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King & Wood, P.A.
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“Despite the burgeoning cost of higher education these days, you might still find yourself with unspent money in a 529 plan after your child has graduated from college. As you may know, if you withdraw the money for non-qualified education purposes, you have to pay taxes plus an additional 10%... Continue reading
Posted yesterday at King & Wood, P.A.
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“My wife and I have agreed to sell our house to our son. The bank-appraised value of the property is $700,000 and we are selling it to him for $340,000, which is the amount of the mortgage. How will the $360,000 be treated and are there tax consequences?” If a... Continue reading
Posted 2 days ago at King & Wood, P.A.
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“Lawmakers in the U.S. House of Representatives are looking to significantly increase that ceiling, with a bill introduced this month that would raise SSI’s asset limit to $10,000 for an individual and $20,000 for couples.” People with disabilities who receive Supplemental Security Income would be allowed to keep a few... Continue reading
Posted 3 days ago at King & Wood, P.A.
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“Changes could be coming to Florida’s system for overseeing the guardians of elderly who are no longer able to care for themselves, including beefing up monitoring and increasing penalties for those with valid complaints against them.” Orlando Sentinel’s recent article, “DeSantis, Florida lawmakers consider changes in troubled guardianship program,” reports... Continue reading
Posted 4 days ago at King & Wood, P.A.
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“Many people equate estate planning with older people who have more assets and more to protect. However, that doesn’t mean younger people should ignore the benefits of estate planning. According to Caring.com, only 34% of adults ages 35 to 44 have a will and 18% of adults ages 18 to... Continue reading
Posted 5 days ago at King & Wood, P.A.
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“The Arizona Corporation Commission will be enforcing Arizona’s newest law to protect vulnerable adults and senior investors from financial exploitation.” The Queen Creek Independent reports in the article “New Arizona law helps protect vulnerable adults, seniors from financial exploitation” that Senate Bill 1483 went into effect at the end of... Continue reading
Posted Oct 11, 2019 at King & Wood, P.A.
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“Estate planning is a critical part of financial planning, but something many Americans procrastinate about. Drafting a will and a health care proxy or power of attorney, maybe creating a trust, and maximizing your loved ones’ inheritances by minimizing taxes are all important matters you don’t want to leave to... Continue reading
Posted Oct 10, 2019 at King & Wood, P.A.
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“The state’s Elder Abuse Task Force unveiled a uniform investigative and reporting model for Michigan law enforcement to use, when investigating suspected mistreatment of older residents.” The Michigan uniform investigative and reporting form will be sent to police departments by state law enforcement associations. They will also receive a list... Continue reading
Posted Oct 9, 2019 at King & Wood, P.A.
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“Where litigation requires multiple court dates and a formalized process to obtain a judge’s determination of disputes, alternative methods, such as mediation and arbitration, offer a more customized path to dissolving a marriage.” When a couple divorces, there are disputes that must be resolved, such as the division of property,... Continue reading
Posted Oct 8, 2019 at King & Wood, P.A.
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“The Department of Veterans Affairs must reimburse veterans for emergency medical care at non-VA facilities, a federal appeals court ruled Monday—a decision that could be worth billions of dollars to veterans.” The U.S. Court of Appeals for Veterans Claims said the VA has been wrongfully refusing to reimburse veterans, who... Continue reading
Posted Oct 7, 2019 at King & Wood, P.A.
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“Like its better-known sibling—the 401(k)—a 457(b) retirement plan is a tax-advantaged way to save for retirement. However, the 457(b) is designed especially for employees of state and local governments, as well as a few tax-exempt organizations. (If you’re employed by the federal government, however, you have access to a thrift... Continue reading
Posted Oct 4, 2019 at King & Wood, P.A.
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“If you served the United States of America as a member of the armed services, you may be entitled to certain benefits that could make some aspects of getting older a little easier.” The U.S. Department of Veterans Affairs offers some funding programs that can help offset the cost of... Continue reading
Posted Oct 3, 2019 at King & Wood, P.A.
