The Thursday Report – June 6, 2013 – Beneficiary Designations, Marx Brothers on Contracts, Putting Real Estate into S Corporations, Our BNA Series on Florida Law, and Lawyers in History
Spanning the globe, or at least parts of Florida and one guy opens it in New Jersey most of the time!!!
HOT FROM LISI – OUR LATEST PUBLISHED ARTICLE: JUNE 3, 2013 US SUPREME COURT CASE – STATE LAW OF BENEFICIARY DESIGNATIONS PREEMPTED BY FEDERAL STATUTE TO DISTORT AN ESTATE PLAN
“You can’t fool me, there ain’t no sanity clause!”: THE MARX BROTHERS ON CONTRACTS!
WHY NOT TO PUT MORE REAL ESTATE INTO DARNED S CORPORATIONS – A COMMON SENSE EXPLANATION FOR CLIENTS WITH SAMPLE LETTER
FREE COPY OF PART ONE OF OUR THREE-PART SERIES ON FLORIDA LAW FOR ESTATE, TAX, AND CORPORATE PROFESSIONALS
LAWYERS IN HISTORY: THE IMPACT OF LAW PRACTICE ON THEIR LIVES AND CAREERS: JOHN ADAMS AND JOHN QUINCY ADAMS
We welcome contributions for future Thursday Report topics. If you are interested in making a contribution as a guest writer, please email Janine Ruggiero at Janine@gassmanpa.com.
This report and other Thursday Reports can be found on our website at www.gassmanlaw.com.
DID YOU KNOW ABOUT THE UF TAX INSTITUTE?
Many people are still not aware that the University of Florida’s tax program will be sponsoring a 3-day tax institute in Tampa, Florida.
- UF TAX INSTITUTE
Date: February 19 – 21, 2014 (Wednesday – Friday)
Location: Grand Hyatt, Tampa, Florida
Sponsor: UF Law alumni and UF Graduate Tax Program
Additional Information: Here is what UF is saying about the program on its website: “The UF Tax Institute will provide tax practitioners and other leading tax, business and estate planning professionals with a program that covers the most current issues and planning ideas with a practical, informative, state-of-the-art approach. The Institute’s schedule will devote separate days or half days to individual income tax issues, entity tax issues and estate planning issues. Speakers and presentations will be announced as the program date nears to ensure coverage of the most timely and significant topics. UF Law alumni have formed the Florida Tax Education Foundation, Inc., a nonprofit corporation, to organize the conference.
We see on Sunbiz that Florida Tax Education Foundation, Inc. was formed on May 2, 2012 and lists Lauren Detzel of Orlando and David Pratt and Donald Tescher both of Boca Raton, Florida as directors. Hats off to Lauren, David, Donald and whoever else is spearheading this new wonderful development for Florida tax law and the UF tax program.
HOT FROM LISI – OUR LATEST PUBLISHED ARTICLE: JUNE 3, 2013 US SUPREME COURT CASE – STATE LAW OF BENEFICIARY DESIGNATIONS PREEMPTED BY FEDERAL STATUTE TO DISTORT AN ESTATE PLAN
Where Did Our Cash Go?—U.S. Supremes find that Federal statutes trump state law that would otherwise remove a divorced spouse from being a beneficiary under a federal life insurance policy. The importance of ensuring that beneficiary designations are current. The 9-0 Decision of Hillman v. Maretta
By Alan S. Gassman and Christopher J. Denicolo
“…a FEGLI policy in fact highlights Congress’ intent to allow an employee wide latitude to determine how the proceeds should be paid, whether that is to a named beneficiary that he selects, or indirectly through the assignment of the policy itself to someone else.”
“”Baby baby, where did our {cash} go””
Executive Summary
The Federal Employees’ Group Life Insurance Act (“FEGLIA”) establishes a life insurance program whereby the insured employee designates a beneficiary to receive the proceeds of their Federal Employees’ Group Life Insurance (“FEGLI”) on death. This federal law conflicts with Virginia’s conventional statute, which provides that a divorced spouse will be considered as removed as a designated beneficiary, leaving the new spouse wondering “Baby, baby, where did our love go?” as the money from the policy took a midnight train to Georgia to the ex-wife whether she was deserving of the monies or not.
