A new portability clause in the American tax laws is good news for estate planning but likely cannot be relied upon permanently.

The provision allows a surviving spouse to claim any exemption not used by their deceased spouse on their own estate tax return. Since the exemption in 2011 was $5 million, a widow left with a $3 million estate owes no taxes. But then when the widow passes, the remaining $2 million can be added to the same $5 million ceiling. This means the widow’s estate is exempt for up to $7 million, according to Forbes.com.

This portability of estate exemption is simple compared to the tax maneuvers some estates attempt to avoid these taxes, and it was praised by tax lawyers upon signing. Unfortunately, the portability option concludes at the end of 2012, so it is only helpful to people who happen to lose a spouse in this calendar year.

In rare cases, someone who is terminally ill could use the portability option but even then it’s still guesswork. The new law also complicates taxes for the surviving spouse if he or she decides to remarry one day.

So, while the sentiment from Congress was well-received in the estate law community because it addresses one of that group’s significant concerns, the portability provision is almost unusable because it sunsets so quickly, according to Legalnews.com.

For now, the portability option will mean lots of paperwork for the IRS. As Congress’ new rules mean fewer estates have to pay taxes, the new law encourages more estates to file tax returns even if they don’t owe, according to Forbes.

So all surviving spouses this year have to file an estate tax return regardless of whether they owe or they lose the portability option forever. Estates have nine months to file an estate tax return and many miss that deadline.

Legislators could agree in 2012 to extend the portability provision in the estate tax law, or they could rewrite the whole thing. Forbes reported that the President has proposed bringing the estate tax laws back to where they were in 2009 when there was a $3.5 million exemption and a 45 percent tax rate.

Congress is notoriously unpredictable when it comes to drafting estate tax law. In late 2009, the U.S. Senate failed to vote on a bill that would have fixed a scheduled expiration of the tax. That meant there were no federal taxes on estates in 2010, according to Businessweek.com.

At the end of 2010, Congress passed the Tax Relief Unemployment Insurance Reauthorization and Job Creation Act. This is the law that brought the exemption to $5 million and introduces the portability option.

O. Reginald (“Reggie”) Osenton is the Owner and President of Osenton Law Offices, P.A. If you need a Brandon estate planning lawyer, Tampa estate planning lawyer, or Tampa probate attorney, call 813.654.5777 or visit Brandonlawoffice.com.

The debate over proposed alimony laws in Florida that would drastically change the divorce landscape is heating up before the Legislature begins the 2012 session.

Orlando Sentinel columnist Scott Maxwell analyzed the proposed Florida House and Senate bills in a mid-November article claiming the bill would benefit “…wealthy men who cheat on their wives.”

A pro-reform group called Florida Alimony Reform claims the Sunshine State’s laws are draconian and out-of-touch with modern society. According to the group’s website, “Because of [antiquated] laws and attitudes, it is common for healthy, employed women in their 30s and 40s to receive permanent alimony.”

Versions of the bill were introduced by State Sen. Miguel Diaz de la Portilla of Miami and State Rep. Ritch Workman of Brevard County, both Republicans. Maxwell pointed out in his column that Workman introduced the bill only about a week after his own divorce became final.

The proposed law would dramatically affect family law. HB 549 and SB 748 both have provisions that limit alimony’s duration as a function of the length of the marriage. “Lifetime alimony” is a sticking point among proponents of change. The new law could end alimony upon reaching retirement age and cap alimony at 20 percent of the payer’s income.

Workman admitted in Maxwell’s column that the cap would likely be removed. Some have called it unconstitutional.

The proposed law would allow people currently paying alimony to petition the court to modify their agreement based on the new law and would prohibit the use of a payer’s new spouse’s income as part of a judgment.

Workman told Maxwell the Florida proposal was inspired by and modeled after sweeping reforms passed by the Massachusetts Legislature this past summer. The highlight of the Massachusetts law is limits to the length of time alimony must be paid. But now divorced spouses in Massachusetts can have their payments ended by a judge if they move in with another partner even if they do not get remarried.

The Massachusetts law also has inspired proposed legislation in New Jersey. News outlets including ABC News and the Huffington Post are covering the trend of state alimony reform.

