››The Internal Revenue Service recently issued Rev. Proc. 2022-32, which permits certain estates up to 5 years to file a federal estate tax return (Form 706) in order to make a portability election and thereby transfer a decedent’s unused estate tax exemption to his or her surviving spouse; an estate…
Category: Estate Administration
Comiter Singer, is thrilled to announce associates, Brian M. Spiro, Antonio P. Romano & Christopher C. Weeg, graduated from the Florida Fellows Institute of The American College of Trust and Estate Counsel (ACTEC). The Florida Fellows Institute was created by ACTEC Fellows to develop the profession’s future leaders in trust and estate…
Florida is not a community property state. Florida is, however, a recipient of domestic and foreign migration. Often, those that relocate to Florida come from community property states, or countries with property rights akin to community property states that require due consideration. In addition, even if the married couple that…
Under Florida law there is no requirement to probate a will. When determining whether or not to probate a will it is important to consider the following: What assets must be transferred out of the Decedent’s name? If there are no probate assets there would be no reason to probate…
For tax purposes, the basis of an asset generally equals its purchase price, and an asset’s basis determines the gain or loss when sold. If, for example, you purchase stock for $50 that you later sell for $75, you have a $25 taxable gain (i.e., $75 sale price less your…
