Charles (Chuck) Rubin – Gutter Chaves Josepher Rubin Forman Fleisher P.A.

An accounting firm operated as a C corporation. The firm paid substantial fees to three related entities created by the founding shareholders of the firm. The fees were so high as to reduce the net income of the firm to a de…more

Taxpayers are requiring to have a taxpayer identification number to file returns and provide to payors, so that their tax data can be adequately tracked and reported. While most U.S. individuals will use their social security…more

For those of you with a great memory, you will remember that in December 2009 we wrote about the case of Morgens v. Commissioner. For those with a more typical memory, you can read the original post on the case here. In…more

If a last Will is lost or destroyed, it can still be offered for probate. Fla.Stats. §733.207 provides that the specific content must be proved by two disinterested witnesses, or if a “correct copy” is provided, by one…more

The Social Security wage base is projected to increase from $110,000 to $113,700 in 2013. Social security taxes are collected on wages up to this maximum - once wages go over the maximum no further taxes are imposed. Normally,…more

Southpac is a trust company that operates in several non-U.S. jurisdictions, including the Cook Islands and Nevis. Not by coincidence, the Cook Islands and Nevis have aggressive asset protection laws that seek to attract…more

In Pasquale, Jr. v. Loving, et. al.,* the Fourth District Court of Appeal determined that a trust contestant must also challenge a will if the trust is incorporated by reference into the will. This is an important lesson for…more

As a general rule, a disclaimer of property by a recipient results in the property passing under state law or an applicable instrument as if the disclaimant predeceased the transfer to him or her. A recent article discusses two…more

Back in the 1990’s, presidential candidate Ross Perot urged voters to listen for the “giant sucking sound” of American jobs heading south to Mexico should NAFTA be ratified. Interestingly, a giant sucking sound was reportedly…more

This may be the best time to transfer a large amount of wealth without transfer taxes. Unfortunately time is running out on this short term opportunity because the current generous gift-tax exemptions are scheduled to expire at…more

In Chief Counsel Memorandum 201208026, the IRS has indicated its hostility to the use of testamentary powers of appointment to avoid gift tax through the creation of incomplete gifts in many circumstances. Facts. Two donors…more

More often than not, the resolution of a trust dispute involves a settlement agreement with changes made to a trust instrument. Such modifications may be accomplished under provisions of Florida’s Trust Code (Fla.Stats. Chapter…more

A donor makes a gift to a grantor retained income trust (GRIT). Gift tax is due on the gift, but is not paid by the donor. The IRS seeks to impose transferee liability on the gift recipient, and collect the tax liability from…more

The U.S. is a party to numerous income tax treaties with various countries. These treaties provide numerous special provisions that exempt or reduce certain types of income from taxation. Many times, U.S. citizens will note…more

The Internal Revenue Code provides for a tax on gifts. However, annual exclusion gifts of $13,000 per recipient and gifts that do not exhaust a donor’s available unified credit will not generate a current gift tax. Thus, donors…more