Take advantage of the recession to lock in estate planning gains

Nobody likes a recession, but any time when real estate values, stock prices and interest rates are low is a great time to do estate planning.  You can transfer assets to your heirs now at a low value and save them a huge estate tax bite later. One way to do this is with a […]

Tips for Preventing Financial Abuse of the Elderly

As the economy worsens, reports of elder financial abuse are on the rise. The elderly are particularly vulnerable to scams and to financial abuse by friends, acquaintances, caregivers and family members in need of money. A recent MetLife study, Broken Trust: Elders, Family and Finances, found that up to one million older Americans may be […]

This is a good time to make family loans

With interest rates at historic lows, this can be a good time to make loans to your children so they can buy a home, start a business, or invest.  Giving your children an outright gift can subject you to the gift tax, but giving your children a loan doesn’t have any effect on estate or […]

Estate Taxes: What’s a Taxpayer to Do?

After almost a decade of changes in the federal estate tax laws – and many states shifting their tax structure in response to the federal changes – clarity appears to be on the horizon. Congress’s recently passed budget resolution would make the current estate tax rules permanent, taxing only estates over $3.5 million in value […]

‘Green leases’ are raising legal issues

More and more commercial buildings are being designed to meet environmentally friendly, or “green,” standards. In addition, a growing number of communities around the country are adopting “green ordinances” that mandate certain environmental standards for large commercial buildings or developments. As a result, commercial leases in these buildings need to take green issues into account. […]

Real Estate downturn creates an estate planning opportunity

Real estate prices have been falling all over the country.  While no one likes to think that their home is worth less than it used to be, the downturn has created an opportunity to give your home to your eventual heirs while saving a large amount of estate and gift taxes. This can be done […]

Fannie Mae makes it harder to get a condo mortgage

New rules from Fannie Mae are making it harder to get a mortgage for a condominium unit. Effective this past March 1, the mortgage giant will no longer purchase mortgages for condo units in new buildings unless at least 70% of the units are sold or under contract. Previously, Fannie would purchase mortgages as long […]

Vacation homes, investment properties may be cheap

While the average price of a primary residence declined last year, the average price of vacation homes and investment properties declined even further, suggesting that many of these properties might now be available at an attractive cost. The median sales price of a vacation home was $150,000 last year, down from $195,000 in 2007, according […]

Chicago ‘historic area’ zoning case being watched across the country

Can a city block property owners from making improvements to a building or a neighborhood on the grounds that doing so would destroy its value as a historic landmark? A closely watched case in Chicago could answer that question. Although the case is specific to Chicago, cities and property owners across the country are paying […]

Most landlords make mistakes on their income tax, U.S. says

A majority – some 53% – of individual landlords in the U.S. make mistakes on their income tax when it comes to reporting rental income and expenses, according to a study by the U.S. Government Accountability Office. That means that out of about 8.9 million individual landlords in the country, nearly 5 million aren’t paying […]