On behalf of Law Office of Warren B. Brams, P.A. posted in Trust Administration on Tuesday, February 21, 2012
The founder of the International Polo Club Palm Beach in Wellington, Florida, sparked a flurry of news and discussion when he recently adopted his 42-year-old girlfriend. According to the entrepreneur's attorney, the millionaire made the unconventional and rather controversial move in order to preserve his children's interests in an irrevocable trust, a popular estate planning tool for many Florida residents.
When the entrepreneur established his trust, he appointed a wealth management firm to oversee the trust's administration. Because the trust is irrevocable, the entrepreneur has no authority to remove the management firm as the trustee. Claiming to have lost confidence in the firm's management, the entrepreneur elected to adopt his adult girlfriend in order to make her a beneficiary of the trust.
On behalf of Law Office of Warren B. Brams, P.A. posted in Estate Planning on Wednesday, February 15, 2012
Florida retirees frequently overlook proven strategies that can assure them a comfortable life in retirement. That is why it is important for anyone approaching retirement to heed some effective recommendations that can help set retirees up for the best potential financial future.
Being careful about taxes is one way people can retain more assets. Many retirees pay more than they should in taxes, but changing legal residency and being smart about when to take withdrawals from a retirement account can significantly reduce tax liabilities. For example, Florida has no income tax, yet many retirees who meet the residency requirements here do not take advantage of this benefit.
On behalf of Law Office of Warren B. Brams, P.A. posted in Estate Planning on Thursday, February 9, 2012
One particular estate planning technique used by many Florida residents has recently come under fire in the U.S. Senate. Max Baucus, the U.S. Senate Finance Committee Chairman, has proposed making changes to estate planning law with regard to how inherited individual retirement accounts, or IRAs, are taxed. Specifically, the senator has proposed tighter restrictions on how IRAs are transferred to beneficiaries.
As of now, the law lets the holder of an inherited IRA receive taxable distributions over the anticipated span of his or her lifetime. However, the senator says the practice has been abused by people who give tax-free benefits to younger beneficiaries.
On behalf of Law Office of Warren B. Brams, P.A. posted in Estate Administration on Friday, February 3, 2012
Many residents in West Palm Beach divide their time each year between Florida and another state. That brings up some important estate planning questions. Namely, in what state, if not both, should an estate be opened if something were to happen to the asset holders? Of course, careful estate planning prior to one's passing will clearly determine the answer to this question, but sometimes planning is put off until it's too late, and then the family must figure out how to proceed.
As readers in Florida likely know, state law governs estate administration and probate, so residency is definitely an important factor. The common sense approach to determining residency is to look at where the asset holders spent most of their time, in Florida or elsewhere. If each year is basically divided right down the middle between two states, then the state where the decedent or incapacitated individual filed state income taxes is a good indicator of where the estate should be opened.
On behalf of Law Office of Warren B. Brams, P.A. posted in Estate Planning on Friday, January 27, 2012
Residents of West Palm Beach may have heard that Etta James, the legendary rhythm and blues singer, recently passed away. James, who later in life suffered from leukemia and dementia, was known for singing such enduring chart-toppers as "At Last" and "Tell Mama." She was 72 years old when she passed away, and sadly, the last year of her life involved some controversy over her estate plan. Readers in South Florida who are concerned with issues of powers of attorney, determining incapacity, medical directives or other estate planning matters may be interested in the dispute over James' estate, since many people in Florida face similar conflicts every year.
James was married to her husband for 42 years. She also had two sons from a previous relationship. One of her sons and her husband took their disagreement to court over who had the right to make decisions for the singer regarding her medical care and finances.
On behalf of Law Office of Warren B. Brams, P.A. posted in Probate Litigation on Wednesday, January 18, 2012
Residents in South Florida know that probate litigation can get complicated and sometimes downright unpleasant. But a solid and well-considered estate plan can ease the burden on heirs and beneficiaries, as well as ease the minds of living asset owners. Still, family strains and other factors too often make probate litigation anything but simple, and a prime example of such a situation is a recent case involving the apparent heir to the family fortune of the giant Cargill Corp.