Facts
Justice Sotomayor delivered this unanimous opinion of the Court, which affirmed the Virginia Supreme Court decision on this subject. Mr. Warren Hillman and respondent Ms. Judy Maretta were married and in 1996. Mr. Hillman named Ms. Maretta as the beneficiary of his FEGLI policy. They later divorced and Mr. Hillman married petitioner Ms. Jacqueline Hillman. Upon Mr. Hillman’s sudden death in 2008 Ms. Maretta was still named as the beneficiary for his FEGLI policy, though the two were divorced and Mr. Hillman had already remarried. As such, Ms. Maretta received benefits from his FEGLI plan amounting to $124,558.03. Ms. Hillman brought an action to claim the benefits from the insurance plan under a Virginia statute, Va. Code Ann. § 20-111.1(A), which states that divorced spouses cease to be the designated beneficiaries of each other’s life insurance policies, Instead the statute appropriately directs that decedent’s widow or widower at the time of death, or if none, descendants, become entitled to the benefits. Thus, this is a question of preemption between the state statute and the antiquated FEGLIA statute, which provides that the benefits follow in the order of precedence, with the designated beneficiary as the first person in line to receive the proceeds of the policy upon the employee’s death.
Comment
The Supreme Court held no choice but to find that the Virginia state law statute was preempted by a federal statute providing for an order of precedence of beneficiaries under FEGLI policies. The ex-spouse therefore remained as the beneficiary of the decedent’s life insurance policy, notwithstanding that they had divorced since she was named as the beneficiary of the policy, and that Virginia state law provided otherwise.
Pursuant to a federal statute under the FEGLIA statute governing FEGLI policies, an “order of precedence” is established so that policy proceeds accrue on the death of the employee “[f]irst, to the beneficiary or beneficiaries designated by the employee in a signed and witnessed writing received before death…if there is no designated beneficiary, the benefits are paid to the widow or widower of the employee….[a]bsent a widow or widower, the benefits accrue to the child or children of the employee and descendants of [the] deceased children, the parents of the employee or their survivors; the executor or administrator of the estate of the employee, and last, to other next of kin.” 5 U.S.C. §8705(a).
Further, a federal statute under FEGLIA includes an express preemption provision, which provides that “[t]he provisions of any contract under [FEGLIA] which relate to the nature or extent of coverage or benefits (including payments with respect to benefits) shall supercede and, pre-empt any law of any State . . . , which relates to group life insurance to the extent that the law or regulation is inconsistent with the contractual provisions.” 5 U.S.C. §8709(d)(1).
Section 20.111.1(A) of the Virginia Code provides that divorce or annulment “revoke[s] a beneficiary designation contained in a then existing written contract owned by one party that provides for the payment of any death benefit to the other party.” For the purposes of this statute, a “death benefit” includes payments under a life insurance contract. Further, Section 20.111.1(D) of the Virginia Code provides that if the above referenced Subsection (A) is preempted by federal law with respect to the payment of any death benefit, then a cause of action is created rendering the ex-spouse liable for the principal amount of the life insurance proceeds to the person who would have received them if Subsection (A) had not be preempted.
The Court’s opinion stated that the Virginia statutes “interferes with Congress’ scheme,” which provides for a “clear and predictable procedure for an employee to indicate who the intended beneficiary of his life insurance will be.” Accordingly, the insurance proceeds that the ex-spouse is owed under FEGLIA cannot be allocated to another person by operation of state law.
The decedent’s ex-spouse may or may not have followed the pronouncement of the decision by the Supreme Court with another Supremes classic, “Where Did Our Love Go?”, although with more appropriate lyrics, while possibly contemplating whether there is a cause of action against any professionals who did not advise the divorcing husband to change his beneficiary designation on his FEGLIA policy.
Baby, baby
Baby don’t leave me
Ooh, without your FEGLI (policy)
All to myself
I’ve got this burning, burning
Yearning feelin’ inside me
Ooh, you can’t decline me
And it hurts so bad (for your widow)
You came into my heart
So tenderly
With a federal plan
The beneficiary is she
Now I must surrender
That FEGLI (policy)
That you must leave
Ooh, that you must leave to she
Ooh, baby, baby
Where did that cash go?
Ooh, you didn’t want she
Should have changed it, of course
Ooh, baby
Baby, baby
Where did that cash go
And all your promises
Are out the window
I’ve got this burning, burning
Yearning feelin’ inside me
Ooh, you just declined me
And it hurts so bad (for your widow)
Once you got divorced
You should have changed it right
But you forgot to
So I’m really uptight.
You can’t leave me behind
Baby, baby, ooh baby
Baby, baby don’t leave me
Ooh, without your FEGLI (policy)
All by myself
Ooh, baby, baby
Where did our lawyer go?
Conclusion
While it is likely that the holding of this case applies only to those assets and contracts that are established under federal law, some commentators have expressed concern that a court will extend the holding in this case to apply to any retirement plan or other asset or contract that is governed under ERISA or to which an order of precedence of beneficiaries established under federal law applies.
