At Battaglia, Ross, Dicus & McQuaid, P.A., we’ve helped countless families navigate estate planning with minors in mind. Our Florida estate planning lawyers know how to set up inheritances. They protect children and help assets move smoothly. This guide will walk you through everything you need to know.

Why Minors Can’t Inherit Retirement Accounts Directly

Many parents want their children to inherit their retirement savings. However, minors can’t legally control these funds until they reach adulthood. If a retirement account is left directly to a minor, a court-appointed guardian must manage the money until the child turns 18 (or 21 in some cases).

Without a solid plan, this can lead to:

• Unnecessary legal delays
• Higher legal costs
• Loss of control over how the funds are used

Additionally, once the child reaches the legal age of adulthood, they gain full control over the inherited funds. Without structured guidelines, they could spend the money unwisely or face financial mismanagement. Careful planning ensures that the funds are used responsibly for long-term security.

The SECURE Act and Its Impact on Inherited Retirement Accounts

The Setting Every Community Up for Retirement Enhancement (SECURE) Act significantly changed how inherited retirement accounts are handled. The SECURE Act says that most non-spouse beneficiaries, such as minors, need to withdraw all the money from an inherited IRA or 401(k) within 10 years after the account holder passes away.

Key SECURE Act Changes Affecting Minors:

• No more “Stretch” IRA: Beneficiaries used to take small payments throughout their lives. Now, they must deplete the account within a decade.
• Exception for Minor Children: Minor children can take required minimum distributions (RMDs) based on their life expectancy. However, the 10-year rule starts when they reach the age of majority, which is either 18 or 21, depending on the state. This exception is only applicable to the account owner’s minor child or children, and not just any minor beneficiary.
• Higher Tax Burden: Big payouts quickly might move minors into a higher tax bracket. This can cause large tax bills.

These changes make trust planning more important for families. They want to ensure their children have financial stability.

Best Ways to Plan for a Minor’s Inheritance

1. Establish a Trust for Your Child

One of the best solutions is to create a trust. A trust ensures that the retirement funds are managed according to your wishes until your child reaches an appropriate age.

Benefits of a trust:

• Control: You decide when and how your child receives the money.
• Protection: Funds remain safe from misuse or external threats.
• Tax Efficiency: Properly structured trusts can minimize tax burdens.
• Financial Guidance: A trustee can provide oversight to ensure the funds support the child’s long-term needs.

There are different types of trusts to consider:

• Revocable Trust: You can modify or cancel this trust during your lifetime.
• Irrevocable Trust: This trust can’t be changed after it’s set up, but it offers better asset protection.
• Testamentary Trust: This trust starts after you pass away and is set up in your will.

If you wish to establish a trust, it is important to consult with an estate planning attorney to draft the trust in a way that utilizes strategies to protect your child’s inheritance while also minimizing taxes through careful planning. Not all trusts are structured the same way, so retirement accounts need special considerations.

2. Name the Trust as the Beneficiary

Once you create a trust, you should name it as the beneficiary of your retirement account. This ensures that funds are transferred into the trust rather than directly to the minor.

When doing this, make sure:

• The trust is properly drafted to receive retirement account funds.
• It meets IRS requirements to qualify as a designated beneficiary.
• It includes terms for gradual or conditional distributions.

3. Choose a Responsible Trustee

The trustee will oversee the management and distribution of your child’s inheritance. This should be someone you trust to act in your child’s best interest.

• Have strong financial judgment
• Understand your wishes and goals
• Be willing to manage the trust responsibly

If you’re unsure who to choose, a Florida estate planning attorney can help you select the right trustee. You might think about hiring a professional fiduciary or corporate trustee. They can help with fair and expert financial management.

4. Consider a Custodial Account

Another option is setting up a Uniform Transfers to Minors Act (UTMA) account. This allows a designated custodian to manage the funds until the child reaches the legal age of maturity. While this is simpler than a trust, it offers less control over long-term use.

Understanding the Difference Between Role Names

When planning an inheritance for kids, it’s important to know the key roles in estate planning. A beneficiary gets the assets. A trustee manages those assets in a trust. Additionally, a guardian is appointed to care for the minor in the event of the parent’s passing, whereas a custodian handles financial matters for the child if a custodial account is used. Knowing these differences helps make sure your estate plan matches your wishes. It also ensures that all important roles are assigned correctly.

