You might be paying too much in property taxes
Many people are paying too much in property taxes, and may be eligible for a reduction or a refund. Property taxes are calculated by taking the assessed value of your home and multiplying it by the local property tax rate. But since home prices in so many areas have decreased recently, it’s possible that the […]
Gift tax exclusion increases to $13,000 in 2009
The amount that you can give to someone without having to pay the federal gift tax has been increased to $13,000 a year, effective for 2009. The previous maximum was $12,000 a year. Many people will want to take advantage of this new limit to increase their annual giving as part of their estate plan. […]
Landlord can’t be sued for one tenant’s harassment of another
Even if a black tenant’s family was subjected to racist comments and verbal abuse by a white tenant’s family, the black tenant can’t sue the landlord, says the Ohio Supreme Court. The black tenant claimed she kept an extensive record of the harassment and reported each incident in writing to the landlord. However, the landlord […]
Estate tax takes less of a bite – but planning now is still critical
Starting in 2009, you can leave $3.5 million to your heirs before the federal estate tax kicks in – up from $2 million previously. And in 2010, the estate tax is slated to be repealed altogether. But contrary to what some people think, that doesn’t mean you don’t need to worry about estate planning!
Condo could prohibit religious displays on doorways
A condominium association can prohibit owners from displaying any objects on or in front of their doorways – including Christmas decorations and crucifixes, says a federal appeals court in Chicago. In this case a woman sued because the condo rule had prohibited her from placing a traditional Jewish mezuzah on her doorpost. She claimed this […]
Family Limited Partnership saves family $120,000
If you’ve been wondering how a family limited partnership can save your family taxes, here’s a good example. Bianca Gross was a widow who invested in stocks. She had two daughters. She decided to create a family limited partnership, in part so she could involve her daughters in her investment decisions and teach them about […]
It’s not always easy being green
Homebuyers, businesses, and residential and commercial tenants are all showing interest in “green” buildings these days – those designed to save energy, use sustainable materials and have less of an impact on the environment. Many buyers and renters are willing to pay a little more for a green building – especially if they can recoup […]
How to leave a vacation home to your children
You might think it’s easy to leave a vacation home to your children in your will. But there are many issues that can arise. For instance, over time children might squabble over who will pay for major repairs or renovations, especially if some children use the property more than others. Children might disagree about whether […]
Who gets cash hidden in house by deceased former owner?
Imagine you bought a house and, a year and a half later, you discovered bundles of cash that had been hidden away by the deceased former owner. Who would be entitled to the money – you or the former owner’s estate? Confronted with just such a case, an Oregon appeals court determined that the new […]
Here’s a second chance if you elected early Social Security benefits
Did you elect to take Social Security benefits before your full retirement age? If you did and are now looking for extra income, there may be an answer. Once you reach full retirement age, you can pay back the money you have received and reapply for full retirement benefits. Although you can collect Social Security […]