Crystal River Florida Legal Blog

Florida does not tax income. That doesn't mean the state doesn't seek to collect revenues when and where it can. Among the chances it looks for are occasions when a loved one dies and has bequeathed a transfer of assets.

Typically, if the material in question is in the form of real estate, the transfer to a spouse or child can occur without any state or federal tax against the property value increase realized during the decedent's lifetime. However, in a situation where the asset is in the form of stock, a lack of advance planning can result in your loved one having to pay government bills, rather than enjoying the intended boon.

Trust administration and relevant income taxes will be heard by the U.S. Supreme Court in 2019. Since residents of Florida generally pay no personal income taxes, the outcome of this case is of great importance to our state. The Florida personal income taxation policy applies not only to earnings from wages, salaries or tips, it also applies to income received from a Trust. The State of Florida does not generally tax a Trust's income. 

This does not mean that a Florida-based Trust can be certain of avoiding all income tax implications. Many other states seek to collect taxes from Trusts based on the residency of its beneficiaries. In fact, some states seek to collect taxes on a Trust's earnings even if no distributions are made to beneficiaries.

Estate Planning - When is the right time to create or review your estate plan? We all know people who believe that you can plan too much, and tell you to "live in the moment." But attorneys with experience in estate planning in Florida know the benefits of taking a long-term view of your estate plan to maneuver the twists and turns of life that might come your way. When you anticipate aspects of life changing over time, and make relevant estate planning revisions as those changes occur, those you love the most will benefit.

By some estimates, more than half of all Americans lack even a basic estate plan. They don't have a Will, an advance health care directive, or Trust (when applicable). If this is true in your case problems will arise when you can no longer make your own decisons, or when you ultimately pass away. You owe it to your family to contact an attorney to set at least these fundamental documents in place. 

Lawsuits involving fatal motor vehicle accidents with semis require specialized legal knowledge, along with the ultimate in compassion for the victim's family. A horrendous crash occurred recently near Gainesville, Florida involving five motor vehicles. According to the Florida Highway Patrol, the crash left eight people injured and sadly seven others died from their injuries. Many of the victims were children on their way to Walt Disney World. Since the tragic accident, at least one wrongful death lawsuit was filed and additional lawsuits are likely to follow. 

Two of the vehicles involved in the crash were semitractor-trailers. The mother of one of the young victims named the trucking companies and a driver (who also died in the crash) as defendants in the suit. It appears through Court records that the driver was ticketed multiple times across five states just since the year 2000.