It remains to be seen whether other states’ statutes providing that divorce or annulment of a marriage removes an ex-spouse from beneficiary designations of the other spouse will be challenged based upon preemption of the federal law. In any event, advisors and clients can avoid this by changing their beneficiary designations as their lives change.
The moral of the story is that advisors should help assure that clients change their beneficiary designations as circumstances in their lives change to confirm that their intentions and wishes will be reflected after their deaths. It is imprudent to rely upon the operation of state law to remove a client’s ex-spouse as a beneficiary of his or her life insurance, retirement plans or annuity contracts, and proper practice dictates that we regularly encourage our clients to assure that their beneficiary designations are current and to update them if necessary. A blanket change of beneficiary form purporting to change all existing beneficiary designations existing at the time of a divorce may also be employed as a belt and suspenders method of trying to assure that even specific designations that slip through the cracks would be handled, if the policy or plan allows.
Not many clients want their ex-spouses asking “Where Did Our Love Go?” only to find that it still remains in the form of life insurance policy benefits, albeit unintentionally. If accidental death rates increase as a result of this decision then it may be more important than ever that the Federal law be brought up to the present century in this regard.
“You can’t fool me, there ain’t no sanity clause!”: THE
MARX BROTHERS ON CONTRACTS!
We had such a great response to our May 16 Thursday Report featuring Groucho Marx’s letter to Warner Brothers (click here for a copy) that we thought we should bring you another classic Marx Brothers moment on contracts.
Of all the hilarious Marx Brothers movie moments, our favorite may be the contract negotiation scene between Grouch and Chico in the 1935 classic, A Night at the Opera. If only all contract negotiations were this easy . . . and funny. Below is a transcript from the scene. Click here to watch the clip on YouTube. It may be the best three minutes you spend today—besides reading the rest of the Thursday Report!
Groucho Marx: Now pay particular attention to this first clause, because it’s most important. There’s the party of the first part shall be known in this contract as the party of the first part. How do you like that, that’s pretty neat eh.
Chico Marx: No, that’s no good.
Groucho Marx: What’s the matter with it?
Chico Marx: I don’t know, let’s hear it again.
Groucho Marx: So the party of the first part shall be known in this contract as the party of the first part.
Chico Marx: Well it sounds a little better this time.
Groucho Marx: Well, it grows on you. Would you like to hear it once more?
Chico Marx: Just the first part.
Groucho Marx: What do you mean, the party of the first part?
Chico Marx: No, the first part of the party, of the first part.
Groucho Marx: All right. It says the first part of the party of the first part shall be known in this contract as the first part of the party of the first part, shall be known in this contract – look, why should we quarrel about a thing like this, we’ll take it right out, eh?
Chico Marx: Yes, it’s too long anyhow. Now what have we got left?
Groucho Marx: Well I’ve got about a foot and a half. Now what’s the matter?
Chico Marx: I don’t like the second party either.
Groucho Marx: Well, you should have come to the first party, we didn’t get home till around four in the morning. I was blind for three days.
Chico Marx: Hey look, why can’t the first part of the second party be the second part of the first party, then you’ll get something.
Groucho Marx: Well look, rather than go through all that again, what do you say?
Chico Marx: Fine.
Groucho Marx: Now I’ve got something here you’re bound to like, you’ll be crazy about it.
Chico Marx: No, I don’t like it.
Groucho Marx: You don’t like what?
Chico Marx: Whatever it is, I don’t like it.
Groucho Marx: Well don’t let’s break up an old friendship over a thing like that. Ready?
Chico Marx: OK. Now the next part I don’t think you’re going to like.
Groucho Marx: Well your word’s good enough for me. Now then, is my word good enough for you?
Chico Marx: I should say not.
Groucho Marx: Well I’ll take out two more clauses. Now the party of the eighth part —
Chico Marx: No, that’s no good, no.
Groucho Marx: The party of the ninth part —
Chico Marx: No, that’s no good too. Hey, how is it my contract is skinnier than yours?
Groucho Marx: Well, I don’t know, you must have been out on a tail last night. But anyhow, we’re all set now, are we? Now just you put your name right down there, then the deal is legal.
Chico Marx: I forgot to tell you, I can’t write.
Groucho Marx: Well that’s all right, there’s no ink in the pen anyhow. But listen, it’s a contract isn’t it? We’ve got a contract, no matter how small it is.
Chico Marx: Oh sure. You bet. Hey wait, wait. What does this say here, this thing here?
Groucho Marx: Oh that? Oh that’s the usual clause, that’s in every contract. That just says, it says, ‘If any of the parties participating in this contract are shown not to be in their right mind, the entire agreement is automatically nullified.’
