Additional Information: While preparing our 2011 taxes I realized that there has been an error in the past few year’s MA tax returns (in the government’s favor) related to our Waltham home’s property tax.  What’s the likelihood we will get audited?  What’s our obligation to amend the prior year’s taxes and  how would we go about doing it? ATTORNEY ANSWER: The likelihood of audit is hard to judge, but States have been getting more aggressive as

Additional  Information: How do I know if I have a claim? We paid for a title search/insurance, but found out after buying our Waltham property that the title was never clear.  After we moved to MA and moved in, we received a certified letter in the mail stating that our property had been auctioned off for back taxes and would no longer be ours if we did not pay over two years worth of back taxes,

Additional Information: The contract has been signed by both parties. I’ve already closed on my new home in the South Boston area and I was counting on this closing. I can’t afford to carry both properties any longer. What are my rights, and what are my options? ATTORNEY ANSWER: If the buyer defaults on the Purchase and Sale Agreement by not going through with the purchase (not because he has been denied a loan), then he

Additional Information: We had a C Corporation which we sold in 2009. The IRS wants to audit the corporation for tax year 2008. They contacted us. We explained we have given all paperwork to the new owner. It was an entity sale and the new owner took responsibility of all past liabilities. The IRS person said they could not get a hold of the new owner. He has disappeared. So they want all 2008 tax paperwork

Additional Information: I agreed to buy a condo in Naples, FL and now I’ve decided that it’s not what we want, we’d be making too many concessions.  How do I cancel with the least financial expense? ATTORNEY ANSWER: When a buyer enters into a Purchase and Sale Agreement, the buyer needs to be aware that the only reason he or she can get out of the agreement is if the mortgage is denied, the property is

Additional Information: We are in the process of buying a home in Danvers, MA but the seller is unable to find a replacement property by the time the sixty day escrow closes. They have requested an extension of thirty days. If we do not agree to that extension, what will happen?  Will we lose the appraisal fee, the home inspection fee, and our deposit?  If we do agree, do we get any thing in return? ATTORNEY

Additional Information: My wife and I are working on our estate planning.  If there is a Federal or MA state gift tax exemption can you please explain it to me?  How do I give gifts to our grandchildren with this tax benefit? ATTORNEY ANSWER: There is only a Federal Gift Tax; Massachusetts does not impose a transfer tax on gifts.  Every U.S. Citizen has a cumulative lifetime gifting exemption that was $1,000,000 up until the passage

Additional Information: My mother currently owes back property tax for a few years and just found out that she can apply for a statutory exemption. My question is does the statutory exemption only cover the current year or can it be applied to the past years that she owes taxes for? ATTORNEY ANSWER: In some cases a Property Tax exemption that was not taken in a prior year can be obtained in the current year.  Even

Additional Information: I have a traditional 401(k), ROTH 401(k), ROTH IRA, a checking account, a savings account, a health savings account, and a taxable brokerage account.  I’m in my early 30s and my total of all these accounts is less than $1 million.  I believe I can designate a beneficiary for all of these accounts to avoid probate. But I don’t want to grant these accounts to beneficiaries outright.  For one, most of the beneficiaries (my

Additional Information: My great grandmother had Alzheimer’s for several years, but was of sound mind when she made her will. She gave POA to a family member. Her physical health began failing two months ago and she passed away last month. Today I received a letter informing me that, in her will, she had left me a considerable sum in an IRA account. It also informed me that the relative with the POA had cleaned out