As defined by the Internal Revenue Service, the gift tax is one, “…on the transfer of property by one individual to another while receiving nothing, or less than full value, in return.” In [...]
As of May 2017, the Florida Senate has voted to put a proposal on next year’s ballot that will increase the Florida homestead property tax exemption from its current value of $50,000 to a value [...]
The Florida homestead exemption is an asset protection tool implemented to protect homestead property. Your Florida homestead will be designated to procure certain exemptions from real estate [...]
A Roth IRA is a retirement savings account that is funded with earnings that have already been taxed. The earnings placed in a Roth IRA are, therefore, allowed to grow without being taxed [...]
A qualified domestic trust (QDOT) is a marital trust utilized for the benefit of a spouse that is not a U.S. citizen. This type of trust allows a non-U.S. citizen who is married to a U.S. citizen [...]
As a senior citizen, it can be difficult to pay normal living expenses each month. If you also have past-due taxes that you cannot afford, they become a constant worry and hindrance. However, [...]
Because same-sex married couples are now federally recognized, they can file joint tax returns. The IRS also recognizes federal tax provisions which include income tax credit, child tax credit, [...]
The U.S. Supreme Court rulings in the 2013 Windsor v. U.S. and the 2015 Obergefell v. Hodges cases resulted in changes for same-sex couples in areas such as estate planning and tax filing. It is [...]
In 2013, changes were made to estate taxes and now few people are subject to federal estate taxes. For those who die in 2016, the first $5.45 million of an individual’s estate is exempt from [...]
An estate planning tool that couples have utilized for years is the bypass trust. The trust is a long-term planning device that allows a spouse to leave property that will not be subject to [...]