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“After paying into Medicare through payroll withholding for many years, you might think your coverage will be free once you turn 65. You’d be wrong.” Medicare has a variety of expenses—including premiums, copays and deductibles. CNBC’s recent article, “Here’s what you should know about Medicare costs if you’re nearing age... Continue reading
Posted Oct 2, 2019 at King & Wood, P.A.
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“Wendy Williams couldn’t help but be honest with Andy Cohen on the Sunday, September 8, episode of Watch What Happens Live after a fan asked her if she would ever get a prenuptial agreement, if she remarries again.” “Abso-effing-lutely,” the 55-year-old Wendy Williams said with a laugh, when asked if... Continue reading
Posted Oct 1, 2019 at King & Wood, P.A.
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“The staggering costs of long-term care can wreak havoc on your retirement savings. According to the U.S. Department of Health and Human Services, about 27% of Americans turning 65 this year will incur at least $100,000 in long-term-care costs, while 15% will require care costing more than $250,000. That’s a... Continue reading
Posted Sep 30, 2019 at King & Wood, P.A.
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“Estate planning is not only for the wealthy—everybody can benefit from ensuring their assets and finances are properly taken care of after their death.” Many people think that having an estate plan just means drafting a will or a trust. However, there’s much more to include in your estate planning... Continue reading
Posted Sep 27, 2019 at King & Wood, P.A.
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“There's a lot of prep work to complete when you're expecting a new baby. Expectant parents have a nursery to paint, strollers to buy, doctor's appointments to attend and nannies to hire.” In addition to all the logistics involved with a new baby, new parents should also take care of... Continue reading
Posted Sep 26, 2019 at King & Wood, P.A.
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“Profits from the use of a song written by notorious cult leader Charles Manson in Once Upon A Time…In Hollywood are poised to go to the killer’s grandson, against director Quentin Tarantino’s wishes…” The Quentin Tarantino movie, starring Brad Pitt, Leonard DiCaprio, and Margot Robbie, features the Manson killings and... Continue reading
Posted Sep 25, 2019 at King & Wood, P.A.
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“Are you the type of person who signs their will, sticks it in a drawer and never looks at it again? Or are you constantly updating and making small changes to your will, based on which one of your grandchildren has fallen out of favor?” There are some people who... Continue reading
Posted Sep 24, 2019 at King & Wood, P.A.
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“Generally, when settling an estate, debts and expenses are paid first, charitable and spousal transfers follow and applicable estate taxes are levied afterward.” Jeffrey Epstein’s last will and testament is dated August 8—just two days before he was found dead in a jail cell. His will shows $577 million in... Continue reading
Posted Sep 23, 2019 at King & Wood, P.A.
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On September 20, 2019, Chief Judge Jonathan Sjostrom administered the Oath of Attorney to our firm’s new Associate Attorney, Annalise Reeves Kapusta. Annalise is now licensed as an attorney and counselor at law and is admitted to practice before all the courts of Florida. Pictured, from left to right, are... Continue reading
Posted Sep 20, 2019 at King & Wood, P.A.
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“Two days before he died in what was ruled a suicide in a Manhattan jail cell, Jeffrey Epstein signed a will that put all of his holdings into a trust.” Jeffrey Epstein’s will was filed in the U.S. Virgin Islands. It’s a "pour-over will" that transfers all of his assets... Continue reading
Posted Sep 19, 2019 at King & Wood, P.A.
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“Lump sum payments give you more control over your money, allowing you the flexibility of spending it or investing it when and how you see fit.” What should you do: take the traditional, lifetime monthly payments or a lump sum distribution? You might be tempted to go with the lump... Continue reading
Posted Sep 18, 2019 at King & Wood, P.A.
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“As our children with disabilities grow older, and we ourselves grow older, the future can seem daunting. The future can be overwhelming. Taking steps to plan for the future can seem way too complicated, especially when you don’t know where to start.” Yahoo News’ recent article, “4 Tips for Estate... Continue reading
Posted Sep 17, 2019 at King & Wood, P.A.
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“The form of ownership is a key factor in structuring an estate plan. This is true primarily because the form of ownership governs the transferability of the interests.” Pauls Valley Democrat’s recent article, “Considerations in how to title your property,” says that there are several types of “automatic” transfer of... Continue reading
Posted Sep 16, 2019 at King & Wood, P.A.