Chico Marx: Well, I don’t know.
Groucho Marx: It’s all right, that’s in every contract. That’s what they call a sanity clause.
Chico Marx: You can’t fool me, there ain’t no sanity clause.
To view the scene with Groucho and Chico on contracts please click here.
WHY NOT TO PUT MORE REAL ESTATE INTO DARNED S CORPORATIONS – A COMMON SENSE EXPLANATION
Oftentimes clients desire to place all of their real estate into an S corporation because they may, for whatever reason, believe it to be the best option for holding all of their property or a business’ property. For instance, the client may be from an era before the rise of the LLC and or simply have received bad advice in the past. To that end, we have drafted a sample letter that you can share with your clients who are stuck in the old way of thinking, so that your clients can fully utilize the benefits of an LLC.
Dear Client:
Many clients and their businesses hold real estate in separate LLCs as opposed to having all of the properties under one company. This helps to segregate the various properties from potential liability, although liability is admittedly rare, and also allows future co-owners to buy into one but not all of the properties.
However, I would not buy any future properties under an S corporation.
S corporations have certain limitations for tax purposes that do not apply to limited liability companies that are taxed as partnerships.
I would have your future real estate acquisition under a limited liability company taxed as a partnership.
Four examples of the advantages of a limited liability company taxed as a partnership over an S corporation with respect to real estate ownership are as follows:
1. When a new partner buys into an S corporation their depreciation writeoff and underlying basis for if and when the real estate is ever sold has to be based upon the historic basis and depreciation taken, versus being based upon the price they pay.
For example, if the S corporation originally purchased a property for $100,000 and took $50,000 of depreciation, then someone now paying $50,000 for a 25% interest will only get depreciation based upon 25% of what is left of the remaining $50,000 basis, and upon the sale of the property that person will pay 25% of the gain on the difference between 25% of the sale price and 25% of $50,000.
If that same person had bought 25% of an LLC taxed as a partnership that owns the property then they could have a depreciation basis based upon the $50,000, and their gain on the sale of the property could be based upon the $50,000 less the depreciation allocated to them. This can be much better for everyone (except for the IRS).
2. On death the tax basis inside an S corporation does not change, but with an LLC it can come up to the fair market value multiplied by the percentage of the LLC owned. This can make a big difference in tax treatment and advantages for surviving family members.
3. S corporations can only be owned by individuals and certain trusts. They cannot be owned by non-resident aliens, corporations, or family limited partnerships. This limits flexibility going forward.
For these reasons I would have your corporate counsel establish a new LLC to be used in lieu of the present S corporation.
In the future you might have one or more partners who would only buy in to the building that they are involved with.
4. When you pull real estate out of an LLC taxed as a partnership there is typically no capital gains tax paid. If you pull that real estate out of an S corporation you have to pay taxes if the property was sold at the fair market value at the time of the withdrawal. Partnership tax can be very complicated, so you still have to be very careful with an LLC taxed as a partnership, but the great majority of the time it will be substantially better than having real estate in an S corporation.
5. S corporations cannot have a “second class of stock.” This means that there can be no priority rights other than voting and non-voting differences. Oftentimes investors would like to have a preferred type of interest, and this flexibility is simply not available with an S corporation.
There are more reasons, but hopefully this is enough.
FREE COPY OF PART ONE OF OUR THREE-PART SERIES ON FLORIDA LAW FOR ESTATE, TAX, AND CORPORATE PROFESSIONALS
Part 1 of our 3-Part BNA series on Florida Law for Estate, Tax and Corporate Professionals was released in the January 2013 issue of Bloomberg BNA’s Tax Management Estate, Gifts and Trusts Journal. We made Part 2 of this series an attachment to our May 23 Thursday Report and realized that we had not made Part 1 available.
You can access Part 1 by clicking here, and Part 2 by clicking here.
We thank our friends at Bloomberg BNA for their encouragement and support for these articles and the Webinar that we gave with Gary Teblum of the Trenam Kemker firm last week for Bloomberg BNA, which covered the new LLC law changes that are expected to be enacted this month and highlights from our 3-Part Bloomberg BNA series. You can purchase the CD or download of the Bloomberg BNA Webinar by clicking here, and can receive a $100 discount for using the top secret access code “GASSMAN” that you can share with any other Thursday Report reader. If you are embarrassed to ask others whether they are Thursday Report readers, you can use the secret handshake without admitting that you are “one of us.”
This is the same secret handshake that was made famous in the movie Animal House starring John Belushi and Tim Matheson, which made its debut in 1978.
