Wills, Trusts, & Estate Planning Residential Real Estate Tax

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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

A New Tax Law May Help Families Avoid Uncapping on Certain Inter-Family Real Property Transfers

Effective December 31, 2013, a parent can transfer residential real estate located in Michigan to his or her child without uncapping the taxable value of the property if the child continues to use the property for residential...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

Girard Estate Is a State Agency Immune From Tax

The Pennsylvania Supreme Court reversed the Commonwealth Court and held that property owned by the Board of City Trusts acting as trustee under the will of Stephen H. Girard was immune from real estate taxation because the...more

Change in Legal Title From Joint Tenancy to Tenancy in Common was a Change of Ownership Within the Meaning of Proposition 13

A taxpayer challenged a county assessor’s reassessment of real property after the taxpayer transferred his joint tenancy interest to himself as a tenant in common. A court of appeal held that the property was subject to...more

Some Practical Risk Management Steps for Any Land Trust

I. Perpetual Calendar—Make Sure You Have Time for Reasoned Decisions—Stop trying to remember so much, reduce your stress, and avoid the risk of missing an important date. Every item that you can record onto a perpetual...more

A Review of the Qualified Personal Residence Trust (QPRT) in Estate Planning

At the end of the 20th century, real estate values were growing at phenomenal rates with no end in sight. By the end of 1999, the S&P 500 featured an astounding five-year average annual return of 28.56%. For the 2000...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

Transfer on Death Deed

Here is an estate planning note that will help those who are using living trusts — consider using a transfer on death deed. Kudos to the Virginia General Assembly for recently enacting legislation allowing for the...more

A valid Massachusetts testamentary trust may now arise under a will that was not fully executed (signed by the will witnesses)...

Massachusetts has broken new ground in allowing a will to be fully executed (signed by the will witnesses) after the death of the testator, with no time period specified. In the upcoming 2014 edition of Loring and Rounds: A...more

Wills, Trusts & Estates Newsletter - August 2013

In This Issue: - When You Thought It Was Safe to Go Back in the Water - Estate Tax Revisions - Basic Information About Durable Powers of Attorney - Uniform Real Property Transfer on Death Act - Per Stirpes Means...more

Uncapping Continued: “Guidance” From The State Tax Commission

As we have mentioned earlier on this blog, the Michigan Legislature recently enacted a law, Public Act 497 of 2012 (HR 4753), that prevents the uncapping of property taxes on certain transfers of residential property....more

Internal Revenue Service Concludes that Fideicomiso or Mexican Land Trusts are not "Trusts" for United States Tax Purposes

On June 6, 2013, the Internal Revenue Service issued Revenue Ruling 2013-14, which concludes that a Fideicomiso or a Mexican Land Trust (MLT) is not taxed as a “trust” for U.S. income tax purposes. While most practitioners...more

"With Iron Mountain Ruling, IRS Continues Consistent Approach to Defining REIT ‘Real Estate’"

A significant amount of press attention has been given to an unusual press release filed with the SEC yesterday by Iron Mountain regarding its planned conversion to a real estate investment trust (REIT). Iron Mountain said...more

IRS Rules that Mexican Fideicomisos or Land Trusts are not Trusts for U.S. Tax Purposes

On June 6, 2013, the IRS released Revenue Ruling 2013-14, which holds that Mexican fideicomisos or Land Trusts are not trusts for U.S. tax purposes. “Fideicomisos have been an issue in the offshore disclosure world for quite...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

Hidden State Tax Trap On Real Estate

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

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

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

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