate tax at the time of death on property owned by non-residents.

…Readers in Palm Beach Gardens may be interested in a recent court ruling touching on the issue of guardianship where Alzheimer’s disease may be a factor. While the court decision comes from Guam and has no formal legal precedent in the United States, its reasoning may be of some import to judges in this country considering similar issues.

…Estate planning sometimes follows the loss of a loved one, adding to the difficulty in making important decisions. When there are governmental delays in sending out required estate tax forms, it essentially puts the state of estates in limbo. Such is the case for a Florida woman, who is confronting the necessary estate tax planning for the multi-million dollar estate of her late husband.

When you need to create an effective estate plan, an experienced and knowledgeable lawyer can be of great assistance and can look out for your rights. The estate and trust laws in Florida can be confusing and intimidating. You can easily become confused about the most effective strategy to accomplish your goals.