On April 20, 2005, President Bush signed into law the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the “Act”), making the most significant change to the Bankruptcy Code since 1978. Most of the changes made by the Act do not go into effect until October 17, 2005. A…
Whether you are a foreign owner of U.S. real estate, a buyer purchasing from a foreign owner of U.S. real estate, or a real estate professional advising the parties, you should be aware of each party’s tax and withholding obligations. In 1980, Congress enacted the Foreign Investment in Real Property…
Decoupling. No, I am not going to discuss divorce, or trains, or what happens after love bugs hit your windshield. To an estates and trusts attorney, “decoupling” has a much more ominous meaning. Estate taxes — state estate taxes. As you know by now, federal legislation enacted in 2001 phases…
In the Fall 2004 Legal Update, I wrote about some tax deductions available to those that incurred uninsured losses as a result of the recent Florida hurricanes. This article focuses on a related topic; the taxation of the receipt of insurance proceeds for insured losses with respect to property damaged…
When creating an estate plan or providing for another during life, one often considers creating a Trust. Trusts can be drafted for many different reasons and with various types of beneficiaries and Trustees. An important question to discuss with your legal advisor is who should act as Trustee. Many financial…