The Gould Cooksey Fennell Blog
Employer-owned Life Insurance: Notice and Reporting to Avoid Tax
Many employers maintain life insurance policies on key employees. In addition to the obvious emotional toll the loss of a team member may have on the employer, a key employee’s sudden and permanent absence can also cause the employer immediate financial hardship. Life insurance on key employees allows the employer
The New Wealth Transfer Tax Laws and Their Impacts On Existing Estate Plans
NEW ESTATE, GIFT AND GST TAX LAWS On January 1, 2018, the current federal estate tax, gift tax, and generation skipping transfer (GST) tax exemption levels were increased dramatically to $11,180,000 per person ($22,360,000 combined for a married couple). These amounts will increase yearly, as they are indexed for inflation.
Florida Supreme Court Resuscitates Right to Privacy in Litigation
In the social media age, it may seem as though nothing is private. A perfect stranger can readily access our personal information through simple internet searches, and massive data breaches are becoming commonplace. This pervasive “openness creep” has been apparent in Florida case law over the years. Courts have permitted litigants to
New Tax Laws Affecting Entities Taxed as Partnerships
Effective January 1, 2018, the IRS will implement new audit procedures applicable to entities (including LLCs) taxed as partnerships. Application of the New Partnership Rules Under current audit procedures, the IRS is required to provide certain notices to each partner even though a tax matters partner may have been appointed
Combatting the Trend of Low Pre-Suit Offers in Personal Injury Cases by Showing Willingness and Resources to Go to Trial
Many attorneys who represent Plaintiffs in personal injury and wrongful death cases are seeing a trend of lower pre-suit offers by the insurance companies controlling the settlement purse strings. The trend seems to be extending through the discovery stage and mediation, with reasonable offers coming only at the 11th hour,
Seven GCF Attorneys Named to Florida’s Super Lawyer List
Seven GCF Attorneys representing five distinct practice groups have been selected to the 2017 Florida Super Lawyers and Rising Star lists. David Carter (Personal Injury), Sandra Rennick (Real Estate), Jason Odom (Employment Litigation), Eugene O’Neill (Construction Litigation) and Troy Hafner (Estate Planning & Probate) have all been selected to the Super Lawyers
New Treasury Regulations to Eliminate Tax Valuation Discounts on Family Owned Entities
On August 2, 2016, the Treasury Department issued proposed regulations that would significantly reduce the tax planning benefits involving family limited partnerships and similar structures which are effective tools for certain wealthy families. Under a typical scenario, one or both parents might transfer various assets worth several million dollars into
GCF Attorneys named to 2016 Florida Super Lawyer List
Four attorneys from the firm have been selected to the 2016 Florida Super Lawyers and Rising Star lists. Troy Hafner, David Carter and Gene O’Neill are selected to the Super Lawyers list and Anthony Guettler was selected as a Rising Star. Each year, no more than five percent of the lawyers in
CONDO ASSOCIATIONS BEWARE: Condominium Foreclosure Pleadings Must Specify Future Assessments To Trigger Entitlement
Condominium Foreclosure & Entitlement Assessments In Losner v. The Australian of Palm Beach Condominium Association, Inc., the Fourth District Court of Appeal recently held that a condominium association may not foreclose and collect on special assessments in addition to the quarterly assessments when the special assessments are not contained within
Release of Lien in Florida – Two Witnesses Required On Lien Releases
HB 7037 took effect on July 1, 2014. It amended Florida Statute §§718.116 by adding a statutory form release of lien. Note that the general rule in Florida is that an instrument creating a lien on real property does NOT require two witnesses, nor does a release of that lien.
Operating Agreement Controls Over Revocable Trust in Estate Battle Over Ownership Interest in Limited Liability Company
If you specify a transfer of LLC membership interest upon death but promise the same property to someone else in your revocable trust, who wins? In the case of Blechman v. Estate of Blechman, Bertram Blechman and his sister formed Laura Investments, LLC, a limited liability company. Upon forming the
Is your Loved One’s Ashes Considered “Property,” Subject to Division under the Probate Code?
The death of a child is unimaginable for a parent. Any loving parent would try their best to hold onto every belonging to keep their loved one present in our mind and heart. In the recent case of Wilson v. Wilson, the tragic death of a son who died without
Allegations of Smart Phone Usage Lead to Car Accident
One of the leading contributors to automobile accidents is the use of cell phones and other “smart” devices while driving. When representing injured victims of vero beach car accidents, we often have reason to believe that the other driver was texting or talking on a cell phone at the time
Is it time to revisit your Florida LLC Operating Agreement?
Chapter 605 and the Revised Florida Limited Liability Company Act Effective January 1, 2014, the Revised Florida Limited Liability Company Act (the Act) became the applicable law with respect to the operation of limited liability companies in this state. On or about January 1, 2015, the former Florida Limited Liability
Are Irrevocable Trusts Really Irrevocable?
Many clients establish irrevocable trusts or are the beneficiaries of existing irrevocable trusts, which no longer reflect the grantor’s objectives. Because of changes in the tax laws, the terms of an irrevocable trust may no longer be appropriate and may even have adverse tax consequences. In addition, beneficiaries may desire
The Benefits of Florida Homestead Portability
Floridians value the benefits of Save Our Homes as established by our Florida Constitution. With the addition of Portability, the benefits of Save Our Homes can be transferred to new residential homestead property. Portability (Amendment One to Florida’s Save Our Homes) allows owners of residential real property with a homestead
Selecting a Trustee
One of the most important decisions in establishing a trust is selecting the trustee, and determining the terms and method of trustee succession. The role of the trustee can vary greatly depending upon the terms of the trust. In some instances, the trustee will have significant discretion in making distributions
Jurisdictional Deadlocks in Probate Litigation
What do you do when probate courts in two different states have equal jurisdictional authority over an estate? This is one of many issues arising from the administration of the estate of Ruth Perelmen. Petitions Filed in Two Courts In 2010, Mrs. Perelmen executed a last will and testament in
