SUMMARY: In Havoco of America, Ltd. V. Hill, the Florida Supreme Court ruled that the Florida constitutional protections of homestead property against creditor claims trump Florida’s fraudulent transfer laws. Thus, homestead protections include nonexempt assets that are added to or
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IRS COLLECTION ACTIVITIES AGAINST OVERSEAS ASSETS
The IRS Chief Counsel’s Office has issued a Program Manager Technical Advice regarding questions about IRS activity to collect tax delinquencies from assets located outside of the U.S. While some of the Advice is fairly technical, it does provide some…
New Retirement Plan Distribution Rules Likely on the Way
Several years ago, the SECURE Act was passed, which had major changes to the tax rules relating to retirement plan distributions. Another act on that subject is working through Congress – the Enhancing American Retirement Now (EARN) Act. A version…
Time Period to File Estate Tax Return to Make Portability Election Extended to 5 Years
If a spouse dies and his/her estate does not fully use the decedent’s remaining unified credit, the surviving spouse can use the unused credit if certain conditions are met. One of the conditions is that an estate tax return is…
HUSBAND USES TENANCY BY ENTIRETIES PROPERTY TO MAKE A GIFT TO GIRLFRIEND – WHAT’S THE REMEDY?
In Florida, tenancy by entireties (TBE) property of two spouses provides various benefits. These include protection of the assets against creditors of only one spouse, avoidance of probate, and protection of one spouse from unauthorized disposition of TBE property by…
WHAT DOMESTIC ESTATE PLANNERS SHOULD KNOW ABOUT BRUSSELS IV
Ask many estate planners in the U.S. about Brussels IV, and you are apt to get the response “Brussels for what?” While in effect since 2015, it is more unknown than known. In most circumstances, Brussels IV will not impact…
FBAR Case Reversed – Nonwillful Filing Penalties Based on Number of Accounts Not Reported
Back in 2000, I wrote here about a case where a taxpayer did not report multiple foreign accounts on an FBAR. The question for the court was whether the $10,000 penalty for a nonwillful failure to file meant $10,000 per…
Broad Reading of Six Year Statute of Limitations for Subpart F Omission
Code Sec. 6501(e)(1)(C) extends the normal three-year statute of limitations on assessment to six years as to omissions of Subpart F income. In a Chief Counsel Advice, the extended six-year period was determined to apply to the entire tax liability…
Of Spousal Gifts and the Substance Over Form Doctrine
U.S. spouses each have a unified credit that allows for substantial gifting to third parties without requiring the payment of gift tax. What happens if one spouse has assets to be gifted away, but that spouse does not have sufficient…
Increases in Estate and Gift Tax Exemption Amounts Announced by IRS
We have gone from scrambling to deal with a decrease in the unified credit under proposed legislation, to now enjoying the 2022 inflation adjustments. Enjoy!2022 Annual Gift Tax Exclusion – increased to $16,000 from $15,000. Good news, but makes it…