Oct 082012
 

Last week, the Florida Supreme Court unanimously ruled that foreigners and out-of-state residents may qualify for the homestead exemption from property taxes found in the Florida Constitution when their home is the permanent residence of a dependent who is eligible for the homestead exemption. The case involved David and Ana Andonie, who migrated to Florida from Honduras on investment visas, and were denied a 2006 homestead exemption on their $1 million home despite the fact that their three minor children were born in Miami, were U.S. citizens, and had never resided outside the State of Florida.  The Miami-Dade Property Appraiser More…

Oct 042012
 
Time Is Running Out To Take Advantage Of 2012 Estate And Gift Tax Planning Opportunities

Time is running out to take advantage of the liberal estate and gift tax exemptions of 2012.  Currently, the exemption amount is $5.12 million for both gift and estate tax purposes.  This exemption is scheduled to sunset on December 31, 2012, after which it will revert to a much harsher $1 million exemption and the estate tax rate will rise from 35% to 55%. Before the end of 2012, a married couple may transfer assets with a value of up to $10.24 million (reduced by any previous taxable gifts) to their children or grandchildren and such transfers to the next More…