In 2012, each individual is allowed to give away during his or her lifetime up to $5,120,000 without any federal gift or estate taxes due to the historically high exemption for federal transfer tax purposes. The same exemption…more
The highest Court in Massachusetts, the Massachusetts Supreme Judicial Court (“SJC”), has just ruled that an Awarding Authority may look beyond the Department of Capital Asset Management (“DCAM”) certification materials in…more
In 1982, Rhode Island enacted legislation to incentivize certain businesses to create new jobs and grow the Ocean State economy. The “Distressed Areas Economic Revitalization Act” was originally passed to target “areas in…more
The Rhode Island Division of Banking will begin accepting new application and transition requests through the online National Mortgage Licensing System & Registry (the “NMLS”) starting on April 16, 2012 for the following…more
Govenor Patrick recently signed into law “An Act Relative to Gender Identity”. The Act prohibits discrimination on the basis of gender identity in a variety of areas, including education, housing, credit and employment. With…more
Today, President Obama is scheduled to sign into law the Jumpstart Our Business Startups Act (the “JOBS Act”), which will make it easier for many startups and small companies to raise capital from investors through what is…more
The City of Providence has extended the deadline for Providence homeowners to reapply for the homestead tax exemption from March 15, 2012 to April 6, 2012. A copy of the homeowner’s vehicle registration bearing the property…more
With the sunset of the 2001 Tax Act and reversion to the pre-2001 estate tax exemptions and rates looming (again) at the end of 2012, discussion at The American College of Trust and Estate Counsel (ACTEC) Annual Conference that…more
In an effort to prevent Providence R.I. homeowners from subsidizing the homestead exemption for landlords and non-resident owners, homeowners must submit a reapplication for homestead tax exemption by March 15,…more
On Wednesday, February 22, 2012, Congress passed a law extending the 2% payroll tax cut through the end of this year. Self-employed individuals also receive a 2% rate cut in the self-employment tax. No…more
The Internal Revenue Service has issued guidance which allows estates of individuals who died during the first six months of 2011 to extend the deadline to make a portability election.
The portability election is the…more
On January 31, 2012, the Massachusetts Division of Banks temporarily withdrew the Right to Cure Regulation which contained a form of 150-day/90-day Right to Cure Notice (209 CMR 56.00). The Right to Cure…more
The Massachusetts Division of Banks has released new regulations entitled “Right to Cure a Mortgage Default.” The new “Right to Cure Regulations” are found at 209 CMR 56:00, and they…more
New Year's resolutions typically center around improving physical, emotional and financial well-being. Among your resolutions should be a review of your personal planning documents to make certain that they are still effective…more
On January 5, 2012, U.S. District Court Judge John J. McConnell, Jr. issued an order appointing Ms. Merrill W. Sherman special master over a docket of cases consolidated as In re: Mortgage Foreclosure Cases, Misc. No…more
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