Tax Law, Residential Real Estate, Wills, Trusts, & Estate Planning

Hidden State Tax Trap On Real Estate

by Patrick Lannon | Bilzin Sumberg Baena Price & Axelrod LLP on 5/9/2013

Miami residents have a long history of escaping to cooler climates during the summer months. While the advent of central air conditioning has made regular visits to the north more of a luxury than a necessity, vacation homes...more

Tax Law Blog: Disclaiming an Inheritance

by Jana M. Luttenegger | Davis Brown Law Firm on 5/8/2013

Most of the time, people are pleased to accept an inheritance. However, there are many reasons to not want the inheritance. For example, in small estates, you may receive a home that comes subject to a mortgage, and you...more

Sweeping Maine Tax Reform Proposal Announced

by Sarah Beard, Jonathan Block, Kris Eimicke | Pierce Atwood LLP on 5/3/2013

A bipartisan group of 11 legislators have proposed an overhaul of Maine’s tax system, including major changes to the individual and corporate income tax, property tax, sales tax, and estate tax. ...more

Considerations For International Clients Who Intend to Buy A Home In the U.S.

by Amy McEvoy | Sheppard Mullin Richter & Hampton LLP on 4/23/2013

International buyers invested $82.5 billion in U.S. residential real estate (4.8% of total U.S. sales) according to the most recent survey conducted by the National Association of Realtors for the 12 month period ending with...more

Insight on Estate Planning - February/March 2013

by Adler Pollock & Sheehan P.C. on 2/26/2013

In This Issue: - Fiscal cliff deal brings some certainty to estate planning - Strong governance enhances a family business’s value - Should you donate life insurance to charity? - Estate Planning Pitfall -...more

Cottage Properties & Estate Planning

by Matthew J. Wilson | Lerners LLP on 2/26/2013

The family cottage has become one of the most contentious assets in estate planning and litigation, probably as a result of the emotional bonds that are attached to it. Commonly, cottage owners wish to ensure that the cottage...more

Insight on Estate Planning - February/March 2013: Estate Planning Pitfall - Transferring home ownership to your children

by Adler Pollock & Sheehan P.C. on 2/25/2013

Many people mistakenly believe they can transfer their home to their children while retaining the right to continue living in it for the rest of their life, and remove a substantial portion of the home’s value from their...more

The Fein Print - February 2013: Real Estate Tax Appeals, Financial Powers For College Students, Fiscal Cliff

by Fein, Such, Kahn & Shepard, P.C. on 2/25/2013

In This Issue: - Ask Us - Tax Appeals - Parental Authority - At 18, "You Don't Rule Me" Rules - The Fiscal Cliff Showdown - What It Means To Your Real Estate Plan - Excerpt from Parental Authority - At 18, "You...more

UK property tax changes: “de-enveloping” or a use of a trust?

by Henry Mander, Colin Riegels | Harney Westwood & Riegels on 1/21/2013

It has long been popular for high net-worth people who are not domiciled in the United Kingdom (“non-doms”) to form an offshore company, often in the British Virgin Islands (“BVI”), for the purposes of holding property in the...more

Bill To Prevent Cottage Uncapping Signed Into Law

by Christopher J. Caldwell, Laura E. Radle | Varnum LLP on 1/4/2013

On December 27, 2012, HR-4753 was signed into law by Michigan Gov. Rick Snyder....more

HR-4753: An Early Christmas Gift For Michigan Cottage Owners!

by Christopher J. Caldwell, Laura E. Radle | Varnum LLP on 12/21/2012

On December 14, 2012, House Bill 4753 was ordered enrolled by the Michigan legislature. As discussed in our earlier blog, "Proposed Legislation to Prevent Cottage Uncapping - A Benefit to Cottage Owners? Or a Curse in...more

Fideicomisos, Foreign Trust Reporting, and the Sphinx

by Thomas Brown on 11/27/2012

No Form 3520-A has ever been completely and correctly filed for a real estate fideicomiso: Revenue Ruling 92-105 established in 1992 that a real estate fideicomiso is not a trust for U.S. federal tax purposes. ...more

Maryland Homestead Property Tax Break

by Walter R. Calvert, Tammara F. Langlieb | Venable LLP on 11/19/2012

Maryland homeowners eligible for the Maryland Homestead Property Tax Credit need to file a one-time application by December 31st with the State in order to continue to take advantage of this benefit. The Maryland Homestead...more

Wealth Management Update - November 2012

by Proskauer Rose LLP on 11/16/2012

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

November 2012 Newsletter - Joint Tenancy issues

by Jason Hunter on 11/1/2012

Please review our November Newsletter for valuable estate planning, trust, and probate news and tips. For more information, please visit our website at www.hunterestategroup.com...more

You May Owe Additional Medicare Taxes in 2013

by Jaburg Wilk on 10/4/2012

Health care reform creates new taxes, which you may be unaware of and yet still liable for. In 2012, there is a new tax imposed under the 2010 Health Care Act, as amended by the 2010 Health Care Reconciliation Act. This new...more

Property

by Sedgwick LLP on 9/6/2012

UPDATED THROUGH SEPTEMBER 4, 2012 Mortgage Foreclosure. Question Certified: Does the test set forth in Arlt v. Buchanan, 190 So. 2d 575 (Fla. 1966), for vacating a foreclosure sale apply when adequacy of the bid price is...more

Practical Tips for U.S. Persons Owning Mexican Property Thru a Fideicomiso

by Snell & Wilmer L.L.P. on 8/15/2012

Every time I’m presented with a contract, I’m quickly transported to a small room in which Willy Wonka, played by Gene Wilder, is vehemently scolding the good natured Charlie Bucket and the poor, protective Grandpa Joe: ...more

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

by Loeb & Loeb LLP on 8/10/2012

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

U.S. Taxation of Fideicomisos under the FATCA Rules

by Moskowitz LLP on 8/8/2012

Overview of Fideicomisos If you own a home or a vacation home in Mexico, chances are that your property is held in a fideicomiso. A fideicomiso is a contractual arrangement that is arguably something in between a trust...more

Act Fast to Capture Benefit of Current Gift Tax Exemption

by Janet Brewer on 7/12/2012

Bay Area families that have yet to take advantage of the current gift tax exemption are running out of time. As of midnight on December 31, 2012, the $5 million exemption disappears and will be replaced by a $1 million...more

Owning A Vacation Home In The U.S.: Cross Border Planning

by Dickinson Wright on 7/3/2012

Due to the “financial crisis” in U. S. real estate and the relative strength of the Canadian dollar in the past couple of years, an increasing number of Canadians are purchasing a second home or vacation property in the U.S....more

New Taxes to Take Effect in 2013

by Maureen O'Leary Guth on 6/8/2012

The following two new taxes will take effect on January 1, 2013: 1. Investment Income Tax - A new 3.8% tax on investment income, and 2. Earned Income Tax - A new 0.9% tax on earned income Both of these taxes are...more

Insight on Estate Planning - June/July 2012

by Adler Pollock & Sheehan P.C. on 5/31/2012

In This Issue: - Conditions favorable for gifts: High exemption amount and low tax rate make 2012 the year to transfer significant wealth - Keep family harmony when transferring a vacation home - Transfer...more

Elder Law And 2012 Gift Tax Laws

by Adler Pollock & Sheehan P.C. on 5/30/2012

The Need for Planning One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Depending on...more

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Tax Law › Residential Real Estate › Wills, Trusts, & Estate Planning