Cryptocurrency in Divorce: Tracing, Valuing, and Dividing Digital Assets in High-Net-Worth Separations 20 Mar 2025, 8:05 pm

On behalf of The Law Office of Wickersham and Bowers posted in Family Law on Thursday March 20th, 2025.

Divorce often reveals individual personalities as spouses rush to protect themselves. One of the most contentious issues in divorce is property division. Cash and real estate are easy to divide because they can be valued. However, it’s hard to track crypto because its value fluctuates. 

Florida law stipulates that any cryptocurrency bought during the marriage is marital property that should be split fairly. However, how do you find, value, and split the crypto properly?

Finding Hidden Cryptocurrency

Some people try to hide digital assets during a divorce. Since cryptocurrency wallets aren’t always linked to banks, crypto can be moved or stashed without leaving a clear trail. That doesn’t mean it’s impossible to find.

Here’s how attorneys and financial experts track hidden crypto:

• Bank and credit card records: Large withdrawals or payments to crypto exchanges.
• Tax returns: The IRS requires people to report crypto gains. Missing or inconsistent tax documents might hint at undisclosed assets.
• Forensic accountants: Follow digital footprints to trace where money has gone, including crypto transactions.
• Subpoenas to exchanges: If a spouse is suspected of hiding funds, legal action can force platforms to turn over transaction history.

Putting a Price on Crypto Assets

Unlike cash or stocks, cryptocurrency doesn’t have a fixed value. Courts usually pick a specific valuation date, such as the date of separation or the divorce filing, to set the value.

Some factors that go into valuation include:

• Current market price: What the cryptocurrency is worth at a given moment.
• Historical prices: Past transaction records may be useful if assets were moved before the divorce.
• Expert analysis: Financial professionals may be needed to determine fair pricing and predict future value shifts.

Splitting Cryptocurrency in a Divorce

Once the value is set, the next step is deciding the share each person gets. There are three main ways this is handled:

1. Direct transfer: The crypto is split and sent to each spouse’s separate digital wallet.
2. Asset trade: One spouse keeps the crypto while the other receives something else of equal value (like cash, stocks, or property).
3. Sell and split: The crypto is sold, and both spouses divide the profits.

If you need help handling cryptocurrency in your divorce, contact Wickersham & Bowers today for expert legal guidance.

Postmortem Estate Planning: Correcting Errors Through Disclaimers, Decanting, and Judicial Reformation 20 Mar 2025, 7:51 pm

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Thursday March 20th, 2025.

Nobody likes to think about what happens after they’re gone, but estate planning is supposed to make things easier for loved ones. The problem is that wills and trusts don’t always get it right. There could be a typo, the law changed, or the document doesn’t reflect what the person really wanted. The good news is that mistakes in estate plans can be fixed, even after death.

Florida provides legal tools like judicial reformation, trust decanting, and disclaimers to help correct errors and ensure assets go where they should.

Judicial Reformation

A will is supposed to be final. However, Florida Statute § 732.615 allows courts to fix mistakes of fact or law if there’s clear and convincing evidence of an error. Judicial reformation lets a judge rewrite a will to match what the deceased actually intended.

For example, if a will leaves property to “John Smith” but the testator meant “Jon Smyth,” the court can step in and correct the mistake. Even if the will seems clear on paper, courts can look at outside evidence, like emails or witness testimony, to determine what was really supposed to happen.

Decanting

Unlike wills, trusts are harder to change, especially if they’re irrevocable. However, according to Florida Statute § 736.0415, trustees can “decant” a trust. They can move assets from an old trust into a new one with better terms.

Decanting might be necessary when:

• The trust has outdated terms that make managing it difficult.
• Tax laws change, and the current trust structure no longer makes sense.
• The beneficiaries’ needs have shifted, and the trust needs to be more flexible.

Disclaimers

Sometimes, a beneficiary doesn’t want an inheritance. Some of the reasons could be that inheritance comes with tax burdens, or maybe they’d rather have it go to someone else. A qualified disclaimer lets them legally refuse the inheritance without penalty.

