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Steve Kane
Orlando, Florida
Interests: History, Safari's, Cycling, Swimming, Ballroom Dancing
Recent Activity
Hospice Not Feeling the Love from Medicare
Despite a three-year-old order from Congress, Medicare has yet to begin an experiment to expand hospice services to allow beneficiaries to continue potentially lifesaving treatments to see if it would save money while improving the patients' quality of life. Healthcare in the U.S. has been in a state of transition... Continue reading
Posted 2 days ago at Florida Estate Planning, Probate and Asset Protection
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Watch Out for State Death Taxes
Even if death and taxes are the only things certain in life, state legislators say they can never be certain about death taxes. The federal death tax has all but disappeared from the radar screen of most taxpayers. Why? The fiscal cliff-bridging budget set and made “permanent” the estate tax... Continue reading
Posted 3 days ago at Florida Estate Planning, Probate and Asset Protection
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Remember to Take RMD from Inherited IRA
If you inherit the IRA of an individual who has a required distribution for the year, you – as the beneficiary – must take any remaining required minimum distribution (RMD). Not all assets are inherited in the same way. Take IRAs, for example. When does the IRA of your deceased... Continue reading
Posted 4 days ago at Florida Estate Planning, Probate and Asset Protection
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When Having “The Talk,” Experts Advise Going to Mom First
Trying to find a way to ask your parents about the potentially sensitive topic of their finances? You might have better odds of getting the conversation going if you start with mom instead of dad. Have you had “the talk” with your senior parents? You know, the one about their... Continue reading
Posted 5 days ago at Florida Estate Planning, Probate and Asset Protection
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Recordkeeping Key When Caring for Senior Parents
The biggest lesson? Contracts, invoices, and good record-keeping are as important with family or related parties as anywhere else. In fact, perhaps there’s a bigger reason for being scrupulous with family and related parties: to save yourself headaches with the IRS. Are you spending any time and money taking care... Continue reading
Posted 6 days ago at Florida Estate Planning, Probate and Asset Protection
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Charging Order Challenges
Doubtless a large motivation behind the formation of many LLCs, as with Limited Partnerships (“LPs”) is that an LLC has so-called “charging order protection”… The charging order is widely misunderstood, so let me try to explain it. Choosing the structure of your business is about more than just taxation. You... Continue reading
Posted May 17, 2013 at Florida Estate Planning, Probate and Asset Protection
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IRS Getting Greedy Over Old “Gifts”?
In 1972 … Sumner Redstone, who wasn’t yet a global media mogul, made a taxable gift to his children and failed to file a return. At least that’s what the Internal Revenue Service is maintaining 41 years later. The IRS told Redstone earlier this year that he owes $1.1 million... Continue reading
Posted May 16, 2013 at Florida Estate Planning, Probate and Asset Protection
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Giving Your IRA For Good
The IRA-to-charity strategy is particularly helpful for people who have accumulated a lot of money in their IRAs but don’t need the money to live on -- and would have to pay a big tax bill when they take their required withdrawals. Not having enough retirement income from your IRA... Continue reading
Posted May 15, 2013 at Florida Estate Planning, Probate and Asset Protection
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Don’t “Escheat” Your Family Inheritance
Nearly 2.5 million Americans died last year, many without signing a will. One of them was apparently Roman Blum, a Holocaust survivor and New York real estate developer who was worth almost $40 million when he passed away in January 2012 at the age of 97 … If, after three... Continue reading
Posted May 15, 2013 at Florida Estate Planning, Probate and Asset Protection
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Separate Marital Estate Planning Goals, Separate Attorneys?
