Articles

Can landlords, condos ban oxygen users from smoking?

People who use oxygen for medical reasons often smoke as well. (Frequently, smoking is the reason they have respiratory problems that require oxygen.) The problem is that smoking and oxygen are a dangerous combination. Oxygen accelerates fires and can turn a cigarette ember into a serious flame. Even after the oxygen is turned off, gas that has accumulated in a room or on a person’s clothing and hair can trigger a conflagration. For this reason, many

FHA-insured condo loans may take longer to be approved

Mortgages insured by the Federal Housing Administration help many people to buy a home who couldn’t do so otherwise. That’s because lenders are often willing to loan to people with less of a down payment because the loan is insured by a federal agency. However, the FHA has just made it more difficult to obtain an insured condo loan. Generally, the FHA can insure a loan only if the condo project has been approved by the

Lead paint can be dangerous…to real estate investors

A recent case from Maryland’s highest court shows that even people who deal with real estate simply as investors can be held liable for lead paint problems. The case involved a Maryland company that bought tax liens. The company’s business model was to buy liens, foreclose on delinquent properties, then sell them “as is” at a profit. The company was organized as a limited liability company, or LLC. In one case, the LLC foreclosed on a

New Fannie Mae rules hurt condo buyers, sellers, developers

New rules issued by Fannie Mae are making it harder for people to get mortgages for condominium units, particularly when the condo is new construction or a new condo conversion. The rules are designed to reduce the risk of foreclosures. However, they come at a bad time, because the real estate market is slow and many people have already been having more trouble getting mortgage loans. Fannie Mae can’t tell lenders what to do, but Fannie

Illegitimate child collects from trust

A Florida couple created a trust to benefit their grandchildren. The trust stated that it was to benefit only grandchildren who were related by blood. One of the couple’s sons got divorced in 1971. A girl, Catherine, had been born during the marriage. The son acknowledged the girl as his child and paid child support for her. In 1999, however, when Catherine was 32 years old, a DNA test proved that she wasn’t really the son’s

How is your real estate titled? It makes a big difference

When two or more people own real estate, the relationship between the owners is known as a “tenancy.” There are a number of different kinds of tenancy. Understanding the differences is important, because different kinds of tenancy can mean different rules for whether an interest in the property can be inherited outside of probate and whether creditors can claim the property. Tenancy comes in three main forms: tenancy in common, joint tenancy, and tenancy by the

Things to consider if you’re remarrying later in life

Not only are people living longer these days, but there’s a growing trend of widows and widowers remarrying in their 60s, 70s and 80s. A remarriage late in life can bring happiness, but it can also create complexities for estate planning. For most elderly people who remarry, the chief issue is that they want to look out for their adult children and make sure those children have an inheritance. Lack of estate planning can result in

Lack of estate tax may create problems for people with older wills

The federal estate tax expired at the end of 2009, and believe it or not, the lack of an estate tax is creating a serious problem for many people who have not revised their wills in a while. The federal estate tax applied in 2009 to estates of more than $3.5 million. It is slated to come back in 2011, and apply to estates of more than $1 million. Most people expected that Congress would “fix”

Giving 401(k) to someone other than spouse means huge tax break

Congress has enacted a huge new tax break for people who inherit a 401(k) account from someone other than a spouse. This is great news for anyone who wants to leave a 401(k) to a child, grandchild, domestic partner, or other person other than a spouse.

Give a lot of thought to choosing a trustee

When a Texas millionaire died, he left all his money to a trust. He ordered the trustee to support his second wife in the standard of living she had enjoyed while he was alive, if her own income and resources weren’t sufficient to do so. Once that was done, the trustee could use the trust to benefit the children of his first marriage.

Florida

Massachusetts

New Hampshire

Beliveau Law Group