Three Documents You Must Have to Protect Your Family During the COVID-19 Crisis and Beyond

By: Melody B. Lynch & Brian Lawrence

Naturally, COVID-19 has led to a large degree of uncertainty, which emphasizes the importance of having your estate plan in place – or establishing one if you have not done so already. While it is impossible to prepare for every possible contingency, there are ways to give yourself some peace of mind.

Here are three essential legal documents to execute during this crisis to help protect you and your family going forward: read more

Worried That a Sizeable Estate or Trust Gift Was Procured by Undue Influence?

By: Melody Lynch

Do you have a loved one who recently passed away and you are concerned that their will or trust was procured by undue influence? Although the law on undue influence has not evolved much since the seminal Florida Supreme Court case of In re Estate of Carpenter in 1971, the greying of the population in Florida has resulted in an increase in undue influence claims in the courts. In order to prove undue influence in Florida, you must demonstrate that a substantial beneficiary acquired an asset via undue influence. This person must have had a confidential relationship and must have actively procured the gift in one of the following ways: (1) presence of the beneficiary at execution of the document; (2) presence of the beneficiary when the person expressed the desire to make a will or form a trust; (3) the beneficiary recommends the attorney who prepared the will or trust; (4) the beneficiary knows the contents of the will or trust prior to execution; (5) the beneficiary gives direction to the attorney preparing the document; (6) the beneficiary secures witnesses for execution; or (7) the beneficiary maintains the will or trust for safekeeping. read more

Choosing Guardianship for Seniors – Five Factors for Consideration

By Melody Lynch

A guardianship is a wonderful vehicle to assist seniors and their families in certain difficult situations. Filing a petition for appointment of a guardian over a loved one is a difficult decision that involves discernment and guidance.

Five factors for consideration prior to filing a petition for guardianship include:

(1) Whether the senior has adequate estate planning documents in place such that a less restrictive alternative to guardianship exists?

(2) Whether the existing estate planning documents are subject to challenge for lack of capacity, undue influence, or lack of proper execution?

(3) Whether the senior has a valid power of attorney and if so, whether that POA is sufficient to address the present needs?

(4) Whether the senior experienced recent or worsening cognitive decline as a result of dementia or other illness?

(5) Whether a family member, neighbor, or other person is taking advantage of the senior?

Depending on your answer to the above questions, guardianship may be the right arena to address the needs of your family. Once you decide to proceed with a petition for guardianship, the next step is to determine which type of guardianship is appropriate for your situation. Check back for future posts to learn more about the types of guardianships and call us if we may help guide you regarding a possible guardianship action.

Republicans Announce Tax Reform Framework, Which Includes Repealing Estate Tax

By:  Amanda Wilson

After months of speculation, President Trump and the Republicans have announced their framework for tax reform.  While specific details are not known, the key elements of the framework include:

  • Reducing the corporate tax rate to 20% (current rate is 35%).
  • Providing for a 25% tax rate (current maximum rate for individuals is 39.6%) for income from small businesses owned as sole proprietorships, partnerships and S corporations.
  • Providing for individual tax bracket rates of 12%, 25%, and 35% (a change from the current 7 rates that go from 10% to 39.6%).
  • Repealing the estate tax and the generation skipping tax.
  • Repealing the individual alternative minimum tax.
  • Doubling the standard tax deduction to $12,000 for individuals and $24,000 for married couples.
  • Increasing the child tax credit.
  • Eliminating most itemized deductions for individuals (including deductions for state and local taxes).  There will still be tax incentives for mortgage interest and charitable contributions.
  • Limiting corporations ability to deduct interest.
  • Allowing corporations to expense the cost of new investments in depreciable assets other than structures for at least 5 years.
  • Repealing Section 199 deduction for domestic production.
  • Replacing the current tax system for U.S. companies operating abroad.  U.S. companies will receive a 100% exemption on dividends from related foreign subsidiaries.  Any existing accumulated foreign earnings will be treated as repatriated, with the corresponding tax spread out over several years.  Earnings held in illiquid assets will be subject to a lower tax rate than earnings held in cash or cash equivalents.
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