Qualified Plans and IRA Required Minimum Distributions for Beneficiaries Upon Death of the Participant
The Internal Revenue Service (IRS) has established rules for required minimum distributions (RMDs), which are the minimum amounts individuals must withdraw from IRAs and other retirement accounts based on age. However, different rules apply to RMDs when the plan participant passes away, and an heir has inherited a qualified plan or IRA. Understanding the required […]
4 Myths You Should Be Aware of When Setting Up Your Small Business
Setting up a small business is not an easy endeavor, and you likely will encounter various legal questions and barriers along the way. An Aventura business transactions lawyer at Kramer Green can answer your legal questions and give you the advice you need as you work to establish your business. We can also provide ongoing […]
4 Steps to Take to Prepare for the Change in the Estate and Gift Tax Exemption
The Internal Revenue Service (IRS) recently announced an increase in the estate and gift tax exemption for 2025. The basic exclusion amount will increase to $13.99 million per person for transfers during life and after death. The Tax Cuts and Jobs Act (“the Act”) is the federal legislation that doubled the exclusion to $11.18 million […]
Choosing the Right Legal Structure for Your Business Needs
The legal structure you choose for your business impacts various critical factors, including personal liability, asset protection, and potential eligibility for funding. Your business structure may also lend formality and credibility to your business, which can be advantageous. As a result, you should understand the different options of business structures available to you under Florida […]
U.S. Supreme Court Rules in Favor of IRS in Estate Tax Concerning Shareholders’ Life Insurance Policy Proceeds
The U.S. Supreme Court recently issued a unanimous opinion in Connelly v. Internal Revenue Service. This ruling resolves a common estate tax issue for corporate shareholders in favor of the IRS. The high Court’s decision creates various estate planning opportunities to avoid placing an increased estate tax burden on the owners of closely held corporations. […]
Golf Cart Owners and Personal Injury Liability Under Florida Law
Individuals who own significant assets must be aware of the potential consequences of a court judgment from an unexpected accident or financial exposure. While one might think of lawsuits stemming from car accidents, professional malpractice, or business disputes as the most common source of substantial financial liability, significant financial exposure might come from where you […]
O.J. Simpson & Florida’s Asset Protection Benefits After Death
When you hear of asset protection, you typically think of how it can benefit you and your family during your lifetimes. However, Florida offers distinct advantages during life, but also for the smooth transfer of wealth to your loved ones after you pass away. By way of example, we will be looking at the asset […]
Partition Action: Forcing the Sale of Jointly Inherited Property
If a partition action is necessary, you should seek help from a knowledgeable attorney. When an individual who holds real estate solely in his or her name passes away, real estate ownership must pass to the person’s heirs through the probate process. If the person left a will, the real estate and other probate property […]
4 Major Reasons that You Need Asset Protection Planning
No matter your financial situation, you likely want to engage in asset protection planning to the greatest degree possible. You want to be able to provide for yourself and your family throughout your lifetime. You also may want to leave an inheritance and means of support for your loved ones after your death. Whatever your […]
4 Ways to Protect Your Real Estate from Creditors
When you owe debts stemming from a failed business endeavor, a lawsuit, or a poor investment, you must protect the property you own from creditors seeking to collect those debts. As your real estate is often your most valuable asset, protecting it from creditors often is a major goal for many Florida residents. Fortunately, Florida […]