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Irrevocable Vs Revocable Trust When Estate Planning Creating a Trust is a common way to leave your last wishes to your loved ones. There are benefits to both types of trusts. A revocable trust gives you the flexibility to control your assets during your lifetime. On the other hand, an...
You may be wondering how re-mobile homes are handled for estate planning. While some mobile homes are considered real estate and are subject to probate, others are not. If you don’t have a will, you will need to appoint an administrator. The administrator will be responsible for managing all of...
Probate Law 733.705 – How Does Probate Law 733.705 Affect the Estate If There is No Personal Representative? In cases where there is no personal representative, the estate is administered by the Circuit Court. The court will choose the personal representative and distribute the assets according to the terms of...
You might be wondering, “What is a 1031 exchange?” If you’re wondering about this tax-free way to invest in real estate, you’ve come to the right place. In general, a 1031 exchange involves buying a replacement property at least equal to the sale price of your original property. However, in...
What is the Purpose of the Real Estate License Law? The purpose of real estate license laws is to protect the public, the consumer, and licensees. Despite the many advantages of these laws, they can also pose a significant burden. For example, real estate licensing rules and regulations may be...
Who enacts real estate laws? These rules govern the practices of the real estate industry, including buying and selling properties. While the federal government regulates most aspects of real estate, many local governments have additional requirements that must be met. For example, environmental laws may apply to landowners and require...
What Is the New Estate Tax Law? If you are thinking about creating an estate plan, you may be wondering what the new federal estate tax law is and how it will affect you. In addition to increasing the amount of taxable income that can be transferred to loved ones,...
In a divorce, what is common law in real estate? This is a complicated legal term that applies to tangible and intangible assets. Intangible assets include trademarks and patents. Tangible assets include real estate. This includes first and second homes, rental properties, construction, and non-day-to-day living. Property assets are valuables...
Antitrust Law in Real Estate Antitrust laws prohibit certain practices, and a real estate firm should have access to competent legal counsel. The legal counsel should identify other firms that provide similar services. The firm should seek antitrust legal advice whenever it intends to adjust commission rates, pay fees to...
What Does Portability Refer in Estate Tax Law? The concept of portability of federal estate tax exemptions between married couples was introduced by the TRUIRJCA in 2011. This feature was made permanent by the American Taxpayer Relief Act in 2013. Portability should remain a permanent part of federal estate tax...
There are many aspects of commercial real estate law that may be confusing to the average person. While there are many advantages to understanding commercial real estate law, the truth is that you must understand all of it to make the right choices. In this article, we will go over...
While you may be able to prepare an estate plan on your own, it is a good idea to work with an estate planning lawyer to ensure that it is accurate. This will ensure that your estate documents are not contested in court and are legally binding. In addition, an...