Is Florida now a Community Property State?
On June 29, 2021, Governor Ron DeSantis signed into law Senate Bill 1070, known as the Florida Uniform Directed Trust Act (the “Act”), which expands Florida’s directed trust laws. A directed trust is a trust that appoints a third-party (often called a trust director or trust protector) to provide direction to a trustee regarding trust […]
Conservatorship, Guardianship, and Britney Spears
Recent news has brought the concept of conservatorship and guardianship to the forefront. Britney Spears’ California conservatorship case involving her father’s control of her financial affairs generated public outcry. Similarly, in Florida, the tragic Surfside condominium collapse created concern for families attempting to manage the affairs of their missing loved ones. States have different procedures […]
Alternate Names for Business Entities
March 29, 2021Michael Salad, Esq. | Craig Panholzer, Esq. We frequently receive inquiries from small-business owners about conducting business under a name other than its legal name. A business entity may conduct business in New Jersey under an alternate name (commonly referred to as a “fictitious name”) if statutory guidelines are met. An alternate name […]
Changing Residency from New Jersey to Florida
Now more than ever, people are contemplating changing their state residency. We are frequently approached by clients seeking to relocate to Florida for financial reasons but they do not always understand the financial benefits or the process of establishing Florida residency. To help you decide whether a permanent move from New Jersey to Florida is […]
Part Two: The Mechanics of an ABLE Account
After part one of our article regarding ABLE accounts, we received several inquiries about how funds in ABLE accounts may be invested, how ABLE accounts differ from a 529 college savings plan, what constitutes permissible uses of ABLE account funds and what happens to account funds after the participant passes away. “ABLE” is an acronym […]
Establishing an ABLE Account in Florida
The Achieving a Better Life Experience Act (the “ABLE Act”) provides families with a valuable savings mechanism that has been underutilized since its enactment into federal law on December 19, 2014. The ABLE Act assists individuals and families in establishing tax-free savings accounts to maintain health, independence and quality of life for individuals with disabilities. […]
Financial Planners Beware
August 8, 2020Michael Salad, Esq. | Craig Panholzer, Esq. In the world of e-mails and text messages, financial planners are often pressed to answer their clients’ questions immediately. Referrals and client retention are the lifeblood of financial planners. As a result, financial planners may unknowingly extend themselves beyond ethical and legal thresholds. This article provides […]
Preserving Social Security Benefits Against Creditor Claims
Debt is common for most Americans. Unexpected events such as job loss or sickness may cause defaults on debt. The resulting credit damage or creditor judgments may follow a debtor for life. To that end, many Americans nearing retirement or in retirement who rely on social security benefits wonder if social security benefits are subject […]
Lessons in the Wake of Kobe Bryant’s Death
Craig T. Panholzer | Michael SaladJune 23, 2020 The sudden passing of NBA legend Kobe Bryant on January 26, 2020 created an estate estimated at over $600 million. Kobe was survived by his wife, Vanessa Bryant, and four daughters, including his youngest daughter, Capri Bryant, who was born after Kobe revised the Kobe Bryant Trust […]
Florida Health Care Surrogate and Do Not Resuscitate
The ongoing COVID-19 pandemic has created uncertainty for many people. During recent weeks, a number of our colleagues and clients expressed confusion about end-of-life planning, health care surrogate powers and do not resuscitate orders (“DNR Order”). Under Fla. Stat. § 401.445, incapacitated individuals are presumed to have provided informed consent to procedures such as cardiopulmonary […]