Additional Considerations When Planning for a Minor’s Inheritance

Understanding Tax Implications

Different inheritance structures have varying tax consequences. A properly structured trust can minimize income tax burdens for your heirs. Distributions from inherited retirement accounts often incur income tax. Still, with smart planning, you can reduce your tax burden.

Consider these tax strategies:

• Stretch IRA Strategies: Allows beneficiaries to take distributions over their lifetime, reducing yearly tax burdens, if they are considered eligible designated beneficiaries. Eligible designated beneficiaries are beneficiaries that, if they are within a special class of individuals, such as a spouse, chronically ill or disabled beneficiaries, or beneficiaries that are no more than 10 years younger than the account owner, can stretch distributions over their life expectancy. Structuring your retirement beneficiaries with this in mind is crucial when preserving the special rules for eligible designated beneficiaries and should be done with the help of legal counsel.
• Roth Conversions: Converting traditional retirement funds to a Roth IRA can allow tax-free distributions for heirs if properly planned for in advance and before death.
• Charitable Trusts: Designating a portion of assets to charity can provide tax advantages while supporting meaningful causes.

Planning for Special Needs Children

If your child has special needs, additional planning is necessary. A Special Needs Trust (SNT) provides financial support. It helps people stay eligible for government benefits like Medicaid and Supplemental Security Income (SSI). It’s important to work with a Florida estate planning attorney who knows special needs planning. This helps create a legally sound plan.

Common Mistakes to Avoid

Naming a Minor as a Direct Beneficiary

Without a trust or custodial arrangement, a court must appoint a financial guardian to manage the funds. This process can be expensive and time-consuming.

Failing to Update Beneficiary Designations

Your estate plan should always reflect your most recent wishes. If you fail to update your beneficiary designations, funds may go to an unintended party.

Not Considering Tax Implications

Different inheritance structures have varying tax consequences. A properly structured trust can minimize income tax burdens for your heirs.

FAQs About Minor Beneficiaries and Retirement Accounts

Planning for minors to inherit retirement accounts can be complex. Below are answers to common questions families often ask:

1. Can I name my minor child as a direct beneficiary of my retirement account? Yes, but it’s not recommended. Minors can’t manage these funds. A court-appointed guardian must oversee them until the child becomes an adult. A trust is often a better solution.

2. What is the best way to leave retirement assets to a minor? Setting up a trust is typically the best way. A properly structured trust ensures funds are distributed according to your wishes and protects the assets from potential mismanagement.

3. What happens if I don’t designate a guardian or trustee? Without a designated trustee or guardian, the court will appoint one, which may lead to delays, added expenses, and less control over how the assets are managed.

4. How does the SECURE Act affect my minor child’s inheritance? The SECURE Act says that most inherited retirement accounts must be emptied within 10 years. However, minor beneficiaries can take smaller amounts until they become adults. After that, the 10-year withdrawal rule applies.

5. Can I change my beneficiary designations after setting up a trust? Yes, you can update your beneficiary designations at any time to ensure they align with your estate plan. Regular updates are recommended to reflect changes in family dynamics or financial goals.

Learning about these common questions can help you make smart choices for your child’s financial future.

Why Expert Guidance from a Florida Estate Planning Attorney Matters

Estate planning is complex, especially when minors are involved. Our experienced Florida estate planning attorneys can help you:

• Select the right trust structure
• Ensure your plan complies with state and federal laws
• Minimize legal and tax complications
• Protect your child’s financial future

Without professional guidance, even small mistakes can lead to major issues. Working with an attorney ensures your plan is legally sound and aligns with your family’s goals.

A Florida estate planning attorney can also help you navigate legislative changes like the SECURE Act, which impacts how inherited retirement accounts are distributed. Understanding these nuances is crucial for optimizing your child’s financial future. Additionally, a knowledgeable attorney can assist in choosing a trustee, structuring trust distributions, and minimizing tax burdens. Proactive estate planning ensures your minor child’s inheritance is secure and used for their best interests.

Contact Us for a Free Consultation

At Battaglia, Ross, Dicus & McQuaid, P.A., we have decades of experience helping families protect their assets. Our Florida estate planning attorneys provide personalized solutions tailored to your unique situation.