Speaking of secret handshakes, did you know that the Freemasons, a fraternal organization, has used secret handshakes for hundreds of years as a way to gain admission to meetings and to identify legitimate visitors. Some of our nation’s founding fathers were Freemasons including George Washington, Andrew Jackson, Theodore Roosevelt and Harry Truman. But most importantly Colonel Sanders was a Freemason!
It’s interesting to note, however, that our two lawyers in history this week, John Adams and John Quincy Adams, both former presidents of the United States, were strong opponents to Freemasonry, and John Quincy Adams even helped found the Anti-Masonic Political Party.
The Anti-Masonic Party was founded on the belief that the Freemasons were against the republican views of the United States at the time. The party gained popularity in 1827 when many citizens in New York and elsewhere began to seek no Mason for public office. Support for this effort was strong and opposition to Masons in public office reached an all time high with opposition to Andrew Jackson, who went on to become our seventh president despite the parties best efforts.
It was believed that due to the fact that most of the members of Freemasonry were judges, politicians, businessmen and bankers that our legal system and country was being corrupted and that the people serving in positions of power were using their influence to promote the ideals of the Freemasons and not true democracy.
The Anti-Masonic Party holds the distinction as the first “third party” in the United States. The Anti-Masonic party plays an important role in our nations political history. Nominating conventions and party platforms were introduced during it’s 10 year run and are still in place today.
Please join us for next week’s Thursday Report where we will discuss more on Freemasonry and famous American Freemasons.
“I won’t belong to any organization that would have me as a member.”
– Groucho Marx
LAWYERS IN HISTORY: THE IMPACT OF LAW PRACTICE ON THEIR LIVES AND CAREERS: JOHN ADAMS AND JOHN QUINCY ADAMS
As part of our ongoing search for ways to entertain and educate, the Thursday Report is proud to introduce our new semi-regular feature: Lawyers in History: The Impact of Law Practice on Their Lives and Careers, which will share some of our favorite stories about the law and lawyers.
John Adams and John Quincy Adams
“Let us dare to read, think, speak and write.”
John Adams
“If your actions inspire others to dream more, learn more, do more and become more, you are a leader.”
John Quincy Adams
Both the second president John Adams and his son, the sixth president John Quincy Adams, had impressive careers in the law and made great impacts on American legal history.
John Adams, our second President, originally planned to attend Harvard College to become a minister. However, he ultimately found his passion in the law, stating that among lawyers, unlike the clergy, “noble and gallant achievements” could be found. Perhaps Adams’ most notable case was defending the British soldiers during one of the events that precipitated the American Revolution, the Boston Massacre. Adams, in a politically risky move, agreed to represent the British soldiers that were having a hard time finding representation in Boston. Of the eight soldiers, six were acquitted, and only the two that fired directly into the crowd were convicted of manslaughter, a huge victory for Adams. In defense of the soldiers, Adams declared that “it is more important that innocence be protected than it is that guilt be punished, for guilt and crimes are so frequent in this world that they cannot all be punished.”
One of Adams’s most significant legacies to the fledging American legal system was the appointment of John Marshall as the Chief Justice to the United States Supreme Court. Marshall ushered in a new era of the judicial branch taking its role as a fully empowered third branch of the United States government through landmark decisions such as Marbury v. Madison and Gibbons v. Ogden. Many of Marshall’s decision forever changed the fabric of the Constitution and the power balance of the federal government (and will be eternally imbedded in the minds of first year Constitutional law students.)
John Adams’s son, John Quincy Adams (“JQA”), was a famous attorney in his own right. Unlike other former presidents, Adams did not retire after leaving office. Adams later ran for and was elected to a seat in the United States House of Representative, becoming the first president (and one of only two presidents) to serve in the United States Congress after a presidency. In total, Adams was elected eight more times as a Representative, serving until his death.
While a Representative, Adams focused on abolitionist causes. In 1841 he was involved in the “Amistad” affair, which centered upon a slave revolt on board a Spanish slave ship called the Amistad. JQA took the slaves’ case, and after four hours of impassioned arguments, he prevailed and ultimately ended the Amistad affair, freeing the slaves on board the ship. The Amistad affair was later memorialized in Howard Jones’ book, Mutiny on the Amistad: The Saga of a Slave Revolt and Its Impact on American Abolition, Law, and Diplomacy and the 1997 Steven Spielberg movie, Amistad. Anthony Hopkins portrayed Adams in the movie and was nominated for an Academy Award for Best Supporting Actor for his role.