If the Florida bill were to pass with the provision that allows courts to look at previously decided judgments, it opens the doors for many cases to get a fresh look.

Workman told Maxwell he has already reconsidered some parts of the bill. The Florida Legislature begins its 2012 session Jan. 10.

O. Reginald (“Reggie”) Osenton is the Owner and President of Osenton Law Offices, P.A. If you need a Brandon family law attorney, Tampa divorce lawyer, or Tampa divorce attorney, call 813.654.5777 or visit Brandonlawoffice.com.

New laws went into effect in Florida this fall that change the way estates are divided in the event that the deceased did not leave a will and offer opportunity for descendants to have the will reinterpreted by the courts.

In most cases, the spouse of the deceased will be left with everything after all of the debts and taxes are paid. This changes the old Florida law that split the estate among the surviving spouse and the surviving children.

In the event that the deceased had children who are not descendants of the surviving spouse, they will now get half of the remaining estate, according to Florida law.

These rules could mean an increased number of lawsuits filed by family members who claim to know the intent of the deceased despite the lack of a will. Since the laws changed, wills that had not been amended since the new laws went into effect will come under closer scrutiny.

The two most significant changes to the law concern the change in the surviving spouse’s inheritance and the court’s ability to change a will if someone presents a case that the will does not represent the intent of the deceased.

If the deceased had no will, then the surviving spouse now will inherit the entire estate if all of the children belong to both the deceased and the surviving spouse. Previously, the surviving spouse would get $60,000 and the other monies would go to the rest of the estate. Portions of the old law continue to apply if there is a surviving child outside of that marriage.

The other significant change in Florida probate law that went into effect this year allows the court to change the will – even if it was unambiguous – if the interested party can prove the intent of the deceased was different from what was in the will.

This could potentially open the doors to many new lawsuits. The law change even says, “In determining the testator’s original intent, the court may consider evidence relevant to the testator’s intent even though the evidence contradicts an apparent plain meaning of the will.”

Probate in Florida includes paying the debt of the deceased as well as taxes and, in some cases, funeral expenses. This occurs before the family or other heirs receive their inheritance. Often this process takes as long as a year (or more) and is handled by Florida circuit courts.

An experienced attorney can help put together a will that serves the exact wishes of a client. But that will needs to be revisited annually to make sure that it is still up to date. In many cases, the attorney can develop an estate plan to minimize probate or avoid it entirely.

Brandon estate planning attorney Reginald Osenton has experience helping clients develop wills, trusts, living wills and power of attorney documentation. He also has experience in helping clients avoid probate, or in helping family members probate estates throughout Florida.

O. Reginald (“Reggie”) Osenton is the Owner and President of Osenton Law Offices, P.A. If you need a Brandon estate planning lawyer, Tampa estate planning lawyer, or Tampa estate planning attorney, call 813.654.5777 or visit Brandonlawoffice.com.

The holidays can be a stressful time for a family in even the best years. But when a family has broken up, the tension can strip all joy from the season.

A divorce can be emotionally exhausting and can make the holiday season practically unbearable. All of this can be unfair to the children of a divorce. But there are some things to keep in mind as the holidays approach that can help calm the storm.

Here are five tips to help your children enjoy the holidays and help you survive through January.

1. Have a strategy. As much as possible, plan out where everyone will be and when so that your children will know what to expect and the other parent can plan his or her schedule as well. Be on time with planned phone calls and pick ups and drop offs.

2. Stay connected. Keep in touch with the other parent so that you are not overlapping gifts or giving the children presents that are forbidden to have. It is important to know what is going on with the children when they are not with you in order to be a good parent to them when they are with you.

3. Focus on the children. Remember that the children like parties and presents and seeing their cousins that they only get to see a couple of times a year and they should get to enjoy that. Try to surround young children with things that they know – especially if this is the first holiday since the divorce.

4. Be positive. It will hurt your ability to negotiate with the other parent if it gets back to them that you have been speaking unkindly about them. Since your family will be around the children, too, remind them to stay positive about your children’s other parent in front of the kids. It may be your dad’s instinct to make remarks about the other parent under his breath. Or it may be in your sister’s nature to want to discuss all of the details of how the marriage ended. But it is your job to tell your family that all comments about the family around the kids need to be upbeat.