For over 60 years, our firm has provided top-tier legal services in Florida. Our estate planning team is known for expertise, attention to detail, and client-focused service. We take pride in helping families create solid, legally sound plans that stand the test of time.

Whether you’re setting up a trust, choosing a guardian, or updating your beneficiary designations, we’re here to help. Contact us today for a free consultation and let us guide you in securing your child’s financial future.

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The crash happened just after 6:30 p.m. Monday at the intersection of 22nd Avenue North and 52nd Street North, according to a St. Petersburg Police Department news release.

Police say the rider, a 39-year-old man, entered the intersection with his bike just as a Ford Escape SUV was heading down the road when the two crashed into each other. The man was taken to an area hospital, where he later died.

The driver remained at the scene of the crash and is cooperating with investigators, the department said.

Source : 10 Tampa Bay

(Credit : ABC News)

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Injunctions and restraining orders protect victims (Petitioner) from abuse by an alleged perpetrator (Respondent).

Having an injunction or restraining order against you has consequences. You will likely be flagged on a background check and prevented from employment or even renting. You will lose your right to keep and bear arms. Perhaps most importantly, if you violate the terms of the court order, you will commit a crime and go to jail.

Domestic violence is the most common reason people seek injunctions or restraining orders in Florida. Following Alabama, Florida ranks number 21 in the US for domestic violence rates against women, at 37.4 %, slightly higher than the national average of 37.2%.

Under Florida law, Petitioners have six options for restraining orders. Read on to learn more about different types of injunctions in Florida and some relevant statistics.

Domestic Violence Statistics in Florida

Pinellas County consistently overrepresents domestic violence cases in Florida. From 2001-2020, Pinellas County has consistently had a higher rate of Domestic Violence Reports than Florida’s average.

• Domestic violence injunctions are the most common type in Florida. From 2021 to 2022, Pinellas County filed 338 domestic violence injunctions.
• In 2020, Pinellas County’s rate was 619.5 Domestic Violence Offenses (rate per 100,000) compared to Florida at 492.2.
• In 2020, The Florida Department of Children and Families reported 106,515 domestic violence crimes to Florida law enforcement agencies.
• 63,217 of those domestic violence crimes led to arrests
• Domestic violence advocates made over 150,000 tailored safety plans for victims of abuse
• Agencies and advocates provided over 200,00 hours of advocacy and counseling services to abuse victims.
• 72,321 individuals made domestic violence hotline calls for emergency services, information, and safety planning help.

Domestic Violence Injunction/Restraining Order

In Florida, a Petitioner can file for a Domestic Violence injunction or restraining order for any of the following types of repeated offenses by the Respondent:

• physical violence/domestic battery
• sexual violence
• Threats or assault
• threats relating to children

Stalking Injunction/Restraining Order

Statistics on Stalking

• In the US, 19.3 million women have reported being stalked in their lifetime. 60.8% of stalking victims report being stalked by a current or former intimate partner.
• 5.1 million men have reported being stalked in their lifetime, with 43.5% reporting the stalker was an intimate partner (current or past)
• In 2022, there were 93 stalking injunctions filed in Pinellas County, Florida.

Stalking is any pattern of repeated, malicious, intentional, and unwanted:

• Harassment
• Following
• Contact
• Cyberstalking

Stalking has no legitimate purpose, and that causes the victim emotional anguish. In Florida, the Petitioner may also file for a Cyberstalking injunction. Cyberstalking in Florida is “committing a series of acts to communicate, directly or indirectly, through email or electronic communication.” Accessing or attempting to access your online accounts without your consent, which causes a person emotional distress, is also considered cyberstalking.

Repeat Violence Injunction/Restraining Order

As of the date of this article, thus far in 2022, Petitioners filed 43 Repeat Violence injunctions in Pinellas County, Florida.

The following are the requirements for filing a repeat violence restraining order in Florida:

• At least two incidents of violence or stalking, directly on the Petitioner or their immediate family member.
• One incident must have occurred within the past six months of filing.
• The petitioner fears repeat violence by the Respondent
• The victim or parent, or guardian of the victim may file a petition.

A repeat violence injunction protects the Petitioner or their family member from further violence or contact.