To work, the disclaimer must be:

• In writing
• Filed within nine months of the decedent’s death
• Irrevocable (once you disclaim it, you can’t change your mind)

If you need help fixing an estate plan, contact Wickersham & Bowers today to get the right legal guidance.

Enforcing Prenuptial Agreements Across State Lines: Analyzing the Challenges and Considerations When a Prenuptial Agreement Is Subject to Multiple Jurisdictions 27 Feb 2025, 2:30 pm

On behalf of The Law Office of Wickersham and Bowers posted in Family Law on Thursday February 27th, 2025.

Prenuptial agreements can help couples protect their assets and define financial responsibilities before marriage. However, if a couple moves to another state or files for divorce outside their original jurisdiction, it can be difficult to enforce the agreement. Each state has different laws, and a prenuptial agreement that is valid in one place may not hold up in another.

Why Prenuptial Agreements May Not Be Enforced in Every State

State laws (not federal law) govern prenup agreements. This means each state has its own rules about what makes an agreement valid. Some states strictly enforce prenups, while others review them more closely to ensure fairness​.

One major issue is that some states follow community property laws. These laws automatically divide assets equally between spouses when they separate. If a prenup conflicts with those laws, a court may refuse to enforce certain terms​. Courts may also reject a prenup if they find it unfair, one-sided, or lacking full financial disclosure at the time of signing​.

How Can You Strengthen a Prenuptial Agreement Across State Lines?

If a couple moves or owns property in different states, they should take steps to protect the agreement. Some of the things they can do include:

• Choice-of-Law Clause: A prenup should specify which state’s laws will apply in case of a dispute. Without this, the state where the divorce is filed may apply its own laws, which could weaken the agreement​.
• Full Financial Disclosure: Courts are more likely to enforce a prenup agreement when both spouses had complete knowledge of each other’s finances before signing​.
• Independent Legal Representation: If both spouses had their own attorneys when signing the prenup, courts are less likely to question its fairness​.
• Review and Update the Agreement: If moving to another state, consult an attorney to check if the prenup complies with local laws​.

We Can Help Protect Your Agreement Before It’s Challenged

A prenuptial agreement is only useful if it holds up in court. You can take extra steps before marriage to prevent future legal battles. If you need to create or update a prenup, Wickersham & Bowers can help ensure it is enforceable no matter where life takes you. Contact us today for a consultation.

Incorporating Charitable Trusts Into Estate Plans: How They Benefit Both Estate Taxes and Philanthropy 27 Feb 2025, 2:23 pm

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Thursday February 27th, 2025.

Many Florida residents want to leave something meaningful for their families and for the causes they believe in. One way they can do that is through charitable trusts. A charitable trust allows you to donate to charity while securing tax benefits and managing wealth in the process. By supporting education, healthcare, or any other cause, a charitable trust ensures your generosity continues long after you’re gone.

What Is a Charitable Trust?

A charitable trust is a legal way to set aside money or assets for charity. In the process, you can keep the financial benefits for yourself or your heirs. There are two main types of charitable trusts:

• Charitable Remainder Trust (CRT): You or your chosen beneficiaries receive an income from the trust for a set period. After that, whatever remains goes to the charity of your choice​.
• Charitable Lead Trust (CLT): The charity gets income from the trust first. Then, after a certain period, the remaining assets are passed to your heirs​.

How Can a Charitable Trust Help With Taxes?

Charitable trusts can help reduce taxes in several ways:

• Income Tax Deduction: You can get a tax deduction when you set up the trust. The deduction is based on the amount that will eventually go to charity​.
• Avoiding Capital Gains Tax: If you donate appreciated assets, like stocks or real estate, you won’t have to pay capital gains tax when they’re sold​.
• Lower Estate and Gift Taxes: Assets in a charitable trust may not be counted in your taxable estate. This can reduce or even eliminate estate taxes​.
• Protection from Creditors: Since the assets are held by the trust, they are generally shielded from lawsuits and financial claims​.

Besides tax advantages, you can use charitable trusts to support charities for years to come. Many nonprofits rely on steady donations to plan their programs and help more people​. Instead of a one-time gift, a charitable trust can provide long-term financial support for these organizations.