In September 2011, a Broward County judge appointed the mayor of Fort Lauderdale, who is also an attorney, to represent Andrew MacMillan, the apparent heir of the Cargill fortune. For medical and mental health reasons, MacMillan was found to be incompetent to stand trial after being arrested on charges of domestic violence and resisting arrest, so the mayor was appointed as his guardian.
On behalf of Law Office of Warren B. Brams, P.A. posted in Trust Administration on Monday, January 9, 2012
Residents of West Palm Beach who are currently involved in estate planning may have questions about Florida law as it relates to establishing a living trust. For instance, can a living trust provide any asset protection if the owner of assets benefits from or controls the trust in any way? In this case, the answer is no. Usually, with a living trust, the owner of assets can serve as or appoint a trustee. The owner can also revoke or make changes to a trust, as well as withdraw trust assets. These powers are very helpful in estate planning and avoiding probate. But if the owner has these powers, creditors are allowed to attach the trust assets.
If an owner would like to minimize future estate taxes or gain asset protection, he or she has the option of giving up the right to benefit from or control a trust. But the majority of owners don't take that route.
On behalf of Law Office of Warren B. Brams, P.A. posted in Estate Planning on Thursday, December 29, 2011
South Florida readers who are concerned with matters of estate planning will be interested to hear of a new and helpful radio show aimed at helping listeners plan their financial futures. The show is called Money Matters, and it features a special section called "Our Dividend Portfolio." While the radio program is certainly no substitute for intricate legal advice, it does touch on topics that range from estate planning to tax strategies to investment management, helping listeners to consider general matters of estate administration.
The show has been described as lively and informative, and the host of the program says that it functions as a "real life learning tool that educates listeners about prudent investing strategies." Money Matters is geared especially toward South Florida baby boomers and retirees who are trying their best to recoup from the nation's economic downturn. The show has also proven to be popular among baby boomers who are realizing the importance of restructuring their investment portfolios with a clear view toward retirement, long-term care, and other end-of-life issues.
On behalf of Law Office of Warren B. Brams, P.A. posted in Estate Planning on Tuesday, December 20, 2011
Everyone who drafts an estate plan in Florida tries to consider all of the things they hold near and dear to them and those they love. But what about those four-legged loved ones? What is to come of them after the departure of their loyal companion? The friend of a Florida woman who passed away is finding out first-hand how complicated it can be if one's pets are not included in the estate plan or living will of an individual.
The owner of two Boston terrier dogs became ill and was no longer able to care for the animals, so they were taken to a nearby animal rescue center during the month of August. Before the woman's death, she had made verbal requests to a friend of hers about her wishes for the beloved pets to be kept in the friend's home. Unfortunately, the now deceased woman did not formalize these requests in her estate plan or will. After her death in December, the friend attempted to claim the dogs from the animal rescue but was denied.
On behalf of Law Office of Warren B. Brams, P.A. posted in Estate Planning on Friday, December 16, 2011
Florida readers are probably aware that senior residents make up a significant portion of the population in South Florida. In fact, over 250,000 people who are 75 or older live in Palm Beach and Broward Counties, reflecting a 31 percent increase in the last 10 years. One aspect of life for many seniors in Florida is that the majority of their relatives live out of state. However, as the holidays roll around, family members come together in Florida to celebrate with their loved ones. Moreover, organizations that provide care and services to seniors have indicated that the holidays may be the most convenient time of year for families to sit down and discuss important estate planning issues.
While the idea of discussing end-of-life care may not be the most pleasant thing, a nationwide elder care organization says that inquiries for their services do increase just after the holidays. Often, when families arrive from out of state to visit with their elder loved ones, the relatives observe the reality of an elder's living situation, and the family members take action.