In 1990, in Lawrence Brody’s estate planning seminar in the LL.M. program at Washington University in St. Louis School of Law, Professor Brody mentioned a husband and wife retaining separate estate planning counsel. At the time separate estate planning counsel for spouses struck me as a bit much. I have... Continue reading
Posted May 14, 2013 at Florida Estate Planning, Probate and Asset Protection
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Post-Mortem Digital Asset Planning
From social media to online bills, it is essential to plan what will happen to your virtual life once you are gone. Have you noticed more and more articles popping up about your “digital assets”? When the background chatter in the media finally catches your attention about something, that is... Continue reading
Posted May 10, 2013 at Florida Estate Planning, Probate and Asset Protection
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Just Passing Through – IRS Scrutinizing Pass-Through Entities
The IRS is staking out a very tough position towards trusts that own interests in pass-through entities in recently released TAM 201317010. Trusts can be incredibly powerful tools. They can accomplish many goals and, depending on the type of trust, can secure some legitimate tax advantages. Little wonder ObamaCare may... Continue reading
Posted May 9, 2013 at Florida Estate Planning, Probate and Asset Protection
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Mind the Post-Mortem RMD on an Inherited IRA
If you are the beneficiary of a deceased IRA owner, you have to begin taking required minimum distributions (RMDs). In some cases, there is an RMD you must take in the year the IRA owner dies. When an elderly loved one passes away, their legal and financial affairs come to... Continue reading
Posted May 8, 2013 at Florida Estate Planning, Probate and Asset Protection
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Your Estate Plan - Time for Some Spring Cleaning
WITH the federal tax on estates now kicking in at $5.25 million — or $10.5 million for a couple — it may seem that only the very wealthy need to worry about paying the tax. But that doesn’t mean that everyone else can forget about an estate plan. We all... Continue reading
Posted May 8, 2013 at Florida Estate Planning, Probate and Asset Protection
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President’s Budget Proposal Targets Estate Planning Tools
A couple weeks ago on April 10, President Obama released his budget proposal for 2014. Although the proposal largely focused on areas such as military spending, education, Social Security and health care, hidden between the lines of the 244 page document were some important implications for estate planning. Have you... Continue reading
Posted May 6, 2013 at Florida Estate Planning, Probate and Asset Protection
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Daughter Experiences Estate Plan Nightmare as Executor
In hindsight, as mind-numbing and rage-provoking as the last five years have been for me moonlighting as the sole executor of his estate, there are some invaluable lessons that I’ve picked up during the process—ones that have had an impact on my approach to finances and life. In many respects,... Continue reading
Posted May 3, 2013 at Florida Estate Planning, Probate and Asset Protection
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The ESOP Way to Business Succession Win-Win
As more entrepreneurs, like Ms. Cabot, approach retirement—about 30% of the nation's business owners are 55 or older, according to the U.S. Small Business Administration—many are choosing to sell their companies to their employees, rather than outside buyers. In the alphabet soup of company forms (S-Corp, C-Corp, LLC, LLP, LP,... Continue reading
Posted May 2, 2013 at Florida Estate Planning, Probate and Asset Protection
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529 Education Savings Plans Proliferate
Families saving for college poured billions of dollars into U.S. 529 education savings plans over the past five years, even as these plans' performance lagged behind other investments like mutual funds, investment research company Morningstar Inc said. Planning for the next generation, and for what you will leave them, often... Continue reading
Posted May 1, 2013 at Florida Estate Planning, Probate and Asset Protection
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Credit Shelter Trusts – The Tried and True Tool
Credit shelter trusts are a way to take full advantage of state and federal estate tax exemptions. Although such trusts may appear needless unless you are a multi-millionaire, there are still reasons for those of more modest means to do this kind of planning, and one of the main ones... Continue reading
Posted Apr 30, 2013 at Florida Estate Planning, Probate and Asset Protection
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Have “The Talk” with Your Children Now
Telling heirs how much they stand to inherit can be a subject fraught with emotional land mines for parents … But waiting too long to discuss the issue, or avoiding the conversation altogether, is a bad idea, financial advisers say. It can cause confusion, mistrust and leave heirs unprepared to... Continue reading
Posted Apr 29, 2013 at Florida Estate Planning, Probate and Asset Protection
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Watch Out for “State” Estate Taxes
Federal estate taxes aren't an issue for most Americans. But you may need to worry about death taxes in your state. Budgets are set to battle once more on Capitol Hill in the near future. All considered, estate planners are fairly content with the last battle and the federal estate... Continue reading
Posted Apr 29, 2013 at Florida Estate Planning, Probate and Asset Protection
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Planning for Your Virtual Estate Assets
“We hope that this new feature [the Inactive Account Manager] will enable you to plan your digital afterlife–in a way that protects your privacy and security — and make life easier for your loved ones after you’re gone,” wrote Google product manager Andreas Tuerk in a blog post. We live... Continue reading
Posted Apr 26, 2013 at Florida Estate Planning, Probate and Asset Protection
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Exiting Your Business on Your Own Terms
“It’s too early to do exit planning; I need to retain control of my business!” It’s always a feel-good moment for me to let a business owner know that these two concepts are not mutually exclusive. There are myriad ways to begin the exit process from your business without giving... Continue reading
Posted Apr 26, 2013 at Florida Estate Planning, Probate and Asset Protection
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Make Proper End-Of-Life Plans Today
"I can't tell you how many times I've seen people not get what they want because the patient did not adequately share their wishes," says Fern Baudo, a nurse who is president of Fern Baudo Adult Health Nurse Practitioner PC, which helps clients with their advance care planning. Planning for... Continue reading
Posted Apr 25, 2013 at Florida Estate Planning, Probate and Asset Protection
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International Living Can Be Taxing
LIVING and working abroad may sound romantic. But having a financial life in more than one country — if one of those countries is the United States — is becoming increasingly complicated. Living across national boundaries is an exciting life for an increasingly large portion of the population, not to... Continue reading
Posted Apr 25, 2013 at Florida Estate Planning, Probate and Asset Protection
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