Blog 2018-08-17T15:56:21+00:00

The Beggs & Lane Blog

Naming a Trust as the Beneficiary of your IRA –Is an Accumulation or a Conduit Trust Right for You?

By:  Kevin M. Helmich, Esq. Naming a trust as a beneficiary of an IRA is quite complicated.  If you do it wrong, you can trigger total distribution of the retirement account within 5 years of the date of death.  This would accelerate the recognition of income on the retirement account.  With larger retirement accounts, such acceleration of income tax liability can be significant. There are two different types of trusts that can meet the rules regarding qualified beneficiaries of a retirement account.  One type of trust is an “Accumulation Trust”.  The other is a “Conduit Trust”.  With an Accumulation Trust, the [...]

By | June 26th, 2019|Categories: Blog|0 Comments

Why would my assets have to go through probate if I have a Will?

By Amy P. Slaman Probate is necessary when assets are titled in the deceased person’s name and the asset is one that does not automatically transfer on death through a beneficiary or pay-on-death designation. Many people think having a Last Will & Testament (or a “Will”) means probate court will be avoided. However, a Last Will & Testament does not function as a beneficiary or pay-on-death designation for the purpose of automatically distributing assets out of your name and to your intended beneficiaries. The purpose of a Will is to allow you to decide how you wish your assets to [...]

By | May 23rd, 2019|Categories: Blog|0 Comments

TIMING OF APPEAL FOR CORRECTED, AMENDED, OR MODIFIED ORDERS

By Terrie Didier, Esq. In general, parties have 30 days from the date an adverse decision is rendered (date of filing, not signing or recording) to appeal from final orders.  But the time in which to seek appellate review of a corrected, amended, or modified order is not always simple. The Florida Supreme Court explained the rule applicable to modified orders in St. Moritz Hotel v. Doughtry, 249 So. 2d 27, 28 (Fla. 1971): An amendment or modification of an order or judgment in an immaterial way does not toll the time within which review must be sought.  But where [...]

By | May 6th, 2019|Categories: Blog|0 Comments

ANSWERS TO HOMEOWNER’S INSURANCE FREQUENTLY ASKED QUESTIONS

by Terrie Didier, Esq. 2/26/2019 QUESTION: What are my rights if an insurer refuses to provide me residential property insurance due to adverse underwriting information? ANSWER: By statute, the insurer must provide the applicant specific information regarding the reasons for the refusal to insure. If the reason for the refusal to insure is based on a loss underwriting history, the insurer must identify the applicable loss underwriting history. If the reason for the refusal to insure is based on a report from a consumer reporting agency, the insurer must notify the applicant of his or her right under the federal [...]

By | March 1st, 2019|Categories: Blog|0 Comments

Case: Tax Court Properly Upheld Levies Against Unresponsive Taxpayer

The Fifth Circuit Court of Appeals recently held that the Tax Court’s ruling upholding an IRS Appeals Board decision to deny a face-to-face hearing before enforcing levies against a taxpayer was not an abuse of the Tax Court’s discretion. In Muir v. Commissioner, No. 18-60336 (5th Cir. Feb 15, 2019), Muir failed to pay income taxes, for which the IRS issued an unchallenged Notice of Deficiency. Later, the IRS sent Muir a Notice of Intent to Levy. See 26 U.S.C. § 6330(a)(requiring IRS to provide notice). In response to the notice, Muir requested a hearing to raise an alternative to [...]

By | February 26th, 2019|Categories: Blog|0 Comments

Importance Of Proper Will Execution Emphasized By Florida Appellate Court

In its opinion in Bitetzakis v. Bitetzakis, Case No. 2D17-4822 (Fla. 2d DCA Feb 1. 2019), Florida’s Second District Court of Appeal recently held that an individual signing a will must strictly comply with the signature requirements of section 732.502, Florida Statutes, for the will to be recognized as valid and admitted to probate.  The court’s ruling emphasizes the importance of properly executing a will in accordance with Florida law. Section 732.502, Florida Statutes, provides that every will must be in writing and executed in a specific manner. First, the testator (the person making the will) must either (a) sign [...]

By | February 20th, 2019|Categories: Blog|0 Comments