5. Start some new traditions. Your children will miss the old traditions you had as a family. That is natural and you may miss them, too. But use this as an opportunity to start some new celebrations. Let your children help to design some of these new holiday rituals so that they can take some ownership of them.

O. Reginald (“Reggie”) Osenton is the Owner and President of Osenton Law Offices, P.A. If you need a Brandon child custody attorney, Tampa divorce lawyer, or Tampa family law attorney, call 813.654.5777 or visit Brandonlawoffice.com.

In contentious divorces, it often feels like one spouse is overpowering the negotiations about child custody and the visitation schedule. That parent will make it seem like the other parent is not caring, does not have time for the child, and does not provide enough, even if these things are not true. In part, this is why it is important to have a skilled divorce attorney to represent you and what you truly do to be an active parent in your child’s life.

Family law judges consider many things when they decide on child custody matters. They want to take into account all the factors that lead to the best interests of the child. This includes:

The child’s age
The child’s current routine with school and activities
The child’s preference, particularly if they are in their teenage years
The potential emotional and social impact of the custody arrangement
Any special medical or educational needs
A parent’s lifestyle, stability, financial status, and health to provide for the child
The current child-parent relationship

Sometimes a judge will request that a guardian ad litem, custody evaluator, mental health professional, or a social worker should evaluate the parents and child to provide the family law courts with the best recommendation for the child. Once a decision has been made, this will affect the child custody and parenting agreement. It is important to get clarification regarding any parts of these documents that are unclear to you as a parent. Months and years down the road, you do not want to be accused of violating these orders because something was vague and you could not quite meet the requirements that were laid out.

Violating the child custody or visitation orders can cause you to be in contempt of court, allow the other parent to have “make up” visitation time, and can even involve the guilty parent having to pay for attorneys’ fees or face jail time. Parents are allowed to modify these agreements as the child grows and various life events necessitate a modification of the custody or parenting schedule. What is most important is to work out any future changes with your ex in a rational manner. Withholding visitation to get back at your ex hardly does any good as your child then becomes caught in the middle of the crossfire.

Brandon child custody attorney Joshua Law is with Osenton Law Offices, P.A. in Tampa Bay and as a children’s rights lawyer, he looks out for the child’s best interests in divorce cases. If you need a Brandon divorce lawyer, Brandon child custody lawyer, or Brandon family law attorney, call 813.654.5777 or visit http://www.brandonlawoffice.com/.

The holidays present a unique challenge for the children of divorced couples – especially in the first year. Using an attorney-negotiated schedule for the first holiday season of shared custody is critical.

Children have high expectations and parents inevitably have high anxiety levels. Children will need to be reminded that this is still special time with family and extended family will need to be updated on what’s going on with the custody agreement so that they can help meet children’s expectations.

It is best to stick to the attorney-negotiated holiday custody agreement as closely as possible and take notes on what worked best for you, what the child’s reactions were and how the agreement might be fine-tuned for next year.

Whether your agreement was to split the holidays up in the middle of the day or to give each parent a full day, keep track of how it worked for you and for the child so you can bring it up the next time the custody agreement is discussed. Chances are, discussions of the custody agreement in the moment will only add to the anxiety level.

For example, you can arrange for one spouse to have the children on Thanksgiving Day and for the other spouse to have custody for the weekend after Thanksgiving. If this arrangement did not work well for one child, but was fine with the others, some modifications might be in order. Or maybe you all agreed the children would spend Christmas Eve and Christmas morning with one parent, but Christmas night with the other parent, yet the children felt unsettled by being uprooted mid-day. Again, it is possible to revisit the agreements for next year. In the end, you may collectively decide to handle each holiday differently. Some will be shared while others are rotated annually.

Joint custody holiday schedules are more difficult to maintain than the regular weekly custody schedule that you have all become accustomed to, so it is important to be diligent and punctual for everybody’s sake.

The first holidays after a divorce can be a time for new traditions to start. Encouraging the children to be a part of the beginning of some new traditions will help make the new arrangement special for them.

Brandon child custody lawyer Joshua Law is with Osenton Law Offices, P.A. in Tampa Bay and is also a children’s rights lawyer. If you need a Brandon child custody attorney or Brandon family law attorney, call 813.654.5777 or visit http://www.brandonlawoffice.com/.

