Page 14 - Boca ViewPointe - October '23

Page 14, Viewpointe October 2023
Tax Talk

Before you visit, perform a free driver’s license checkup at State regulations require that these tests only be completed
Dear Friends: www.flhsmv.gov/driver-licenses-id-cards/ to see if you have by the applicant.
Did you know that new any stops, holds or violations. Clearances can be processed
election laws mandate that at our office if you bring the required documentation. If Finance Team Honored With
voters must renew their English is not your first language, you have the option of
mail ballot requests every bringing a person with you to your scheduled reservation Awards
General Election cycle? to assist you with translating. Please note, while they may
That means, any Vote- assist with translation, they may not assist while you take I am especially proud of my Finance and Budget team
By-Mail ballot requests any required tests, such as the driver’s license written exam. for being awarded the Certificate of Merit for Audit by the
made prior to the Nov. Florida Tax Collectors Association. This award recognizes
8, 2022 General Election our office’s achievement for a 2021/22 audit, clear of any
have expired; therefore, findings – in other words, a perfect audit!
you must complete a new In addition, the team was recently awarded the 2023
Vote-By-Mail ballot request for the 2024 elections. My Legacy Award for Financial Operations by the Florida Tax
fellow Palm Beach County Constitutional Officer, Wendy Collector’s Association. This award recognizes the innovation
Sartory Link, Supervisor of Elections, has produced a and automation the team developed for a new process to
very informative video that details what you need to regularly post outstanding or uncashed checks on the tax
know about requesting a Vote-By-Mail ballot. I encourage
you to visit https://youtu.be/ZyNtsgJ-nyo to watch this Tax Talk on page 15
important video and then submit your Vote-By-Mail ballot
request online at www.VotePalmBeach.gov or by calling What’s Better: Life Estate Deed or
Wendy’s office at (561) 656-6208.
The 2024 election cycle will be here before you know
it, so now is the time to request your Vote-By-Mail ballot! Revocable Trust
Anne M. Gannon,
Constitutional Tax Collector, By Martin Zevin, Attorney legal language in order to be effective; therefore, do not attempt
Serving Palm Beach County There are several ways to to do this on your own.
avoid probate on your home Even with the Enhanced Life Estate Deed, there are risks,
particularly if your child has a bankruptcy, outstanding judgment
when you die. If you are single,
How Your Taxes Are there will be probate when you or undergoes divorce. The worst risk, however, is if, God forbid,
your child dies before you or with you in a common accident. Your
die unless you choose one of
Calculated the following options. If you child’s estate would then become the owner of the property once
you died, which would result in probate being required. Thus,
are married and own your home
Have you ever wondered how your property taxes are together, your surviving spouse the main purpose of the Life Estate Deed is not accomplished.
The best way to avoid probate on your home is to do a Revocable
will not have probate; however,
calculated? It can be a complicated process, but we are here there will be probate when the Living Trust. When you sign the Revocable Living Trust
to help make it simple! second of you passes away, unless Agreement, you also sign a Deed transferring the property to you
Step 1. Assessment one of these options is done. as Trustees of your Trust. You are able to keep your homestead
Let’s look at an example – Fred lives in a single-family Let us assume that you own your home jointly with your spouse exemption, maintain complete control of the property during your
and that you have one child. Both of you desire to have your child lifetime and make amendments to your Trust without changing the
home in West Palm Beach. His home is assessed by the Palm inherit your home when you both pass away. Deed. There are no risks involved, since your child’s name does
Beach County Property Appraiser at $200,000. The first option would be to add the name of your child to the not appear on the Deed. The only disadvantage of the Revocable
Step 2. Exemption Deed as a joint tenant with right of survivorship. This is not a good Living Trust is that it will cost more in attorney’s fees. When