Make a Plan That Reflects Your Values

A charitable trust can be a great way to give back while also protecting your estate. If you want to explore your options, Wickersham & Bowers is here to help. Contact us today to get started on an estate plan that fits your goals.

Addressing Parental Alienation in High-Conflict Custody Disputes: Legal Strategies and Remedies 21 Jan 2025, 7:42 pm

On behalf of The Law Office of Wickersham and Bowers posted in Family Law on Tuesday January 21st, 2025.

Divorce and custody fights are hard enough, but things can worsen when one parent starts turning a child against the other parent. Being alienated can feel like your own child is slipping away. Imagine being a loving parent, and suddenly, your child won’t talk to you, avoids visits, or acts like you have done something wrong—when you haven’t. It is heartbreaking.

Sadly, parental alienation is common in high-conflict custody disputes. The good news is that you are not powerless. Florida law recognizes how harmful parental alienation can be, and there are ways to fight back and protect your relationship with your child.

What Does Parental Alienation Look Like?

Parental alienation can be sneaky. Sometimes, it is obvious, like a parent saying bad things about the other in front of the child. Other times, it is more subtle—maybe the other parent “forgets” to pass along your messages or makes the child feel guilty for wanting to spend time with you.

Here are some signs to watch for:

• Your child suddenly shows anger or fear toward you without any clear reason.
• They start using language that sounds more like the other parent than their own words.
• They refuse to visit or even talk to you, even though things used to be fine.

How Florida Law Can Help

Florida courts care about what is best for your child, and they know that having both parents involved is usually the healthiest option. If you suspect parental alienation, you can take the following legal steps:

1. Change the Custody Agreement: You can ask the court to adjust custody or visitation if the other parent is harming your relationship with your child.
2. Request Family Counseling: Judges can order therapy for your child or even the whole family to help rebuild trust and communication.
3. Enforce the Rules: If the other parent is breaking custody agreements, they could face fines or lose custody rights.

Start Rebuilding Your Bond Today

Parental alienation can cause deep pain, but you do not have to face it alone. There are real, legal ways to protect your relationship with your child and stop this behavior in its tracks. Contact Wickersham & Bowers today and take the first step toward healing your family.

Leveraging Dynasty Trusts for Multi-Generational Wealth Preservation 21 Jan 2025, 3:25 pm

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Tuesday January 21st, 2025.

Building and protecting family wealth is something many families in Florida think about. You work hard to create financial security, so it only makes sense to ensure that your wealth benefits not just your children but future generations as well. One smart way to do this is by setting up a dynasty trust.

What Is a Dynasty Trust?

A dynasty trust is a long-term, permanent trust designed to hold and protect family wealth for generations. Unlike other types of trusts that eventually end, a dynasty trust can last indefinitely, depending on state laws. In Florida, these trusts can continue for hundreds of years.

One of the biggest advantages of a dynasty trust is that it shields assets from estate and generation-skipping transfer taxes. For example, let’s say a family transfers $13 million into a dynasty trust before the 2026 tax exemption change. That money could grow into hundreds of millions over generations—without being chipped away by estate taxes.

Why Consider a Dynasty Trust?

Here are some solid reasons why Florida families might want to create a dynasty trust:

• Tax Savings: Assets in a dynasty trust are not subject to estate or generation-skipping taxes, which means more money stays in the family.
• Protection From Creditors and Lawsuits: Since the trust owns the assets—not the beneficiaries—they are safe from creditors, lawsuits, and even divorce settlements.
• Control Over How Money Is Used: Grantors (the people who create the trust) can set clear rules for how the money is used.
• Flexibility in Asset Management: You can fund the trust with cash, real estate, investments, or even business interests. This makes it easier to manage and grow wealth over time.

Important Legal Considerations

Setting up a dynasty trust is not something to take lightly. Families need to think carefully about choosing the right trustee to manage the trust. A trustee handles everything from managing investments to making sure the trust follows state laws. Some families even choose to base their trust in states with friendlier tax laws, like Nevada or South Dakota, while still benefiting from Florida’s legal protections.

Securing Your Family’s Future

Are you ready to start building your family’s legacy? Contact Wickersham & Bowers today to learn how we can help you protect your wealth for generations to come.