Individuals do not have unlimited time to decide how they will respond when a spouse serves them with divorce papers. Divorce petitions must be answered in 20 days, so you will want to consider what your fair share from the marriage is and which attorney you’ll want to represent your side of the divorce. Do not ignore the petition, as your other spouse could receive a default divorce and leave you with consequences that could diminish your rights to assets, finances, and child custody.

If you find yourself getting emotional or stuck, it helps to get the support of your family and friends to keep you from being stalled. Read every part of the petition thoroughly and be sure to fully understand what it all means. Remember that the next chapter will be all about focusing on yourself and your kids, so do what it takes to muster the courage to face the reality of what is happening and not close yourself off to your kids and their needs.

Ignoring the petition will only leave you with more heartbreak and stress. It can create a default divorce, where you could also end up having your wages garnished for child or spousal support. And chances are high that you will not receive a notice of the final hearing date either if you do not respond.

The best advice after finding the right divorce attorney to represent you is to get your finances organized and game plan together. Get the records of assets, property deeds, and any mutual businesses so that you are aware of what your share is. It is also smart to review all credit cards and bank accounts that are in both names. In the event that your spouse is prone to go on a spending spree, you will want to remove their name from key accounts or cards. Dedicating some time to analyze your true monthly bills is also helpful. Many divorces lead to an individual needing to cut spending habits and building a fund worth of six month’s reserves for any future, unexpected events that might come up.

As hard as receiving a divorce petition is, you owe it to yourself to find a skilled divorce attorney to help you through all the steps. An attorney can assist you with effective legal advice to set the foundation for a better stage of your life. In Florida, Brandon family law attorney Joshua Law counsels individuals to achieve their divorce goals. As part of Osenton Law Offices, the firm stands by its commitment to high-quality client service and the latest in technology to help secure the best outcome in every divorce case.

O. Reginald (“Reggie”) Osenton is the Owner and President of Osenton Law Offices, P.A. If you need a Brandon family law attorney, Tampa family law attorney, or Brandon divorce attorney, call 813.654.5777 or visit Brandonlawoffice.com.

Increasing amounts of older, long-term couples are getting divorced. At first, it might seem like they never want to remarry after 20 to 40 years of marriage. As time goes by though, many older individuals find a special someone and decide to live together, but not marry. It is a trend that is gaining popularity.

“It’s understandable, given our divorce rates, why people may want to retire together without having to be married to do it,” said Betty Liu, co-author of Age Smart. “And, as you get older, the focus may not be so much on marriage, as it’s about companionship and having the right partner with you.”

Older people who decide to live with their partner still need to be mindful of their estate plans and what legacy they want to leave to their companion and any children. Oftentimes, these older couples have significant assets such as a house, 401k plans, retirement plans, and particular health concerns.

“But what can be exciting and romantic for an older couple can be nerve-racking for families that have hopes pinned to an inheritance or simply expectations about how money will be handled by a surviving parent,” Smart Money reported.  

A qualified estate planning attorney will help their client create a cohabitation agreement that is fair to each partner and is enforceable by the courts. A cohabitation agreement in tandem with proper estate planning will outline financial, health, and property decisions. These documents will clearly define who gets the house, monies, and who will make healthcare decisions in the event the individual is incapacitated. A trust, will, and power of attorney documents can also safeguard your partner’s financial livelihood and give authority to a chosen person to make key decisions in the event that you are unable to do so.

“If you plan with your head instead of your heart, the hardest issues can be mitigated or completely avoided, and you two can just enjoy the good life in your golden years,” said Liu. “It’s a great thing to have more options when you retire and not be boxed in to what traditionally is seen as retirement.”

Without these protections, your significant other could be kicked out of the home you are sharing and not have access to any monies. Attorneys are aware of the pitfalls and hear incidents of how the partner could no longer afford the home or got into a big dispute with the partner’s adult children when no plan was in place. It is also critical to analyze assets, life insurance beneficiaries, and make plans for transferring them to minimize estate taxes.

Every couple has its unique dynamics and financial considerations, so no matter your circumstances expert legal counsel will help with all the documents so that your wishes are planned and defined carefully. In Florida, the Brandon estate planning attorneys and Brandon family law attorneys at Osenton Law Offices help couples achieve their goals and have access to the latest resources to ensure a couple’s legacy. Their expertise and top-notch superior client service makes them one of the Tampa Bay’s best law firms.

