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Joshua Thomas Keleske's Answers
- 73 Legal Answers
- 4 Legal Guides
5
Attorney answers:
Ascertainable standards of Irrevocable Trust
The terms of this trust will dictate whether distributions can be made by the trustee. Given your summary, it appears that a trustee has the authority to determine if distributions will be made. If that is correct, then you can request distributions from the trust; however, you likely cannot compel those distributions unless the trust specifically authorizes a withdrawal right. In addition, many Florida trusts include a spendthrift provision that protects trust assets for a beneficiary from...
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Payroll and social security tax
The income of an LLC is subject to payroll taxes, unless the income is passive or the LLC is is taxed as an S-corporation. It does not matter if you have not taken money from the business; the real issue is one of taxable income. You should consult a qualified accountant to discuss the reporting requirements for your LLC, especially if the LLC is taxed as an S-corporation.
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What, if any, are the tax benefits of having an estate donate items to charity?
If the decedent's will or trust did not leave assets to charity, then the gifts to charity are treated as coming from the beneficiaries of the estate. This means that they, and not the estate, would receive income tax deductions for those gifts. If the will or trust provides for the charitable gifts, then no income tax deduction will be available to the beneficiaries.
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Percent charge for handling trust of an estate
The Florida Statutes offer some guidance on percentage fees that are deemed reasonable for probate estates, but no real guidance other than "reasonable fees" for trust administration. Generally speaking, ordinary services in a probate estate may result in a fee of three percent for the first million dollars of assets; extraordinary services, such as handling real estate, creditor claims and will contests, can result in additional fees. In cases involving a probate estate and a trust estate,...
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Attorney answers:
Business Tax
If your question relates to income tax filings, you would likely be well served to file a return regardless of your income at the end of the year. The IRS may send a notice in 2009 if no return is filed, which will require a response on your part. That response, even if it only takes a short time to address, takes you away from your business.
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3
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Family Limited Partnership
A Family Limited Partnership ("FLP") is no different than a regular Limited Partnership. It gets its name from the obvious: its generally formed and maintained by family members. An FLP can offer get opportunities to consolidate the management of family assets as well as a vehicle to make gifts without relinquishing control. Because of the complexities involved, FLPs are not inexpensive to create nor are they inexpensive to maintain. In fact, they are real businesses that need to be...
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2
Attorney answers:
Signed origianl of irrevocable trust
Oftentimes, attorneys do not hold originals of estate planning documents for a variety of reasons - limited storage space, concerns of liability and so on. As a result, the trustee can request the document from the drafting attorney if an original is sought, but he or she may not have it in his or her possession. We, in our office, do not retain originals. Rather, we scan in trusts so that we can provide copies as needed without difficulty. With the foregoing in mind, photocopies of...
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3
Attorney answers:
In Florida if husband and wife are listed on the deed, if one dies does the home automatically go to the survivor?
Real Estate owned by a husband and wife is presumed to be owned with a right of survivorship, unless that property was acquired prior to marriage. Oftentimes, title companies will confirm this survivorship right by noting on the deed that it is owned by John Doe and Jane Doe, his wife, or other similar wording.
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3
Attorney answers:
How does a daughter transfer all rights as a beneficiary of her mothers death benefits to her daughter also a named beneficiary?
Florida law (and Federal law) permits a beneficiary to disclaim a bequest in a Will without adverse tax consequence if the disclaimer is properly executed within a limited time period. You should consult with either the attorney handling the estate administration or your own attorney on how to properly disclaim this interest. If it is too late to disclaim, then you could make a gift of this bequest to anyone, which may be subject to gift tax depending on the size of that bequest.
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How do I obtain a claim form to file a claim against an estate. Sarasota county
You can contact the Personal Representative's attorney to obtain this form. It must be filed with the probate court within the allowable claims period to be enforceable. You may wish to engage an attorney to assist you with completing the Statement of Claims form.
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