Finance & Banking Wills, Trusts, & Estate Planning Residential Real Estate

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Strong Arm Powers: What Can Be Done With An Avoided Lien?

DeGiacomo v. Traverse (In re Traverse), 753 F.3d 19 (1st Cir. 2014) – A chapter 7 trustee sought to avoid an unrecorded first mortgage and to preserve the lien for the benefit of the bankruptcy estate. In response, the...more

Reinsurer Not Allowed To Intervene In Action Involving Cedent’s Risk

The United States District Court for the Southern District of New York denied a reinsurer’s motion to intervene in an interpleader action in which Battenkill Insurance Company argued it had an 85% interest in the funds at...more

August 2014 Estate Planning Update: Protecting Investment Properties

Investment properties can be subject to lawsuits by other creditors because they are not protected by Nevada’s homestead law. Under Nevada homestead law, many classes of assets are automatically protected from creditors. ...more

Affiliate Transfer: Fraudulent Conveyance or Unwinding Resulting Trust?

A chapter 7 trustee sought to set aside as a debtor’s transfer of her interest in property held jointly with her husband to her husband’s corporation as a constructive fraudulent conveyance. The bankruptcy court agreed that...more

Protecting your real estate assets

When preparing an estate plan, asset protection for real estate is particularly challenging, because it’s the only asset that can’t be moved. Gifting it is one option, but this leaves the property exposed to creditors. This...more

Recent Tax Developments

The following is a summary of the most important tax developments that have occurred in the past several months that may affect you, your family, your investments, and your livelihood. Please call us for more information...more

CFPB Clarifies Heirs, Divorcees and Estate Planning Transferees Are Not Subject to Ability-to-Repay Rules

The CFPB issued an interpretive rule to clarify that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the Bureau’s Ability-to-Repay rule. This clarification will...more

HUD To Insure Reverse Mortgages Protecting Non-Borrowing Spouses; Senators Seek Protections For Surviving Heirs

On April 25, HUD issued Mortgagee Letter 2014-07, which states that effective August 4, 2014, HUD will apply an alternative interpretation of Subsection 255(j) of the National Housing Act, which HUD has interpreted to limit...more

Wealth Management Update - May 2014

May Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The May § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Taxpayer Victory Helps Trusts Holding Business and Real Estate Avoid Tax

One of the most vexing tax issues remaining unresolved since the 1986 enactment of the passive loss (PAL) rules is whether business or rental income earned by a trust can be active income and whether business or rental losses...more

What to Expect after a Foreclosure Sale in Virginia: The Commissoner of Accounts

In many non-judicial foreclosure jurisdictions, a foreclosure is generally considered concluded when the foreclosure trustee conveys the property to the purchaser. Though this is true from the purchaser’s perspective, the...more

Bank Obtains Dismissal Of Surviving Heir’s Reverse Mortgage Class Action

On January 3, the U.S. District Court for the Northern District of California dismissed with prejudice a putative class action alleging a bank breached its Home Equity Conversion Mortgage Deed of Trust and HUD regulations by...more

1031 Exchanges with a Twist

Now that the recession appears to be fading into memory, Section 1031 Exchanges are on the rise. Section 1031 of the Federal Tax Code allows property owners to defer taxes by exchanging the sale property into one or more...more

Elder Financial Abuse: Prevention and Remedies

I have written about elder financial abuse, and I will keep writing about it until stops. It is unfathomable to me that schemes to defraud the elderly are so pervasive. These seniors are attractive targets for financial...more

Federal District Court Invalidates Application Of HUD Regulation Requiring Full Payment Of Reverse Mortgage From Surviving Spouses

On September 30, the U.S. District Court for the District of Columbia held that a HUD regulation defining conditions under which it would insure a reverse mortgage agreement, which would have made it easier for lenders to...more

Foreign Investors In REITs: Opportunities Under FIRPTA Reform Proposals

Real estate investment trusts (REITs) have long been a tax-efficient vehicle for foreign persons seeking to invest in U.S. real estate. Now, two legislative proposals titled the Real Estate Investment and Jobs Act of 20131...more

New York Appellate Division Summaries; Real Estate.

Deed/Acknowledgment Trumps Parties Clause/Intent of Grantor: Owner, an individual, transferred property..... POA/Conveyance by Agent to Self/Will/Executor vs. Agent/Bank of America/Encumbrancer for Value/Deed Set Aside:...more

An Overview of Trustee's Sales in the Commonwealth of Virginia

Lenders most often choose to proceed with the trustee's sale pursuant to the deed of trust because a trustee's sale is faster and cheaper than proceeding with a judicial sale, and it has advantages over accepting a deed in...more

Expansion of REIT-able Assets and REIT Conversions

In recent years, the US Internal Revenue Service has considerably expanded the categories of real estate assets that may be owned by a real estate investment trust (a “REIT”). This expansion of qualifying or “REIT-able”...more

Should You Consider Downsizing Before Retirement?

That's not a simple question to answer, as you balance the benefits of a lower cost of living with the realities of a soft real estate market and the emotional aspects of selling the family home ...more

Wealth Management Update - November 2012

In This Issue: - November Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - Keller v. United States, 5th Cir., No. 10-41311 (09/25/12) -...more

High Net Worth Family Tax Report, Vol. 7, No. 2, August 2012

Table of Contents: •Supreme Court Resolves Basis Overstatement Issue •Supreme Court Finds No Equal Protection Violation for City’s Forgiveness of Future Tax Obligations •Taxpayer Increases Basis of S...more

Elder Financial Abuse

The Consumer Financial Protection Bureau is involved in providing financial protection against elder abuse; indeed, it is specifically tasked with that responsibility. The Bureau's Office of Older Americans is charged by the...more

Are REITS Investment Advisers?

A REIT is an acronym for Real Estate Investment Trust, although the term more properly refers to tax status than a specific entity type. For a variety of reasons, a REIT may involve several different types of entities. The...more

CFTC’s Expanded Jurisdiction Over Swaps May Capture Certain Real Estate Investment Trusts

As a result of the pending expansion of the jurisdiction of the Commodity Futures Trading Commission (CFTC) to include most swaps, some publicly traded real estate investment trusts (REITs) may soon be considered “commodity...more

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