For more information:

http://www.brandonlawoffice.com

Osenton Law Offices, P.A.
500 Lithia Pinecrest Road
Brandon, Florida 33511
Phone: 813-654-5777
Fax: 866-941-5609

O. Reginald (“Reggie”) Osenton is the Owner and President of Osenton Law Offices, P.A. If you need a Brandon bankruptcy lawyer, Tampa bankruptcy lawyer, or Tampa bankruptcy attorney, call 813.654.5777 or visit Brandonlawoffice.com.

Brandon, Fla. – Osenton Law Offices offers the Brandon and Tampa community with a free, informational bankruptcy seminar. The next seminar is on June 9 at 6 p.m. Many individuals and families need help to eliminate debt, maintain their home and savings, and halt foreclosure. The hour-long seminar will also cover alternatives to bankruptcy.

Reginald Osenton, the Brandon bankruptcy attorney at Osenton Law Offices, will go over the difference between the two different versions of bankruptcy, Chapter 7 and Chapter 13.

“The seminars allow you to ask any question you have about bankruptcy and you can remain anonymous,” said Osenton, who has handled hundreds of bankruptcies for clients. “We know many people need an advocate on their side during a stressful time.”

With more than two decades of experience, Reginald Osenton knows how to help his clients preserve their integrity and create a better financial future. Every case gets personalized attention and he will determine what type of bankruptcy is most effective given a person’s situation. Debt is completely eliminated in Chapter 7, but for individuals whose income is too high to qualify, Chapter 13 can be the route to slash debt over time.

Osenton Law Offices is also skilled in foreclosure defense. When a mortgage lender is trying to repossess a client’s home, Osenton will counsel on how to keep the property in that individual’s name and minimize any deficiency that a lender might want to put on an individual’s credit.

“The seminars help people learn about their rights and how they can move forward with their finances and life,” Osenton said.

Reginald Osenton practices law in Florida, Virginia, West Virginia, the District of Columbia, and before the Internal Revenue Service. Osenton Law Offices is also accomplished in probate, estate and trust planning, business, real estate, and taxation law.

For more information on the Osenton Law Offices Bankruptcy Seminar, call 813-654-5777 or email: info@brandonlawoffice.com as space is limited.

http://www.brandonlawoffice.com

Osenton Law Offices, P.A.
500 Lithia Pinecrest Road
Brandon, Florida 33511
(813) 654-5777

Brandon, Fla. – Osenton Law Offices, P.A., will host a lunch and dance for residents of The Bridges, an active retirement community in Riverview. The event will be held in the dining room of The Bridges on May 20 and include live music with a big band sound. The Bridges has an assisted living facility, custom cottage homes, condos, and a recreation center for residents to live in and enjoy.

“We want to give back to the community of seniors that have done so much for the area,” said O. Reginald Osenton, owner and president of Osenton Law Offices, P.A. “We will help the residents and their families with their legal questions at the event too.”

Osenton Law Offices, P.A., provides counsel to individuals and their families in a wide array of legal matters. From estate planning, guardianship, and probate to family law, bankruptcy, and real estate concerns, they are the go-to law firm in Brandon and Riverview. Both Osenton and the firm’s other attorney, Laurel A. Tesmer, Esq. have a solid track record of superior client service, integrity, and tenacity to help clients achieve their goals.

“You will never feel like you are just a number; we personally handle your case and update clients frequently about the status of their case and choices as it progresses,” said Tesmer, the lead Brandon family law attorney.

Clients throughout Hillsborough and Polk County, as well as all of Tampa Bay, can consult Osenton Law at their offices in Brandon and Lakeland. They are licensed to work throughout Florida in estate administration cases and represent clients in Virginia, West Virginia, the District of Columbia, and before the Internal Revenue Service.

“We are known for our experience, compassion, and innovation,” Osenton said. “We become a trusted partner and advisor to you and your family.”

To learn more visit, http://www.brandonlawoffice.com

Osenton Law Offices, P.A.
500 Lithia Pinecrest Road
Brandon, Florida 33511
(813) 654-5777