Dating Violence Injunction/Restraining Order

Statistics on Dating Violence

• In 2022, Petitioners filed 26 dating violence injunctions in Pinellas County, Florida.
• Nearly 20 people per minute endure physical abuse by an intimate partner in the US. That equates to more than 10 million victims per year.
• 1 in 4 women and 1 in 9 men experience severe intimate partner physical violence or sexual violence with impacts like injury, fear, post-traumatic stress, use of victim services, and contraction of sexually transmitted infections.
• 1 in 10 women has been raped by an intimate partner.
• The risk of homicide is increased by 500% with the presence of a gun in a domestic violence situation.
• Intimate partner violence makes up 15% of all violent crime cases.
• Women between 18-24 are the most common victims of intimate partner abuse.
• Domestic violence victims experience higher rates of depression and suicidal behavior.
• Less than half (only 34%) of people who endure intimate partner violence seek medical care for their injuries.

Dating violence is similar to domestic violence. It is a pattern of behaviors where the Respondent exerts power or control over their partner using ear, intimidation, or threats. Dating violence can happen in person or electronically. Florida defines dating violence as ‘violence between individuals who have or had a continuing and significant relationship of romantic or intimate nature.”

Petitioners seek Dating Violence restraining orders for:

• physical violence
• sexual violence
• emotional abuse
• And verbal abuse

In addition, the relationship must last for a minimum of 6 months, and there must have existed an expectation of affection or sexual involvement between the two parties.

Sexual Violence Injunction/Restraining Order

Statistics on Sexual Violence in Florida

• 1 in 6 women in Florida (17%), or 1,266,000, report being raped at some point in their lives
• 41.8% o women in Florida have been victims of other sexual violence that is not rape.
• 80% of women victims experienced sexual violence before the age of 25

• 20.4% of men, or 1,437,000 men, in Florida report having been victimized by sexual violence other than rape.
• More than 27.8% of male victims who had experienced at least one completed rape experienced the first rape when they were ten or younger.

For Sexual Violence restraining order in Florida, the following requirements must be met:

• Sexual violence is any sexual battery (a lewd or lascivious act on or in front of a person under 16), luring or enticing a child, or making a child perform sexual acts.
• The Petitioner must comply with law enforcement after they report sexual violence.
• If the Respondent is in jail for an offense already committed on the Petitioner and is due for release within 90 days, the Petitioner can file for an injunction.
• The victim, parent, or guardian of the victim can file the petition.

Exploitation of a Vulnerable Adult Injunction/Restraining Order

Florida has laws protecting vulnerable adults and seniors from exploitation.

Statistics on Elder Abuse and Exploitation in Florida

• 1 in 10 seniors or vulnerable adults will experience elder abuse.
• Less than 10 percent of elder abuse gets reported to authorities (about 7% report rate)
• More than half of elder abuse cases (about two-thirds) involve family members.
• Financial exploitation is the common cause of elder abuse.
• Compared to seniors living in safe environments, victims of elder abuse have a 300% higher mortality rate.
• Elder abuse also has an economic impact – it costs Americans billions of dollars annually.

This type of injunction or restraining order in Florida is an emergency order to keep the exploiter away from a vulnerable adult. A vulnerable person is any adult 18 or older who can’t provide their care or protection due to:

• Mental, emotional, or sensory impairment
• Long-term physical or developmental disabilities
• Brain damage
• Or the natural infirmities of aging

Any adult can be exploited, but this type of injunction is most often used to protect people in the elder community. As we age, the increasing likelihood of dementia is a significant factor that makes elderly adults more vulnerable.

Contact a Florida Injunction and Restraining Order Lawyer Today

We can help answer your questions about Florida injunctions and restraining orders. Whether you need to file a restraining order, challenge a restraining order, or have violated a restraining order, we have the experience to defend you.

Please do not hesitate to contact us to help you navigate what can be an emotional and complicated process.

Contact us today for a free, no-obligation consultation.

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What Was Depp’s Case About?

The Complaint for Defamation, filed by Johnny Depp in March 2019, alleges three counts of defamation:

Count One: Defamation for Statements in Ms. Heard’s December 18, 2018, op-ed in the online edition of the Washington Post

Count Two: Defamation for Statements in Ms. Heard’s December 18, 2018, op-ed in the print edition of the Washington Post

Count Three: Defamation for Statements in Ms. Heard’s December 18, 2018, op-ed which Heard republished when she tweeted a link to the op-ed on December 19, 2018.

