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Marc J. Soss, Esq. - Sarasota Estate Planning & Probate Attorney
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THE U.S. SUPREME COURT RULES ON DIVORCE AND MILITARY DISABILITY BENEFITS
The May 15, 2017, U.S. Supreme Court ruling in Howell v. Howell is a unanimous victory for disabled U.S. veterans. The decision upheld federal law that military disability compensation is not divisible in divorce proceedings. The Court concluded a state co...

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CHANGE TO CONNECTICUT RETIREMENT PLAN WITHHOLDING REQUIREMENTS
Effective January 1, 2018, the State of Connecticut will require certain pension and annuity payors to withhold Connecticut state income tax from distributions made from an employer retirement plan (pension, annuity, profit-sharing plan, stock bonus, deferr...

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UTILIZING THE IRA CHARITABLE ROLLOVER
Federal legislation recently made permanent an individual taxpayer ability to make charitable contributions directly from his or her IRA. These contributions are made directly from the IRA to the public charity are not taxed as income to the taxpayer subjec...

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You can now add Connecticut, New York and New Jersey to the growing list of states trying to keep its retiring residents from fleeing to states with a lower or no state estate tax bill at death. Effective April 1, 2017, New York state increased their exclus...

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2018 QUALIFIED PLAN LIMITS - START PLANNING TODAY
The Internal Revenue Service (“IRS”) announced on October 19, 2017, the following dollar limits applicable to tax-qualified plans for 2018:
• The limit on the maximum amount of elective contributions that a person may make to a §401(k) plan, a §403(b) tax-s...

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2017 CHANGES TO THE REVERSE MORTGAGE PROGRAM
Effective October 2, 2017, new rules go into effect for federally backed HECM (Home Equity Conversion Mortgage) reverse mortgages. The good news is that the new rules will only impact new borrowers. A reverse mortgage allows an individual over age 62 to bor...

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PROJECTED 2018 ESTATE AND GIFT TAX EXEMPTION AMOUNTS
For most, the release of the Consumer Price Index by the Department of Labor goes unnoticed. However, this information allows for the prediction of the 2018 estate, gift, and generation-skipping transfer tax amounts. Estate Tax Exemption – Under current fe...

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HURRICANE HARVEY TAX RELIEF FOR THOSE IMPACTED BY THE STORM
The devastation of Hurricane Harvey will be felt for years to come. While relief efforts are underway to assist victims of the storm the Internal Revenue Service has also established procedures, via announcement or news relief, to assist those adversely imp...

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THE ROLE OF YOUR HEALTH CARE SURROGATE
The creation of a Health Care Surrogate is a vital part of every Florida estate plan . However, the individual appointed to serve in this capacity typically has no idea what the job may entail. The following is a brief synopsis of their expected responsibi...

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TAX REPORTING OF YOUR QUALIFIED CHARITABLE DISTRIBUTION
The ability to transfer up to $100,000 each year from your IRA to charity tax-free, have it count as your Required Minimum Distribution (RMD) and have it not included in your adjusted gross income is now a permanent part of federal tax law. As a result it i...
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