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Tax Law

Services Testimony with Babette and Fred (VIDEO)

By Elder Law, Firm News, Tax Law

 

Babette: At Bach Elder Law, we are committed to viewing our clients and their multi-generational families in a very holistic way. We try to be very active listeners. We want to preserve the integrity of the family and give them the level of service that they need, particularly when they’re in crisis, because when you’re in crisis you need to be taken care of, you need to have your phone call returned, you need to know your case is a priority, so that you can feel the relief that someone is servicing you and solving the problems for you.

Fred: One of things that I enjoy so much in working with Babette, having done this for a lot of years, is the standard of excellence that we have in the office. Nothing goes out of that office unless it’s perfect, unless it’s been reviewed, unless it’s well thought out, unless it’s in the best interests of the client and achieves the best possible result for the client. Nothing else is acceptable.

Babette: In order to obtain the type of services and the level of knowledge that we would like to present to our clients, we are very involved in the Florida Bar. I am often putting on CLEs on behalf of the bar as chair of the elder law section. I have frequently written articles or lectured in the field of elder law. I am frequently attending different continuing legal education programs, and also tracking programs that are provided by the National Academy of Elder Law Attorneys so that I am appraised of all of the newest events that occur in my field.

Fred: In the field of taxation, you must absolutely be current and up to date. In addition to practicing with Babette, I am also a tax law professor at Stetson Law School, which is in St. Petersburg, Fla., approximately 30 miles north of here. In order to stand in front of 25 law students two and three times a week, you must be absolutely current in the tax law. You have to know what you’re talking about and as a result of that experience, the give and take with students, you are obligated to know and understand the law including the most recent changes and additions to the tax law.

Tax Matters with Fred (VIDEO)

By Tax Law

 

Fred: I bring to Bach Elder Law my expertise in tax matters. Frequently our clients come into the office with tax problems. Some of them haven’t filed returns for a number of years, some of them are engaged in disputes with the Internal Revenue Service, some of our wealthier clients need tax planning on estate issues which can become very complicated, particularly now at this time where there is great uncertainty in the estate tax law. Congress failed to renew our estate tax law and it went out of business on December 31, 2009. Most tax practitioners, myself included, believe that when the Congress gets to it, it will reinstate the federal tax law in substantially the same form that existed as of December 31, 2009. This means that persons with estates of less than 3.5 million dollars, or 7 million dollars between a husband and wife, need not be concerned with federal estate taxes.

Succession Planning with Fred (VIDEO)

By Estate Planning, Tax Law

 

Fred: In the tax and business areas, I have also represented and advised business owners on succession planning. That is, how do you get a business from one generation down to the next in the most efficient way, both from a tax standpoint and also from a governing standpoint. Frequently, when a business is passed from the founder to the next generation, you have controversies and disputes between the children in the operation of the business. In many cases some want to sell, some don’t want to sell. You can provide for that and prevent those kinds of disputes with well thought-out succession planning in the form of buy/sell agreements, employment agreements and operating agreements that will state with some specificity just who has the right to make the decisions, and who is going to be running the business while still treating all of the beneficiaries of a business owner equally.

Real Estate with Fred (VIDEO)

By Estate Planning, Real Estate, Tax Law

 

Fred: We can also handle all aspects of real estate transactions for our clients, including transfers to beneficiaries, and in those cases where clients are purchasing homes in Florida, we can represent them in connection with the purchase, including reviewing the agreements of sales, searching the titles and obtaining title insurance on behalf of our clients, so that they can be assured that they own clear, free and marketable title to any properties down here that they are purchasing.
One of the questions that we’re frequently asked is whether a client should become a resident of the state of Florida. We have many clients who own homes in Florida but also still own homes up north, and the issues is, should they remain a resident of their state or establish residency in Flordia. In our view, their really is no downside to establishing residency in the state of Florida. There is no personal income tax and no inheritance tax. Many states up north still do have an inheritance tax that ranges  from 4% to 15% of the value of the assets that are being passed to children, grandchildren and other beneficiaries. In Florida we have no such tax. If you have a home here and spend at least the majority of your time here, there is no downside to establishing residency in the state of Florida.

Tax Counseling for the Elderly

By Tax Law

The IRS Tax Counseling for the Elderly Program offers free tax filing assistance to individuals who are age 60 or older. The Revenue Act of 1978 authorizes this cooperative agreement by providing grants to eligible agencies and organizations to provide tax support to elderly taxpayers.

The funds are used by organizations to reimburse volunteers for their out-of-pocket expenses; including transportation, meals, and other expenses incurred by them in providing tax counseling assistance at locations convenient to the taxpayers.

Tax return preparation assistance is provided to elderly taxpayers during the usual period for filing Federal income tax returns, which is from January 1 to April 15 each year. However, the program activities required to ensure that elderly taxpayers receive efficient and quality tax assistance can be conducted year-round.

For more information on your tax return and tax filing deadlines, visit www.irs.gov.  Please contact our office for an initial consultation if you need legal advice.

 

Fredric C. Jacobs, Esquire, Board Certified Tax Law

240 S. Pineapple Avenue, Suite 700

Sarasota, FL 34236

941-906-1231

941-954-1185 facsimile www.bachjacobs.com