- 18 - that the guaranteed payments were intended to, and did, terminate on the death of decedent. Alternatively, respondent argues that even if the guaranty obligation were not part of the division of marital property, the value of the payments required under the guaranty obligation is still includable in decedent’s gross estate because the guaranteed payments were in the form of lump-sum alimony. Florida recognizes three types of alimony: (1) Lump-sum alimony; (2) periodic alimony;13 and (3) rehabilitative alimony. See Fla. Stat. Ann. sec. 61.08(1) (West 1997).14 Under Florida law, lump- sum alimony is essentially the payment of a definite sum (which may be paid in installments). See Mann v. Commissioner, 74 T.C. 1249, 1260 (1980); see also Canakaris v. Canakaris, 382 So.2d 1197, 1201 (Fla. 1980). Lump-sum alimony creates a vested right which survives death. See Mann v. Commissioner, supra at 1260; 13Permanent periodic alimony is most commonly used to provide support, although its use may be appropriate in limited circumstances to balance inequities which may result from the allocation of income-generating property acquired during the marriage. See Canakaris v. Canakaris, 382 So.2d 1197, 1202 (Fla. 1980). As a general rule, permanent periodic alimony terminates on the death of either spouse or the remarriage of the receiving spouse. See id. 14Fla. Stat. Ann. sec. 61.08(1) (West 1997) authorizes the trial judge to “grant alimony to either party, which alimony may be rehabilitative or permanent in nature. In any award of alimony, the court may order periodic payments or payments in lump sum or both.” Canakaris v. Canakaris, supra at 1200.Page: Previous 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Next
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