By: Barry E. Haimo, Esq. May 19, 2015 Is an Estate Tax Imposed by Both the Federal and State Governments? [BEGIN TRANSCRIPTION] In some states, you will pass away and be subject to both federal and state estate tax. However, in Florida, you will only be subject to federal...

5 Reasons to Love Trusts   https://www.youtube.com/watch?v=tGBd1olqIe8&t=12s   1. Avoids Probate - Trusts own property in its name instead of your name. Remember that property can include everything you own (Learn more here). As a result of retitling your property into the name of your trust, there's no assets to go...

By: Barry E. Haimo, Esq. May 18, 2015 Are There Techniques Available to Avoid or Reduce Estate Taxes? [BEGIN TRANSCRIPT] HAIMO: There are many techniques that you can utilize to avoid or reduce estate tax liability. The threshold for estate tax liability changes periodically, so it’s important to consult with...

Probate: Beast or Burden   I said it before, and I'll say it again: probate is time consuming, expensive and unpredictable. It presses a lot of emotional pressure points that can really be a terrible burden on your family. I've seen it both professionally and...

        By: Barry E. Haimo, Esq. November 17, 2017   New Partnership Audit Rules: Amend Your Partnership Agreements Now   The audit rules relating to partnerships undergo an important change starting January 1, 2018. It does not apply to all partnerships. However, for the partnerships that it does affect, it affects...

By: Barry E. Haimo, Esq. October 6, 2015 Estate Planning: You Shouldn’t Always Accept an Inheritance From disco albums to boring books to ugly sweaters—we’ve all politely accepted gifts we don’t want at some point in our lives. But while graciously accepting an unwanted gift might not do much...

By: Barry E. Haimo, Esq. May 18, 2015 Do You Need a Trust to Protect Your Assets from Taxes [BEGIN TRANSCRIPT] HAIMO: Trusts are excellent vehicles for the reduction of the estate tax. Being as though the estate tax threshold changes periodically, it’s important to utilize these vehicles to...

Don’t Forget Your Business When Planning Your Estate By: Barry E. Haimo, Esq. September 5, 2014 When most people hear the words “estate planning,” they think about Wills and Trusts. After all, an estate plan is supposed to help you to put your personal finances in order when...

Inherited IRAs Lose Important Ground   By: Barry E. Haimo, Esq. June 25, 2014 Click here to read this post for a basic introduction to IRAs. As you know, one of the benefits of IRAs is that they are protected from creditors. This is particularly true in Florida, under Section 222.11, Florida...

The Basics: IRAs 101   By: Barry E. Haimo, Esq. June 18, 2014 Background:   An Individual retirement account ("IRA") is a financial vehicle with many benefits to the person who created it as well as his or her family. Some of the benefits include: Tax deferral *Asset protection from creditors Probate...

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