Primary Residence

News & Analysis as of

A Trust May Be Subject to California Income Taxation if the Trustee Resides in California

California aggressively taxes non-grantor trusts. A non-grantor trust with a California resident trustee may be subject to California income taxation even if none of the assets of the trust are located in California, none of...more

Rulings Prompt California Sex Offender Residency Regulations Change

Local Municipalities’ Practices Likely to be Impacted - California prison officials have announced that they are loosening some restrictions on where sex offenders may live in response to In re Taylor, a California...more

Court Rules on “Principal and Permanent Residence” Under MC Article 33

In personal injury or death cases, Article 33 of the Montreal Convention provides five jurisdictions in which an action against the airline can be brought: (1) an air carrier’s place of domicile; (2) an air carrier’s...more

Court Hears Arguments in Litigation Challenging the Constitutionality of North Carolina’s Taxation of Trusts

The Kimberly Rice Kaestner 1992 Trust (the “Trust”) originated from the Joseph Lee Rice, III Family 1992 Trust (the “JLR Trust”) created in 1992. The JLR Trust was created in New York when its initial trustee and settlor were...more

Appellate Court Notes

SC18928 - Rathbun v. Health Net of the Northeast, Inc. - In Connecticut, the Department of Social Services manages the federal Medicaid act and awards contracts to Medicaid managed health care providers. The defendant...more

City of Dallas Sues Synagogue and Property Owners Who Use Home for Religious Worship Services

The City of Dallas is suing Congregation Toras Chaim, Inc. (“CTC”), a small Jewish Orthodox synagogue that operates out of a private residential home, to enforce the City’s local code and require the synagogue to obtain a...more

California Supreme Court: Sex Offender Residency Restrictions Unconstitutional

Opinion Likely to Impact Cities’ Policies - Residency restrictions that prohibit sex offenders from living within 2,000 feet of a school or park are unconstitutional, the California Supreme Court ruled this week. The...more

Chapter 13 Debtors Choosing to Retain Residential Property and Not Claim Homestead Are Not Entitled to Wildcard Exemption

In Florida, it is well settled that a Chapter 7 debtor who does not claim or receive the benefit of the homestead exemption on his bankruptcy schedules is entitled to claim the “wildcard” exemption pursuant to Fla. Stat. §...more

New Year, New Ohio & Municipal Residency Rules

With the start of the New Year, two bills passed in December 2014 make it a great time to revisit both your Ohio and municipality residency status. More Days in Ohio for Nonresidents - HB 494, in effect as of...more

Tax Planning Considerations for the Purchase of a Residence in the U.S. by Foreign Buyers

Many factors influence a foreign buyer’s decision to purchase residential real estate in the United States. Generally, most of these decisions tend to be driven by concerns over political and economic uncertainty in the...more

Tax Issues Related to the Personal Residence

When we think about our personal residence, we probably do not give much thought to the tax impact associated with it. If we do think about the tax aspect, our focus probably is on the savings related to the mortgage interest...more

NYS Tax Department Reverses Position on Statutory Residence Rule

The New York State Department of Taxation and Finance (the Department) has backed off from an aggressive position that it has been taking in cases involving New York residence issues....more

Arizona Court of Appeals Expands, Then Narrows, Anti-Deficiency Protection

Like many states, Arizona protects homeowners from the “double whammy” of losing their homes to foreclosure and then facing liability for the balance owed on their mortgage loans....more

Cure and Reinstatement of Home Mortgages in Chapter 13: Florida's Bright-Line Rule is Not So Bright

Section 1322(c)(1) of the Bankruptcy Code allows debtors to cure defaults and reinstate a mortgage on their principal residence "until such residence is sold at a foreclosure sale that is conducted in accordance with...more

How Does Moving Impact Your Financial and Estate Plan Health?

I'm moving. So moving (and packing, hauling, and unpacking) is on my mind. It occurred to me that many clients have questions about what moving means for their financial and estate plans. ...more

The Texas Supreme Court Upholds a Vacancy Condition and Refuses to Expand the Prejudice Requirement.

In Greene v. Farmers Ins. Co., 2014 Tex. LEXIS 757 (Tex. Aug. 29, 2014), the Texas Supreme Court affirmed a denial of coverage under a homeowner’s policy because the owner had vacated the home. Plaintiff purchased a Texas...more

Tax Implications: Selling Your Home

If you've lived at a property for at least two out of the five years before you sell your home, you can consider that property your primary residence or "main home", per the Internal Revenue Service. The IRS will then...more

Creditors Beware: Married Couples Claiming Homestead Protection on Two Residences May Avoid a Forced Sale

Florida’s homestead exemption protects a married couple’s primary residence from forced sale to satisfy a judgment lien, but what happens when spouses retain two properties as their individual primary residences, claiming...more

TILA versus TILA: Rescission by Notice or Lawsuit

Here’s something to ponder on: “Whether the Truth in Lending Act entitles homeowners to rescind their mortgage commitment by notifying the lender in writing within the period specified by the statute, or whether the...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

Can I Remove My Spouse From Our Home During the Divorce Litigation?

We know how difficult it is to remain under the same roof with your spouse during a divorce. Generally, during an initial consultation, clients always ask us what is the quickest way to remove his/her spouse from the marital...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

Important Trends And Factors To Consider As Empty Nesters Downsize

As boomers reach retirement age, they are seeking a more carefree lifestyle by reducing the square footage of both house and yard, and purchasing more new and easily maintained homes....more

Permanent Place of Abode Requires Actual Use of Property as Taxpayer’s Residence

The New York Court of Appeals reversed the decision of the Appellate Division of the New York Supreme Court and held that in order for an individual to have a “permanent place of abode” in New York for purposes of determining...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

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