What Are the Legal Steps for Grandparents Seeking Custody or Visitation Rights in Florida? 19 Dec 2024, 3:26 pm

On behalf of The Law Office of Wickersham and Bowers posted in Family Law on Thursday December 19th, 2024.

Grandparents play a vital role in the lives of their grandchildren, often providing love, guidance, and stability. However, when family disputes or legal challenges arise, maintaining that connection can become difficult. In Florida, grandparents seeking custody or visitation rights must navigate a specific legal process designed to protect the child’s best interests. 

Understanding the Legal Framework in Florida

Florida law does not automatically grant visitation or custody rights to grandparents. Instead, courts prioritize parental rights, giving parents the authority to decide who interacts with their children. For grandparents, this means they must provide clear evidence that their involvement is necessary for the child’s well-being.

Visitation or custody petitions can be considered in certain situations, including:

• The child’s parents are deceased, missing for 90 days, or in a vegetative state.
• A parent is unfit due to issues like neglect, abuse, or incarceration.
• A parent poses a danger to the child’s safety due to violent or criminal behavior.

These strict conditions ensure that any legal action aligns with the best interests of the child.

Steps to Seek Visitation or Custody

1. File a Petition: The first step is submitting a detailed petition to the family court. This document must include information about the relationship with the child, the requested arrangement, and evidence supporting the claim.
2. Provide Evidence: Grandparents must prove that visitation or custody benefits the child. Evidence could include:
   • Documentation of a strong pre-existing relationship.
   • Witness testimonies from teachers, neighbors, or family members.
   • Medical or school records showing the child’s need for stability.
3. Attend Hearings: The court will hold hearings to assess the case. Judges consider factors like the child’s preference (if age-appropriate), the impact on the child’s daily life, and the relationship dynamics within the family.
4. Explore Mediation: Mediation may help resolve disputes without court intervention. This approach encourages cooperation and often leads to less stressful outcomes.

Strengthening Family Bonds Through Legal Means

The legal process for grandparents seeking custody or visitation can be complex, but it is designed to protect the child’s best interests. Whether through mediation or court proceedings, ensuring the child’s safety and stability remains the priority. For personalized guidance tailored to your case, contact Wickersham & Bowers today.

How Do Advanced Estate Planning Strategies Mitigate Tax Liabilities for High-Net-Worth Individuals in Florida? 19 Dec 2024, 3:16 pm

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Thursday December 19th, 2024.

Estate planning is about more than just deciding who gets what. For the ultra-rich, estate planning involves making thoughtful choices to protect assets, reduce taxes, and ensure a smooth transfer of wealth to loved ones. Since tax liabilities can take a substantial portion of an estate, using advanced strategies can help minimize these costs. 

Trusts 

Trusts are one of the most effective tools for managing taxes in estate planning. Irrevocable trusts are especially useful because they remove assets from your taxable estate. This reduces the amount that could be taxed after death while also giving you control over how those assets are distributed.

For instance, an Irrevocable Life Insurance Trust (ILIT) keeps life insurance payouts out of the taxable estate. This means that your loved ones can receive the full amount of the policy without additional tax burdens. 

Another helpful option is a Charitable Remainder Trust (CRT). This type of trust allows you to support a charity while also reducing your taxes. It provides you with income during your lifetime and sends the remaining assets to the charity later.

Gifting

Another way to lower tax liabilities is through gifting. You can take advantage of the annual gift tax exclusion, which lets you give up to $19,000 per person in 2025 without paying taxes on it. These gifts can include money, assets, or even covering medical or educational expenses directly. Over time, this strategy significantly reduces the overall value of your taxable estate.

If you have business assets, a Family Limited Partnership (FLP) could be a good choice. This structure lets you transfer parts of your business to family members at a reduced tax value, lowering the taxes owed on those gifts.

Business Planning 

High-net-worth business owners should consider creating a succession plan. Tools like Limited Liability Companies (LLCs) and buy-sell agreements can help transfer business ownership without hefty taxes. These steps protect the business’s value and ensure it stays in the family.

Start Planning for Your Future

Advanced estate planning aims to create a lasting legacy and protect your loved ones. If you are ready to take the next step, contact Wickersham & Bowers today to get started.

