Comiter, Singer, Baseman & Braun Blog
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Stay abreast of the latest developments regarding Estate Planning and Tax regimes. Comiter, Singer, Baseman & Braun LLP is a Palm Beach County Estate Planning Law Firm that provides sophisticated legal counsel for all your estate, probate, and asset protection needs.
Comiter, Singer, Baseman & Braun Blog
2M ago
The Corporate Transparency Act (CTA) is a new law that requires certain businesses to report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). A beneficial owner is someone who owns at least 25% of the business or has substantial control over it, such as a Manager, President, CEO ..read more
Comiter, Singer, Baseman & Braun Blog
4M ago
Certain key provisions of the Internal Revenue Code affecting estate planning are indexed each year for inflation. The new year brings in the following increases and estate planning opportunities for 2024. The lifetime gift and estate tax exclusion amounts have been increased from $12,920,000 to $13,610,000. The GST exemption amount ..read more
Comiter, Singer, Baseman & Braun Blog
5M ago
IRS Releases 2024 Inflation-Adjusted Numbers A silver lining to our current high inflation environment is the IRS’s just-released inflation-adjusted numbers for 2024. Below are some notable highlights affecting various provisions in the Internal Revenue Code applicable for the 2024 tax year: The lifetime gift and estate tax exclusion amounts ..read more
Comiter, Singer, Baseman & Braun Blog
6M ago
Transfer tax planning focuses on gift, estate, and generation-skipping transfer (“GST”) taxes, which are collectively referred to as “transfer taxes.” The base transfer tax exemption amount is $10,000,000 ($12,920,000 million for 2023, as indexed for inflation). Under current law, the base transfer tax exemption amount is set to reduce to ..read more
Comiter, Singer, Baseman & Braun Blog
6M ago
A common question that arises when preparing federal gift tax returns is whether a gift in trust qualifies not only for the gift tax annual exclusion but also for the lesser know (and lesser understood) generation-skipping transfer (“GST”) tax annual exclusion. This article will clarify when gifts in trust ..read more
Comiter, Singer, Baseman & Braun Blog
6M ago
In Florida, probate is a court-supervised procedure for administering a deceased person’s estate. This procedure includes identifying and collecting the decedent’s assets, paying the decedent’s debts and funeral expenses, and distributing the decedent’s assets to his or her beneficiaries. The court generally must appoint a “Personal Representative” to manage the ..read more
Comiter, Singer, Baseman & Braun Blog
6M ago
Chapter 222 of the Florida Statutes contains the statutory exemptions that protect certain assets from attachment or garnishment under Florida law. Historically, the statutory exemptions have been liberally construed in favor of protecting the debtor against creditor claims to exempt assets. A recent, albeit unpublished decision from the United States ..read more
Comiter, Singer, Baseman & Braun Blog
6M ago
Trusts are perhaps the most dynamic tool in the estate planner’s toolbox. Trusts have a variety of benefits that include establishing rules with respect to the management and disposition of your assets and the potential provision of significant tax savings. There are many types of trusts, and this blog post ..read more
Comiter, Singer, Baseman & Braun Blog
6M ago
It is snowbird season in Florida, the time of year when residents of northern states migrate to the Sunshine State to escape the harsh winters. Florida has long been a popular destination for snowbirds wanting to spend the winters in a warmer climate, and eventually to relocate permanently. Those who ..read more
Comiter, Singer, Baseman & Braun Blog
6M ago
There are three separate aspects of homestead protections under Florida law. These include: asset protection, reduction(s) in property taxes, and safeguards for the surviving spouse and/or minor children of the deceased owner of a Florida homestead. Homestead: Asset Protection Homestead property—defined as one-half acre if located within a municipality, or ..read more