Residential Real Estate Tax Wills, Trusts, & Estate Planning

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International Estate Planning and the Question of Domicile

Home is where the heart is, right? Unfortunately, the matter is not quite that simple when it comes to international estate planning. Establishing where you home – referred to officially as your domicile by attorneys and the...more

International Estate Planning: Establishing Your Domicile

In one of our recent blog posts, we discussed the legal term “domicile” and outlined exactly why it is so important to establish the correct domicile during the estate planning process. If you are part of an international...more

Waiver of Florida Spousal Homestead Rights by Deed Upheld

A recent Florida appellate decision finds that the joinder of a spouse on a deed of homestead property to a trust constitutes a valid waiver of homestead rights, even though the deed contains no waiver language....more

Understanding United States Estate Tax Treaties & Gift Tax Treaties

Purchasing foreign property often comes with being closer to family, rewarding cultural experiences, international adventure, and the realization of long-held dreams. It could also mean having a home away from home in a...more

Federal Tax Lien Did Not Survive Death of Joint Tenant

Two individuals (Cunning and Wren) acquired real property in the U.S. Virgin Islands as joint tenants with rights of survivorship (JTWROS) in 2005. In 2010 the IRS filed a federal tax lien against Cunning in the U.S. Virgin...more

New Law Effective in 2015 is an Important Win for Cottage Owners

On October 9, 2014, PA 310 of 2014 (HB 5552) was signed into law by Michigan Gov. Rick Snyder. As stated in our previous blog, "Cottage Transfers of Ownership without Uncapping Property Tax Broadened Under Michigan House...more

Homestead Status Without Current Use Or Possession; Interaction Of Homestead Successor Rights With Terms Of Marital Settlement...

Under Florida law, a decedent will be restricted in devising his or her homestead property at death. If those restrictions apply, surviving spouses and heirs received the interests they would receive under intestacy law. For...more

Insight on Estate Planning - August/September 2014

In This Issue: - Unintended consequences: After divorce, review your estate plan to avoid surprises - Protecting your real estate assets - How will the GST tax affect your estate plan? - Estate...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

“Ladybird Deed” Language Removed from Michigan Tax Guidelines

Many people have heard of a "Ladybird Deed," but few understand how Ladybird Deeds work. In essence, this type of deed allows property to pass automatically upon an individual's death without the need of probate, offering a...more

Bankruptcy Court Sheds Light on MA Homestead Protection of Downstream Trust Beneficiaries

Suppose the following: Title to a home is held by Trust A. The beneficiaries of Trust A are three natural persons and Trust B. Trust B holds a 25% beneficial interest in Trust A. The sole beneficiaries of Trust B are Mom...more

In Frank Aragona Trust, Tax Court Holds that Trustees’ Activities as Employees Count for Purposes of Material Participation Under...

The issue of whether a trust has passive or non-passive income from its investment in a pass-through entity has taken on increased importance in light of the tax imposed on net investment income under Code Section 1411 of the...more

Cottage Transfers of Ownership without Uncapping Property Tax Broadened Under Michigan House Bill

On December 27, 2012, HR-4753 was signed into law by Michigan Gov. Rick Snyder. As discussed in our previous blog post, "HR-4753: An Early Christmas Gift for Michigan Cottage Owners!", this law prevents the uncapping of...more

Gift tax Consequences of Real Estate Transfers

Often times, one partner in a same-sex couple owns real property and seeks to add the other partner to the title or deed for no consideration (i.e. when no money or other type of payment is received in return). Though this...more

Maryland Phases-In Increased Exemptions for Estate Tax

Currently, in addition to any federal estate tax, Maryland imposes an estate tax on property that passes upon the death of an individual on the amount of the decedent’s taxable estate in excess of $1 million. The maximum rate...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

Frank Aragona Trust: A Taxpayer Win

In a case of first impression, Frank Aragona Trust v. Commissioner, 142 T.C. No. 9 (Mar. 27, 2014), the Tax Court held that a trust could materially participate in a trade or business based upon the activities of the...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

Estates Are Claimants Entitled to Rebates

In a four to three decision, the en banc Commonwealth Court held that a senior citizen’s estate was entitled to a rebate under the Senior Citizens Property Tax and Rent Rebate Assistance Act, 53 P.S. §§ 6926.1301-6926.1313...more

Florida Homestead Exemption: What You Need To Apply

If you elect to purchase a residence in Florida, as opposed to renting, the positive result of changing your residence to Florida is that you may claim the Florida homestead exemption. In Florida, the homestead exemption...more

Thinking Of Establishing Florida Residency? What To Consider Before Changing Your Legal Residence

Many clients whose family circumstances and employment situation permit them to spend in excess of six months every year in Florida may elect to become Florida residents. The biggest advantage, compared to being Michigan...more

Living unmarried with a significant other? Listen up – New property tax exclusion!

If you live with a significant other and you aren’t married, or even if you live with a friend, sibling, or more distant relative, you may qualify for a new property tax reassessment exclusion that became effective on January...more

Michigan State Tax Commission Issues Clarification On New Uncapping Statute

As discussed previously on our blog, on December 14, 2012, the Michigan legislature enacted a law, Public Act 497 of 2012 (HR 4753), to prevent the uncapping of property taxes on certain transfers of residential property...more

New Exemption for Uncapping of Residential Property Tax Takes Effect December 31

Owners of residential property in Michigan, including cottages, wanting to transfer the property to a relative without uncapping the value for property tax purposes, may be in luck. The Michigan Legislature has adopted a new...more

Wills, Trusts & Estates Newsletter - November 2013

In This Issue: - 1031 Exchanges with a Twist - Firearms in Estate Planning - Estate Administration 101: What You Need to Know to Effectively Administer an Estate Qualifying as Executor - Excerpt from 1030...more

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