Family Owned Real Estate: Legal Challenges & Opportunities
Once Removed Episode 21: Passing Down the “Family Cottage” or Other Legacy Property
War of the Rosas
Buyers and sellers of real property anticipate some tax consequences from a real estate transaction, but typically these concerns are limited to federal income tax implications. The reality is that most states impose various...more
Ground lease structures have become a common feature of conduit financings in the municipal bond market. They provide tax advantages to projects and can be structured several different ways depending on the tax-exempt status...more
As of January 1, 2023, providers of affordable housing in Washington State have access to a new exemption from the excise tax on real estate sales (also known as the real estate excise tax, or “REET”). This new exemption,...more
Proposition 19, which will be on California’s November 2020 ballot, dramatically changes the property tax rules exempting certain intra-family transfers and primary residence transactions for certain individuals such as those...more
In 2019, the Tax Cuts and Jobs Act (the Act) and its resulting tax reform continued to dominate the planning landscape. As outlined in our 2018 Year-End Estate Planning Advisory, the Act made significant changes to individual...more
Buckingham Tax Attorneys Steve Dimengo and Rich Fry recently obtained a favorable ruling from the 9th District Court of Appeals for their client in Karvo Paving Co. v. Testa, 2019-Ohio-3974. This victory enables highway and...more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 3 – 7, 2019. June 4, 2019: The IRS issued a news release noting that it granted tax relief...more
In This Issue: - Sudden impact: When a spouse unexpectedly dies - New tax law affects estate planning strategies - All in the family: Transferring your vacation home - Estate planning pitfall: You haven’t planned for...more
In This Issue: - Alternate valuation date: Flexible postmortem planning a plus when markets are volatile - The write stuff: A letter of instructions - Making the most of your GST tax exemption - Estate...more
Recently the City of Chicago’s Department of Finance issued Real Property Transfer Tax Ruling #4, which clarifies the intent of the City’s Real Property Transfer Tax. The ruling details the application of the exemptions to...more
With the current estate tax regime of a high gift and estate tax exemption amount and low estate tax rates, transferring wealth is becoming the focus of estate planning rather than reducing estate tax liability. And with...more