Losing property to a creditor can be painful. Paying income tax as a result of such loss adds insult to the injury. Fortunately, foreclosures and short sales do not always create income tax obligations. Even when tax is otherwise due, it is sometimes possible to reduce the tax owed through…
A property owner is now required to notify the Property Appraiser when there has been a change of ownership or control of non homestead real property. This is significant because the Property Appraiser must now be notified in writing of changes in ownership or control even when the change is…
The trust is a popular tool in today’s world of estate planning. A trust is a fiduciary relationship with respect to property, and it involves an agreement (normally in writing) under which the trustee holds legal title to property for the benefit of the trust beneficiaries. In Florida, this relationship…
“Nothing is certain but death and taxes.” In 1789, Ben Franklin wrote this in Poor Richard’s Almanack. In 1936, Margaret Mitchell put a different spin on it in Gone With The Wind: “Death, taxes and childbirth! There’s never any convenient time for any of them.” In 2008, both sayings still…
On May 6, 2008, Sarasota County electors will cast votes in a special election featuring two referenda. The first issue involves a charter amendment that would require unanimous county commission approval for future comprehensive plan amendments affecting lands outside the so-called “urban service boundary.” The second proposal, which is not…