General Posts

IRS issues private letter ruling on disclaimer executed by an estate

In PLR 201125009, IRS has privately ruled that a disclaimer made by a decedent’s estate of her deceased husband’s retirement benefits (including benefits that would have been payable under a disclaimer trust set up by his will) was a qualified disclaimer under Code Sec. 2518 of those benefits that were not yet accepted. As a result, the disclaimed benefits passed outright to the couple’s children. Margaret L. Cross-Beliveau, Esq., LL.M. The Beliveau Law Group: Massachusetts | Florida

Florida Legislature Says “No” to Millions in Federal Funding for Aging in Place

A Florida legislative panel Friday rejected millions in federal money designed to help remove patients from nursing homes and provide them with similar care in their own homes. Source/more: Associated Press/Bradenton.com (June 24, 2011) The Beliveau Law Group: Massachusetts | Florida | New Hampshire The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate

Florida Governor Signs Bill on Public Employee Pensions; Lawsuit Looms

Despite a lawsuit from the Florida Education Association and other public worker unions, Gov. Rick Scott signed Senate Bill 2100 into law, and now all government employees must contribute three percent of their salaries to the Florida Retirement System. Scott said that the new bill will save taxpayers and employers roughly $2 billion a year. The new law will be in effect starting July 1, 2011. Source/more: WTSP News Channel 10 (June 23, 2011) The Beliveau

IRS releases draft version of Form 8938 for foreign financial asset holders

IRS is seeking comments on new draft Form 8938, “Statement of Specified Foreign Financial Assets,” which is available on IRS’s website. Form 8938 will be used by individuals to report an interest in one or more specified foreign financial assets under Code Sec. 6038D.

New Statutory Notice Requirements for Trustees in Florida effective June 21, 2011

Effective June 21, 2011, Section 11 of Ch. 2011-183, Laws of Florida, amended s. 736.0813(1)(a) and (b) to require trustees to give notice to the qualified beneficiaries of the trust that “the fiduciary lawyer-client privilege in s. 90.5021 applies with respect to the trustee and any attorney employed by the trustee. The Beliveau Law Group: Massachusetts | Florida | New Hampshire The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and

Wells Fargo stops making reverse mortgages

Wells Fargo has announced that it will no longer issue new reverse mortgages but will continue to service its current mortgages citing that home prices are too unpredictable. Reuters article Margaret L. Cross-Beliveau, Esq., LL.M. The Beliveau Law Group: Massachusetts | Florida | New Hampshire The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real

June 10, 2011 MassHealth Medicaid Bed Hold Hearing & June 15, 2011 Written Testimony Deadline

MassHealth (Medicaid) is holding a public hearing on Friday, June 10, 2011 at 10:00AM to discuss the termination of the 10-Day Bed Hold which will become effective July 8, 2011. For further details: click here Hearing Location: China Trade Building; Daly Conference Room, 5th Floor; Two Boylston Street; Boston, MA 1) Get signatures in support of reinstating the Bed Hold (for signature form click 2011 Bed Hold Signature Sheet). Ask residents, friends, family, colleagues – anyone

Center on Budget and Policy Priorities issues a Report entitled New Estate Tax Rules Should Expire After 2012

The Center on Budget and Policy Priorities’ report espouses the position that the estate tax rules should be let to expire after 2012. Among the reasons list are that (1) the 2009 rules were more than generous since less that one quarter of one percent of the estates incurred and an estate tax and (2) with the step-up in basis a substantial amount of income would go untaxed as there would no longer be a capital

Penalties imposed for misclassifying employees as independent contractors

As reported in RIA Tax Newsstand: Employers that misclassify employees as nonemployees or independent contractors will face substantial financial penalties as the result of not withholding income tax, failing to withhold and pay employment taxes, and failing to file the correct reports and returns with the IRS, Social Security Administration (SSA), and state government agencies. The IRS penalty for unintentionally failing to withhold federal income tax is 1.5% of the wages paid. This assessment is

Real Estate Newsletter May 2011

To view our most recent real estate newsletter as e-mailed to our clients, click Real Estate Newsletter May 2011 The Beliveau Law Group: Massachusetts | Florida | New Hampshire The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice

Florida

Massachusetts

New Hampshire

Beliveau Law Group