The Florida Community Property Trust Act, signed into law on July 1, 2021, provides that assets transferred by a married couple to a community property trust will be treated as community property while owned by the trust. You may be reading this blog post because you have heard of community…
Category: Estate Planning
In one way, the decision of who to choose as your beneficiaries is quite simple: Who do you want to receive your assets? The most obvious answers are family members, such as spouses, children or brothers and sisters, or very close friends whom you consider family. It is important for…
COVID-19 forced a substantial portion of employees to work from home. In what is becoming a common situation, companies are allowing the work-from-home model on a more permanent basis, and as a result people are finding themselves with the freedom to move away and live somewhere else while still maintaining…
A formal definition of a “close” corporation reads a “corporation [that] does not exceed a statutorily defined number of shareholders and is not a public corporation… The main benefit of a close corporation is that it will be exempt from a number of the formal rules which usually govern corporations.”…
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…