Until the last two years, it has been illegal in the United States to make remittances to any Cuban nationals. The United States put an embargo in place as a sanction against Cuba in the 1960s, which was intended to make U.S. dollars inaccessible to the Cuban government. The embargo…
In today’s always changing and fast moving society, many individuals marry, divorce, and remarry over the course of their lives. Often times, a husband and wife will execute a joint will or separate wills during their marriage, leaving a substantial portion of their assets to one another. But, what is…
Even when a person creates a will, it is possible that nobody will be able to find that will when the testator passes away. Fortunately, Florida law allows for the contents of a will or a codicil (an addition, supplement, or amendment to a will) to be proven even if…
The odds of winning the recent Power Ball jackpot were somewhere around 1 in 175 million. While the chances of hitting that $575 million dollar jackpot were absurdly low, the odds of winning a smaller jackpot are much less daunting. If you are one of the lucky to hit a…
A special-needs trust, also known as a supplemental-needs trust or a disability trust, is a trust established for an individual with a disability who qualifies for government benefits from that disability, in order to provide income supplemental to the government benefits without rendering the individual ineligible for the benefits. Special-needs…
With estate tax rates that could reach 55 percent in 2013 along with a falling exemption, it is not surprising that taxpayers will look for every way possible to reduce their tax burden, and one potential way of accomplishing this is with deductions. Typically, after an estate is valued, it…
In order to finance the Patient Protection and Affordable Care Act, Congress has imposed a new 3.8% surtax on certain passive income starting in 2013. Typically, passive income includes interest, dividends, rents, royalties, capital gains, and other payments in which the investor does not actively participate in management. The surtax…
In the past few years, a number of states, such as Nevada, Alaska, and South Dakota, have enacted legislation that permits the use of self-settled or “asset-protection” trusts. Basically, these trusts allow a person to be the beneficiary as well as the grantor in a trust. As the name implies,…
It is well known that many wealthy individuals come to sunny Florida to retire. Unfortunately, Florida also has its fair share of people looking to take advantage of Florida’s wealthy, elderly population. For example, it is not uncommon for a younger man or woman to marry a high net worth…
Usually when an executor is appointed to administer an estate, he or she does not think that the liabilities of the estate could actually become their own. However, in U.S. v. David A. Tyler and Louis J. Ruch, a federal judge ruled that an executor can be held liable for…