How Does Domestic Violence Impact Child Custody Decisions in Florida? 20 Nov 2024, 7:46 pm

On behalf of The Law Office of Wickersham and Bowers posted in Family Law on Wednesday November 20th, 2024.

Child custody cases are often challenging, but the presence of domestic violence adds a layer of complexity that cannot be overlooked. Florida courts prioritize the safety and well-being of children above all else, and accusations or evidence of domestic violence heavily influence custody decisions. 

The Role of Domestic Violence in Custody Decisions

Domestic violence in Florida is defined broadly to include physical violence, emotional abuse, sexual assault, stalking, and other harmful behaviors. Family courts recognize the devastating effects these actions can have on children, even if they are not directly involved. Witnessing violence can harm a child’s emotional health and increase their risk of future behavioral issues.

To protect children, Florida law presumes that shared custody is ideal unless it would endanger the child. When one parent has a history of domestic violence, the courts are likely to limit their custody rights. Judges assess whether granting custody or visitation to the accused parent would jeopardize the child’s physical, emotional, or psychological well-being.

Factors Judges Consider in Cases Involving Domestic Violence

Judges evaluate several factors when domestic violence is a concern, including:

• Severity and History of Violence: The frequency and seriousness of the abusive behavior play a critical role. Evidence such as police reports, restraining orders, or witness testimonies is often reviewed.
• Impact on the Parent-Child Relationship: Judges examine how violence has affected the child’s emotional connection with each parent.
• Willingness to Change: Courts may consider whether the abusive parent has taken steps to address their behavior, such as attending counseling.
• Protective Measures: In cases where contact is allowed, supervised visitation may be required to ensure the child’s safety.

Protective Actions Parents Can Take

If domestic violence is part of your custody case, it is important to act. Victims can seek restraining orders, officially known as injunctions for protection, to keep abusers away. Courts may also develop detailed parenting plans to reduce risks, including supervised visitation or structured exchanges of the child.

Putting the Child First

If you are facing such a situation in Florida, understanding your rights and the legal processes is vital. For guidance tailored to your case, contact Wickersham & Bowers for personalized legal support.

How Can Estate Planning Help Protect a Family-Owned Business Across Generations? 20 Nov 2024, 7:32 pm

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Wednesday November 20th, 2024.

Running a family-owned business is no small task. It takes years of effort, dedication, and smart decisions to build something that stands the test of time. However, what happens when it is time to hand the reins to the next generation? Without proper planning, your business could face unnecessary taxes, disputes among family members, or even failure.

Why Estate Planning Is Essential

In Florida, family businesses are a huge part of the economy, but passing them on can be tricky. Without a clear plan, things like taxes and disagreements can tear apart years of hard work.

With a proper estate plan, you can:

• Reduce Taxes: Using tools like trusts and gifting strategies can lower the tax burden on your heirs.
• Prevent Disputes: Estate plans clarify ownership and management roles, which reduces confusion and arguments.
• Keep the Business Running: A well-thought-out succession plan ensures your business stays operational during transitions.

Practical Ways to Protect Your Family Business

1. Have a Strong Succession Plan

Planning for who will run the business is one of the most important steps. You should identify who will take over, whether it is a family member or someone else, and prepare them for the role. 

For families, this can mean separating management responsibilities from ownership. For example, heirs who are not involved in running the business could receive nonvoting shares, while active members manage day-to-day operations.

2. Use Legal Tools to Your Advantage

Trusts are incredibly useful in estate planning. Options like Grantor Retained Annuity Trusts (GRATs) allow you to transfer the business while keeping an income stream for a set period. Intentionally Defective Grantor Trusts (IDGTs) are another option that provides tax advantages while maintaining control of the business during the trust term. These tools also help protect your assets from creditors.

3. Get Expert Advice

Estate planning can be complicated, especially for businesses in Florida. This is why it is a good idea to work with professionals, such as attorneys, tax advisors, and financial planners. Their knowledge ensures your plan follows the law and makes the most of your financial opportunities.

Do not leave your family business’s future to chance. Contact Wickersham & Bowers today and take the first step toward securing your legacy.