Mr. Depp asked the Court to award the following:

A. Compensatory damages in the amount of $50,000,000

B. Punitive damages to the maximum amount permitted by law, but not less than $350,000, and

C. Recovery of all expenses, including attorneys’ costs and fees

In order to be awarded compensation for these damages, Mr. Depp’s attorney must demonstrate the following:

A. Compensatory damages in the amount of $50,000: Compensatory damages is the monetary award for actual, tangent, financial losses. Mr. Depp claimed that as a result of Ms. Heard’s actions, he lost $50 million in earnings. This may seem hard to imagine but just 4 days after Ms. Heard’s op-ed, Disney dropped Mr. Depp from the leading role of Captain Jack Sparrow in the multi-billion-dollar franchise Pirates of the Caribbean.

B. Punitive damages to the maximum amount permitted by law, but not less than $350,000: Punitive damages are only be awarded if Mr. Depp’s attorneys could demonstrate that Ms. Heard’s actions were willful, malicious, wanton, and taken with utter disregard for the rights and interests of Mr. Depp.

C. Punitive damages are a way for the jury or judge to send a message to the defendant that their conduct was particularly harmful and/or flagrant, and punish them for that behavior, as well as cause others to think twice before acting in a similar manner. Mr. Depp’s attorneys had to make the jury believe that Ms. Heard intended to commit wrongdoing and cause damage.

D. Recovery of expenses, including attorney’s fees and costs: Unless the plaintiff requests to be awarded attorney’s fees and costs, each party is responsible for paying for their own attorney. However, the Court has the authority to order one side to pay the other side’s attorney’s fees when they deem it appropriate. This may occur when the Court feels someone has filed a lawsuit without merit simply to harass the other party, for example.

The Verdict on Depp’s Lawsuit

The jury unanimously found in favor of Mr. Depp on all three counts, stating that Ms. Heard could not substantiate her allegations of abuse by Mr. Depp and that she knew her claims of abuse were false when she published her op-ed.

The jury awarded Mr. Depp compensatory damages in the amount of $10,000,000. The jury also awarded punitive damages in the amount of $5,000,000. The presiding judge later reduced the amount of the punitive damages to $350,000, which is the State of Virginia’s statutory cap on punitive awards.

What Was Heard’s Countersuit About?

Amber Heard’s counterclaim, which was filed in August 2020, also contained three counts of defamation by Mr. Depp, either personally or through his agents and/or representatives. Ms. Heard’s counterclaim goes on and on at great length to call out numerous times that the statements she made in her op-ed were criticized, ridiculed, and denied. She claimed that she was abused, persecuted, harassed, and defamed by Mr. Depp and/or his representatives, with the intent to interfere with Ms. Heard’s reputation, career, and livelihood. Further, Ms. Heard claimed that Mr. Depp’s actions were willful, malicious, wanton, and taken with utter disregard for the rights and interests of Ms. Heard.

Ms. Heard asked the Court to award to her the following:

1. Immunity from civil liability for the claims made in Mr. Depp’s Complaint and her statements in the op-ed, claiming she is protected under 1^st Amendment Rights,
2. Recovery of all expenses, including attorneys’ costs and fees,
3. Compensatory damages in the amount of $100,000,000,
4. Punitive damages to the maximum amount permitted by law, but not less than $350,000, and
5. A preliminary and permanent injunction order against Mr. Depp and his agents, to cease and desist harassment of Ms. Heard.

The Verdict on Heard’s Countersuit

The jury found that only one count of Ms. Heard’s counterclaim had merit and awarded her compensatory damages in the amount of $2,000,000 — not even close to the $100,000,000 amount requested. Further, the jury did not award Ms. Heard any punitive damages, immunity from civil liability, or an injunctive order.

What Does This Mean?

For now, Mr. Depp prevailed. The $2 million that Ms. Heard won will be offset against the $10,350,000 that Mr. Depp was ultimately awarded. This means that Ms. Heard is on the hook for $8,350,000. But when asked how she will pay Mr. Depp, her attorney told reporters that Ms. Heard is not able to pay the award. But will she have to? According to a her attorney, Ms. Heard will be appealing the verdict. On what grounds? We will have to wait and see, but for now, Ms. Heard’s representatives have only said that they “might try to bring evidence that was not admitted in the initial trial.”.

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