The American Taxpayer Relief Act restored the ability of individuals 70 ½ and older to make IRA distributions directly to charity of up to $100,000. This avoids the need to take the distribution into income and then make a charitable contribution, the deduction for which may or may not be equal to the amount of the income (this is particularly so with the reinstatement of the phaseout on itemized deductions for high income taxpayers and the alternative minimum tax). Unfortunately, the law was enacted too late for anyone to plan for 2012 distributions. To address this situation, there are two time-sensitive elections that can be made. For anyone aged 70 ½ and older that took a distribution in December 2012, up to $100,000 may be contributed to charity prior to February 1, 2013 and treated as a direct distribution by the IRA to the charity. In addition, any distributions made by the IRA to charity in January 2013 may be treated as if made in 2012. Thus, charitably-minded individuals can contribute a total of $200,000 in 2013 from an IRA ($100,000 being counted towards 2012). Please note that the law was only extended to 2013, but hopefully will be further extended for future years. 

Effective July 1, 2012, a New Florida Statute Clarifies the Impact of Divorce on Assets with Beneficiary Designations.

Prior to July 1, 2012, Florida law provided that divorce terminated rights of an ex-spouse under a Will or Revocable Trust, but not as to assets with beneficiary designations.  However, a new statute that took effect July 1, 2012, clarifies the impact of divorce on non-probate and non-trust assets. For more on this new law, read here.