The 2014 tax year brings with it changes in income tax rate threshholds, deductions, exemptions, and new estate tax and gift tax exemptions amounts.
Florida continues to gain population at the expense of New York and other states in the Northeast. Florida has no income tax, no estate tax, and no inheritance tax.
Notes from Heckerling - Pressing the "Do Over" Button: Strategies for Modifying Wills and Trusts after Formation
Mr. Rubenstein opened his presentation discussing a few current events that weren’t expected such as the European debt crisis, the Asian spring, and the Yankees failing to reach the World Series
In a dramatic change from previous law, the Florida Legislature has enacted Florida Statute section 732.615 to allow the reformation of a will. Previously under Florida probate law, a trust could be reformed for a mistake of fact or law, but a will could not. The new statute allowing the modification of wills is effective as of July 1, 2011 and reads as follows:
On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the 2010 Act). The 2010 Act provides for extension of the Bush tax cuts from 2001 and 2003 until 2012, as well as a variety of other tax reductions. Here are the some of the highlights.