Author Archives: David Toback
Don’t Ruin the Ability to Step Up in Basis
When we inherit property that has a value to it, especially property that increases in value, we often don’t take into account the tax consequences. Capital gains taxes can take a large chunk out of property that you have inherited and you later try to sell if that property has increased in value. Capital… Read More »
Can a Domestic Trust in Another State Protect Your Assets?
In the movies and in the news we see millionaires hiding their money in offshore accounts, in foreign countries under strange names, or in accounts with only numbers on them. The underlying strategy is to take advantage of laws of a different country to obtain greater asset protection benefits than what could be obtained… Read More »
Where Can Your Business Be Sued?
If you do business, the risk of lawsuits is always present. If you’re sued in Florida, or around wherever you do business, it’s bad enough. But if you’re sued in another state, the cost and expense of defending yourself, as well as hiring attorneys you may not know or have any relationship with, can… Read More »
Inheritances Can Have Unintended Effects of Medicaid Benefits
Although the idea of receiving an inheritance may or may not be a positive thing, depending on who it is that passed away and left you the inheritance, there is one kind of inheritance that is almost always bad: The kind that jeopardizes your Medicaid benefits. Unfortunately, many Florida seniors lose or risk losing… Read More »
The Benefits of a Non-Profit Organization
Contrary to popular opinion, nonprofit businesses and organizations are everywhere we look. While some are obvious, such as homeless shelters or social service agencies, others can look exactly like for-profit businesses, and may even fulfill some of the same needs and perform the same services as for-profit businesses. Nonprofit Misconceptions This is why when… Read More »
Estate Planning Issues with Bitcoin
In case you hadn’t noticed, the value of virtual currency Bitcoin is going through the roof. This is just one fluctuation in the value of the currency, which has, during its short lifetime, both dropped in value dramatically and seen its value skyrocket in short periods of time. The operative word for Bitcoin thus… Read More »
Should You Name a Trust as a Beneficiary of Your IRA?
So you have an IRA, and it has some value to it. Like other things that you may own, it’s an asset that needs to be planned for when you pass. Those IRAs may not automatically go to your beneficiaries, and in some cases, may be subject to creditor claims. How do you protect… Read More »
Florida Ready to Implement Electronic Wills
FLORIDA GOVERNOR RICK SCOTT VETOED THE DIGITAL WILLS ACT ON JUNE 26, 2017. We seem to do everything online, even the most important and vital aspects of our daily lives. We can obtain almost any document, manage financial transactions, obtain government identifications, and sign legally binding contracts all with the click of a button…. Read More »
Homestead Exemptions vs. Homestead Protections
There’s a potential battle brewing in Tallahassee over homestead exemptions. No matter what side of the issue you’re on, the important thing from a legal standpoint is understanding that the media tends to mix two different concepts of what a homestead exemption means. Homestead Exemptions As we all know, our homes are taxed based… Read More »
What is the Earned Income Tax Credit?
As numerous tax programs are discussed and Washington debates the pros and cons of various aspects of our tax code, one area that we seem to hear a lot about is the earned income tax credit (EITC). This tax credit is either a benefit to working families, or a provision of the code that… Read More »
