On October 3rd, the Emergency Economic Stabilization Act of 2008 was signed into law. This law is more commonly known as the “bailout bill” and its main purpose is to provide the Federal Government with authority to purchase and insure certain types of troubled assets. While the bailout bill received…
Getting started as a trustee means familiarizing yourself with your new responsibilities. Carrying out these responsibilities throughout the trust administration is the key to reducing your risk of serving as a trustee. In Florida, a trustee is governed by the terms of the trust agreement, the provisions of Florida law,…
Losing property to a creditor can be painful. Paying income tax as a result of such loss adds insult to the injury. Fortunately, foreclosures and short sales do not always create income tax obligations. Even when tax is otherwise due, it is sometimes possible to reduce the tax owed through…
A property owner is now required to notify the Property Appraiser when there has been a change of ownership or control of non homestead real property. This is significant because the Property Appraiser must now be notified in writing of changes in ownership or control even when the change is…
The trust is a popular tool in today’s world of estate planning. A trust is a fiduciary relationship with respect to property, and it involves an agreement (normally in writing) under which the trustee holds legal title to property for the benefit of the trust beneficiaries. In Florida, this relationship…