In 2022, lawmakers amended Florida Statute Section 736.0505(3), giving new life to Spousal Limited Access Trusts (SLATs) and the unique estate planning benefits they provide to families within the state. SLATs enable one spouse to create and fund irrevocable trusts during their lifetime for the benefit of a surviving spouse and future generations. The grantor […]
Posted on September 27, 2022
by
Sarah Gaymon
In 2007, multi-millionaire hotelier Leona Helmsley made headlines when she passed away leaving $12 million to her dog Trouble. Today, it is commonplace for pet owners to specify in their wills how they wish their furry friends to be cared for financially and physically long after they are gone. In fact, all U.S. states and […]
Posted on July 13, 2022
by
Sarah Gaymon
On July 8, 2022, the IRS released Revenue Procedure 2022-32, which provides a simpler method for estates with widows or widowers to elect portability of the deceased spousal unused exclusion (DSUE). When a spouse dies with unused lifetime gift and estate-tax exclusion amounts, it is often a decision for the executor and the widow or […]
Posted on February 28, 2019
by
Sandi Perez
Married couples considering a divorce in 2019 should first meet with their tax advisors and accountants to ensure their settlement negotiations reflect the way in which the new federal tax law treats alimony payments beginning this year. For more than 75 years, alimony was treated as a tax deduction for the payor and taxable income […]
Posted on October 30, 2017
by
Joanie Stein
Among the many financial and emotional issues that couples will encounter on their road to a divorce are the implications that a final dissolution of marriage will have on their taxes. Following are some important tax-related issues for separated and divorcing couples to keep in mind. Tax Filing Status Legally separated and divorced couples have […]
