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June 2014 Archives

Which assets should individuals list in a trust?

Recently retired individuals living in Florida may want to consider the possible benefits of establishing a living revocable trust. A living trust may partially substitute for a will, as it will become irrevocable and dictate the distribution of the listed assets at the time of the creator's death. Certain assets are better left outside of a trust, since a trust may sometimes complicate their distribution. For instance, an individual retirement account with a designated beneficiary would already provide for the transfer of retirement funds upon a person's death.

Courts rule that fees for late returns are mandatory

Florida residents might be interested in the results of Liftin v. United States, a case that determined that a penalty fee is mandatory for filing late estate tax returns. The U.S. court of Appeals for the Federal Circuit ruled on the issue on June 2014. The case involved the estate of a man who died in 2003. His wife, a Bolivian citizen, and his son, an attorney, survived him. The son was named as the executor of the estate, and enlisted the help of another attorney during proceedings.

Shelly Sterling seeking court order for sale

Florida basketball fans who have watched the Donald Sterling saga unfold can prepare for a new chapter in the scandal. Sterling's wife, Shelly Sterling, is seeking an emergency order from a probate court in California to request an expedited hearing. She agreed to sell the Los Angeles Clippers to a former executive of Microsoft on May 29, reportedly without Donald Sterling's consent.

Trusts can help Florida residents provide for children

Giving large amounts of financial assets to beneficiaries outright may leave them vulnerable. A trust, including a living trust, may provide a way for individuals and couples to pass their assets to their children, grandchildren or other relatives over time.

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