APPLICABLE FEDERAL RATES
Please click here to view a chart of this month’s, last month’s, and the preceding month’s Applicable Federal Rates, because for a sale you can use the lowest of the 3.
SEMINARS AND WEBINARS
SEMINARS:
- THE JOINT EXEMPT STEP-UP TRUST (JEST)
Date: Tuesday, June 11, 2013 | 12pm Eastern/9am Pacific (90 MINUTE PRESENTATION)
Sponsor: The Ultimate Estate Planner, Inc.
Additional Information: If you would like to attend this teleconference please click here to register.
- FLORIDA LAW FOR TAX, BUSINESS AND ACCOUNTING ADVISORS
Date: Wednesday, June 19, 2013 (60 MINUTE PRESENTATION FOLLOWED BY DINNER AND DRINKS)
Location: Chili’s U.S. 19 in Port Richey
Sponsor: North Suncoast Chapter of FICPA
Additional Information: If you would like to attend the meeting or receive a copy of the materials please email agassman@gassmanpa.com
- 2 FASCINATING PLANNING SESSIONS: (A) ESTATE AND INCOME TAX PLANNING – 2013; and (B) THE CPA’S GUIDE TO CREDITOR PROTECTION FOR PROFESSIONALS AND PROFESSIONAL PRACTICES
Date: Thursday, June 20, 2013 4:00 – 7:00 p.m. (3 HOUR PRESENTAION)
Speakers: Alan S. Gassman, Kenneth J. Crotty, Christopher J. Denicolo and Thomas J. Ellwanger
Location: Feathersound, Clearwater, Florida – Exact location TBD
Sponsor: Suncoast Chapter of the FICPA
Additional Information: If you would like to attend this meeting or receive a copy of the materials please email agassman@gassmanpa.com
- LUNCH TALK – MEDICAL PRIVACY LAWS – HOW TO HANDLE STICKY SITUATIONS (WHAT EVERY LAWYER NEEDS TO KNOW)
Date: July 1, 2013 | 12:30 p.m. (30 MINUTE PRESENTATION)
Speaker: Lester Perling, J.D., M.H.A.
Location: Online webinar
Sponsor: The Clearwater Bar Association
Additional Information: To register please visit www.clearwaterbar.org or email Janine Ruggiero at Janine@gassmanpa.com
- FLORIDA HEALTH CARE LAW CHANGES: HOW THEY AFFECT PHYSICIANS AND MEDICAL ENTERPRISES WEBINAR
Date: July 2, 2013 | 12:30 p.m. – 1:00 p.m. and July 10, 2013 | 5:00 p.m. – 5:30 p.m.
Speakers: Lester Perling, J.D., M.H.A. and Alan S. Gassman, J.D., LL.M.
Location: Online webinar.
Additional Information: To register for the July 2nd at 12:30 p.m. webinar please click here. To register for the July 10th at 5:00 p.m. webinar please click here.
- BP OIL SPILL CLAIMS – AVOID MISTAKES AND MAXIMIZE CLAIMS
Date: Wednesday, July 17, 2013 | 5:00 p.m. – 5:30 p.m.
Speakers: John Goldsmith, Esq. and Alan S. Gassman
Location: Online webinar
Additional Information: To register for this webinar please click here.
- LEGAL, TAX AND FINANCIAL BOOT CAMP FOR THE MEDICAL PRACTICE or Mickey Mouse Meets Colonel Sanders – Will Kentucky Fried Chicken Be a New World at EPCOT? A Special Tax, Estate Planning and Law Conference for Primary Care Doctors Sponsored By Medical Education Resources
Date: July 19 – 21, 2013 (Friday – Sunday mornings; Have fun at Disney in the afternoons and we will not ask what you do at night!)
Topic: 1) The 10 Biggest Mistakes That Physicians Make In Their Investments and Business Planning
9am – 10am on Friday, July 19, 2013
2) Lawsuits 101
10:10 am – 11:10 am on Friday, July 19, 2013
3) Essential Estate Planning
11:10 am – 11:40 am on Friday, July 19, 2013
4) Asset Entity Planning for Creditor Protection and Buy Sell Arrangements
10:10 am – 11:10 am on Saturday, July 20, 2013
5) 50 Ways to Leave Your Overhead
11:40 am – 12:40 pm on Saturday, July 20, 2013
6) Stark Naked, or Well Prepared? – Health Law Compliance
9:00 am – 10:00 am on Sunday, July 21, 2013
Location: Disney’s Boardwalk Resort, Orlando, Florida
Sponsor: Medical Education Resources
Topics by Other Speakers: 2013 Tax Changes, Tax Deductions for Physicians, Medical Practice Financial Management, Physician Compensation, Tax Structures for Medical Practices and Retirement Plan Options for Physicians.
