Although it is nowhere close to becoming law, on March 25th, Senators Sanders and Whitehouse proposed a bill which would make important changes to the current federal estate and gift tax system. The bill proposes the following key changes: Reduces the estate tax exemption amount from the current $11,700,000 to…
Andrew R. Comiter, Esq. is serving as an adjunct professor for the Timing Issues in Taxation class for the LL.M. program at the University of Florida Levin College of Law. This course focuses on the fundamentals of timing issues in federal income taxation in order to help prepare students, as…
On Friday, March 26th, 2021, Andrew R. Comiter, Esq. presented in the Creditor Protection program on the topic of “Florida Limited Liability Companies.”
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…