Fred has a homestead exemption which reduces the idea. It would affect your ability to claim your full homestead you discuss the options with your attorney, you should discuss
taxable value of his home by $50,000, resulting in a exemption. In addition, you lose control of your property and can the difference in fees between the Revocable Living Trust and the
only sell it if your child agrees and signs all closing documents. If Enhanced Life Estate Deed. You can then determine whether it
total taxable value of $150,000. Remember, a homestead you wanted to take the child off the Deed, you would be unable to is worth saving the money and taking the risks involved in the
exemption limits the tax rate increase to 3 percent per year. do so. If your child files for bankruptcy, has an adverse judgment Enhanced Life Estate Deed.
Step 3. Ad Valorem Taxes or files for divorce, your property could be subject to liens or other During this current time of “social distancing,” I have been
The $150,000 taxable value is multiplied by the millage legal action. Therefore, I recommend against a Deed with your consulting with clients via phone, e-mail and regular mail. In the
rate set by each ad valorem taxing authority for properties child as a joint tenant with right of survivorship. past my free initial consultation would normally be a personal
The second option is a Life Estate Deed. There are two types meeting. I do plan to offer this option once new vaccines come out.
within their boundaries. Since Fred lives in West Palm Beach, of Life Estate Deed: regular and Enhanced (also referred to as Please feel free to call me for a free phone consultation regarding
the millage rate in 2022 was 21.0796 for every $1,000 of Lady Bird). The regular Life Estate Deed requires that your any issues pertaining to Wills, Trusts, Deeds, Probate, Power of
taxable value. His $150,000 taxable value is then divided by child join in any sale or other changes on the Deed; therefore, Attorney or Health Care Surrogate. I am also available for a free
$1,000, which equals 150 and then multiplied by the 21.0796 you have lost control and cannot take your child’s name off the consultation regarding personal injury claims or to explain car
millage rate, resulting in Fred’s Ad Valorem taxes total of Deed if you choose to do so. The Enhanced Life Estate Deed insurance coverage. Call me at (954) 569-4878. My address
gives you the sole right to sell the property during your lifetime is 3275 W. Hillsboro Blvd., Suite 204, Deerfield Beach, Florida
$3,161.94. or make any other changes to the Deed without the permission 33442. My web site is www.martinzevinpa.com and my e-mail
Step 4. Annual Taxes of your child. The Enhanced Life Estate Deed has very specific address is martinzevin@netzero.com.
Next, non-ad valorem assessments are added and Paid Advertisement
determined by the levying authority using a unit measure
to calculate the cost of services. For example, Solid Waste
Authority fees are based on the type of property producing
the waste. In 2022, Fred’s fee was $200, which is added
to $3,161.94 totaling his annual total property taxes at Adolph & Rose Levis Jewish Community Center
$3,361.94. 32nd Annual Phyllis & Harvey Sandler Center
In Fiscal Year 2021/22, our office collected $4,476,481,220
in property taxes and distributed those monies to the local Alicia & Jeff Spero
taxing authorities to provide essential services to the residents
of Palm Beach County. Book & Author Luncheon

Presenting four best-selling authors

Tuesday, November 7, 9:00 am

Boca West Country Club

Ready To Renew … Here’s

What To Do

You’ve received the notice in the mail that it’s time to renew
your driver’s license, what now? If your license is REAL ID
compliant (look for the gold star in the upper right corner), and
you have not used your one-time online convenience renewal,
and you have no stops, holds or other violations on your license, 561-464-3086 • levisjcc.org/bookandauthor
then an online renewal is your easiest and fastest option. Visit
www.pbctax.com/driver-license to renew!
If you are not REAL ID compliant or have a stop, hold
or violation on your driver’s license, you will need to make a
reservation and visit one of our service centers. Reservations fill Adolph & Rose Levis Jewish Community Center • Phyllis & Harvey Sandler Center • Toby & Leon Cooperman Campus
up quickly so don’t delay! Visit www.pbctax.com/reservations 21050 95th Avenue S., Boca Raton, FL 33428 • Ph 561-558-2520 • levisjcc.org/sandler
to make reservations.