Additional Information: For more information please visit www.MER.org Please note that the program qualifies for continuing education credit for physicians.
- INTERESTING INTEREST QUESTIONS, PLANNING WITH LOW INTEREST LOANS, PRIVATE ANNUITIES, DEFECTIVE GRANTOR TRUSTS, AND PRIVATE AND COMMERCIAL ANNUITIES
Date: Wednesday, October 16 through Friday, October 18, 2013
Location: Notre Dame College, South Bend, Indiana
Sponsor: Notre Dame Tax Institute
Additional Information: Professor Jerry Hesch’s Notre Dame Tax Institute will once again emphasize the importance of income tax planning and implications in addition to estate, estate tax, and related concepts.
Email us now to get your football tickets to the Notre Dame-USC game on October 19.
We welcome questions, comments and suggestions for the presentation that we are assisting Jerry in preparing and presenting.
- HOT TOPICS FOR ESTATE PLANNERS
Date: Wednesday, October 23, 2013 | 8:00 am – 12:00 p.m. (60 MINUTE PRESENTATION)
Location: TBD
Sponsor: Pinellas County Estate Planning Council
Additional Information: To attend the meeting or to receive information on joining the Council please click here or email agassman@gassmanpa.com
- 2013 MOTE VASCULAR SURGERY FELLOWS – FACTS OF LIFE TALK SEMINAR
Topic: Retirement Planning and Asset Management; It’s Not Too Early and Insurance Issues: Health, Disability, Death and Key Man Policies by Alan Gassman
Date: October 25 – 27, 2013 | Times TBD
Location: TBD
Sponsor: The Mote Vascular Foundation, Inc., Sarasota, Florida
Additional Information: Please contact agassman@gassmanpa.com for additional information.
- WHAT HEALTH LAWYERS NEED TO KNOW ABOUT FLORIDA LAW
Date: Friday, November 1, 2013 | 9am – 5pm (Mr. Gassman speaks from 1:10 pm until 2:10 p.m.)
Location: Seton Hall Law School, Newark, New Jersey
Sponsor: Health Law Section of the New Jersey Bar Association
Additional Information: If you have never been to Seton Hall it is a great place to visit, located in South Orange, New Jersey. It is a very interesting University founded in 1856. Today, Seton Hall has over 10,000 students in its undergraduate, graduate and law school programs and is in close proximity to several Kentucky Fried Chicken locations. To receive a copy of the materials please email agassman@gassmanpa.com
- WHAT NEW JERSEY LAWYERS NEED TO KNOW ABOUT FLORIDA LAW – A 3 HOUR PRESENATION BY ALAN S. GASSMAN (Bruce Springsteen and Governor Christie were both too busy to appear!)
Date: Saturday, November 2, 2013
Location: Wilshire Grand Hotel, West Orange, New Jersey | 9am – 12pm
Sponsor: New Jersey Institute for Continuing Legal Education, A Division of the New Jersey State Bar Association
Additional Information: Please tell all of your friends, neighbors and enemies in New Jersey to come out to support this important presentation for the New Jersey Bar Association. We will include discussions of airboats, how to get an alligator off of your driveway, how to peel a navel orange and what chitlins and grits are. For additional information please email agassman@gassmanpa.com
- PRACTICAL ESTATE PLANNING, WITH A $5.25 MILLION EXEMPTION AMOUNT
Date: Thursday, November 7, 2013
Location: Hilton Downtown Salt Lake City, Utah
Sponsor: Salt Lake Estate Planning Council
Additional Information: Please support this one day annual seminar conveniently located near skiing and tourism opportunities. If you would like to attend this event or receive the materials please email agassman@gassmanpa.com
SEMINARS PRESENTED BY OTHERS:
- 48th ANNUAL HECKERLING INSTITUTE ON ESTATE PLANNING SEMINAR
Date: January 13 – 17, 2014
Location: Orlando World Center Marriott, Orlando, Florida
Sponsor: University of Miami School of Law
Additional Information: For more information please visit: http://www.law.miami.edu/heckerling/
- 16th ANNUAL ALL CHILDREN’S HOSPITAL ESTATE, TAX, LEGAL & FINANCIAL PLANNING SEMINAR
Date: Wednesday, February 12, 2014
Location: All Children’s Hospital Education and Conference Center, St. Petersburg, Florida
Sponsor: All Children’s Hospital
DID YOU KNOW ABOUT THE UF TAX INSTITUTE?
Many people are still not aware that the University of Florida’s tax program will be sponsoring a 3-day tax institute in Tampa, Florida.
- UF TAX INSTITUTE
Date: February 19 – 21, 2014
Location: Grand Hyatt, Tampa, Florida
Sponsor: UF Law alumni and UF Graduate Tax Program
Additional Information: Here is what UF is saying about the program on its website: “The UF Tax Institute will provide tax practitioners and other leading tax, business and estate planning professionals with a program that covers the most current issues and planning ideas with a practical, informative, state-of-the-art approach. The Institute’s schedule will devote separate days or half days to individual income tax issues, entity tax issues and estate planning issues. Speakers and presentations will be announced as the program date nears to ensure coverage of the most timely and significant topics. UF Law alumni have formed the Florida Tax Education Foundation, Inc., a nonprofit corporation, to organize the conference.
We see on Sunbiz that Florida Tax Education Foundation, Inc. was formed on May 2, 2012 and lists Lauren Detzel of Orlando and David Pratt and Donald Tescher both of Boca Raton, Florida as directors. Hats off to Lauren, David, Donald and whoever else is spearheading this new wonderful development for Florida tax law and the UF tax program.
For details about each event, please visit us online at gassmanlaw.com/newsandevents.html
Alan S. Gassman, J.D., LL.M. is a practicing lawyer and author based in Clearwater, Florida. Mr. Gassman is the founder of the firm Gassman, Crotty & Denicolo, P.A., which focuses on the representation of physicians, high net worth individuals, and business owners in estate planning, taxation, and business and personal matters. He is the lead author on Bloomberg BNA’s Estate Tax Planning and 2011 and 2012, Creditor Protection for Florida Physicians, Gassman & Markham on Florida and Federal Asset Protection Law, A Practical Guide to Kickback and Self-Referral Laws for Florida Physicians, The Florida Physician Advertising Handbook and The Florida Guide to Prescription, Controlled Substance and Pain Medicine Laws, among others. Mr. Gassman is a frequent speaker for continuing education programs, publishes regularly for Bloomberg BNA Tax & Accounting, Estates and Trusts Magazine, Estate Planning Magazine and Leimberg Estate Planning Network (LISI). He holds a law degree and a Masters of Law degree (LL.M.) in Taxation from the University of Florida, and a business degree from Rollins College. Mr. Gassman is board certified by the Florida Bar Association in Estate Planning and Trust Law, and has the Accredited Estate Planner designation for the National Association of Estate Planners & Councils. Mr. Gassman’s email is Agassman@gassmanpa.com.
Thomas J. Ellwanger, J.D., is a lawyer practicing at the Clearwater, Florida firm of Gassman, Crotty & Denicolo, P.A. Mr. Ellwanger received his B.A. in 1970 from Northwestern University and his J.D. with honors in 1974 from the University of Florida College of Law. His practice areas include estate planning, trust and estate administration, personal tax planning and charitable tax planning. Mr. Ellwanger is a member of the American College of Trusts and Estates Counsel (ACTEC). His email address is tom@gassmanpa.com.
Christopher Denicolo, J.D., LL.M. is a partner at the Clearwater, Florida law firm of Gassman, Crotty & Denicolo, P.A., where he practices in the areas of estate tax and trust planning, taxation, physician representation, and corporate and business law. He has co-authored several handbooks that have been featured in Bloomberg BNA Tax & Accounting, Steve Leimberg’s Estate Planning and Asset Protection Planning Newsletters, and the Florida Bar Journal. He is also the author of the Federal Income Taxation of the Business Entity Chapter of the Florida Bar’s Florida Small Business Practice, Seventh Edition. Mr. Denicolo received his B.A. and B.S. degrees from Florida State University, his J.D. from Stetson University College of Law, and his LL.M. (Estate Planning) from the University of Miami. His email address is Christopher@gassmanpa.com.
Kenneth J. Crotty, J.D., LL.M., is a partner at the Clearwater, Florida law firm of Gassman, Crotty & Denicolo, P.A., where he practices in the areas of estate tax and trust planning, taxation, physician representation, and corporate and business law. Mr. Crotty has co-authored several handbooks that have been published in BNA Tax & Accounting, Estate Planning, Steve Leimberg’s Estate Planning and Asset Protection Planning Newsletters, Estate Planning magazine, and Practical Tax Strategies. Mr. Crotty is also the author of the Limited Liability Company Chapter of the Florida Bar’s Florida Small Business Practice, Seventh Edition. He, Alan Gassman and Christopher Denicolo are the co-authors of the BNA book Estate Tax Planning in 2011 & 2012. His email address is Ken@gassmanpa.com.
Thank you to our law clerks that assisted us in preparing this report.