Articles

Many older powers of attorney and health care proxies should be reviewed

Many power of attorney and health care proxy documents that were created years ago should be revised now as a result of a federal medical privacy law.

The law, known as HIPAA, generally prevents health care providers from disclosing your personal medical information to anyone but you and someone you’ve named as your “personal representative.”

Medical privacy may be a good thing – but the law can create complications.

For instance, you may have a health care proxy that names someone you want to make medical decisions for you if you’re not able to make them yourself. But if you haven’t also named that person as your “personal representative” under HIPAA, then he or she might not be able to access your medical information in order to make informed decisions. [Read more...]

More apartment and office buildings are allowing pets

Many landlords – both residential and commercial – have been trying to set themselves apart and attract more tenants by allowing pets.

It’s true that pets can cause damage to a building, but it’s also true that there’s a growing demand for pet-friendly environments, and allowing pets can make a rental property much more attractive.

Some 17 percent of businesses across the U.S. now allow pets at work, according to one recent survey. Most of these are small businesses and traditional stores – such as a bookstore with a cat – but many large companies such as Google and Apple now allow pets in offices, and other businesses are following suit.

If you’re a landlord (or a tenant) and you want to have a pet policy, it’s best to spell things out in the lease. For instance, the lease might specify what types of animals are allowed, and require that all pets be healthy, vaccinated, housebroken and well-socialized. A lease might also require that pets be kept on a leash in any common areas. A landlord might want to set aside certain common areas as pet-free zones.

While pets can cause damage to a building, there’s a growing demand for pet-friendly environments, and allowing pets can make a rental property much more attractive to prospective tenants.

Both landlords and tenants will want to make sure that their insurance policies cover dog bites.

Landlords might want the lease to specify that the tenant will be responsible for any damage caused by a pet. They might also want to insist on a larger security deposit from tenants with pets. [Read more...]

Retirement Checklist: 5 Steps to Help You Get Back on Track

In order to retire and live comfortably as a senior, you have to start planning now.   Follow these steps and you will be able to achieve your goal.  Here is an excellent checklist to help you, compliments of Scott Shutte from Lightship Wealth Strategies, Inc. in Newton Lower Falls.

 

Presented by Scott Shutte

Although the painful recession may be in our rearview mirror, the aftermath may have you concerned that you won’t have enough money to retire when the time comes. But you can still take control of your retirement, despite market declines and an uncertain economic climate. It all boils down to having a plan—and sticking to it.

Creating a checklist can help improve your chances of attaining retirement readiness. Here are five key steps that can help you jump-start your planning or get you back on track. And, remember, when you participate in your workplace retirement plan, you’ve already taken a step in the right direction. [Read more...]

How to avoid gift tax on hard-to-value gifts

As part of their estate planning, many people want to give away property during their lifetime in order to reduce the size of their taxable estate.

In general, you can give $13,000 a year to anyone you like without having to pay gift tax, and you can make additional gifts over this limit, over the course of your lifetime, up to the amount of your gift tax exemption (although these larger gifts will reduce your estate’s exemption when you eventually pass away). Plus, you can give an unlimited amount to a spouse or charity.

One problem with making gifts for tax purposes is that some types of assets are hard to value. In particular, certain types of real estate, interests in a partnership, and stock in a family-owned business can be very difficult things on which to place a price tag. [Read more...]

Who’s responsible for damage from a fallen tree?

A big storm comes up and knocks down a tree in Bob’s yard. It falls over the property line and damages his neighbor Janet’s car. Is he legally liable for the damage?

As with much in the law, it depends. Generally, though, Bob would be responsible if he knew the tree was in danger of causing damage to Janet’s property, or if a reasonable person in his position would have noticed the danger. For instance, Bob might be responsible if the tree was dead or dying and was leaning precariously over Janet’s driveway, or if Janet had complained to him previously that tree limbs were falling onto her parking space.

On the other hand, if the tree appeared healthy, and it was a total surprise that a hurricane or tornado blew it some distance onto Janet’s yard, Bob probably wouldn’t be liable.

In any event, Janet’s first step should probably be to file a claim with her insurance company.

If you’re a property owner, it’s a good idea to check your trees periodically to see if any of them poses a danger. Falling trees can cause serious personal injuries that are a lot more expensive than a car repair.

If you feel that a neighbor’s trees are a danger to you, and your neighbor won’t do anything about the problem, you have a number of legal options. You might be able to report the dangerous condition to the city, or to a utility company (if the tree is endangering utility equipment), or possibly sue the neighbor for allowing a nuisance. You might also be able to trim the part of the tree that overhangs your property, although you’re generally not allowed to trim the part that’s on your neighbor’s property.

Be careful buying a condo that’s new construction

With the real estate market still in the doldrums, a lot of people are thinking that this is a good opportunity to buy a brand new condominium, rather than one in an older community.

New construction has a lot of advantages – but it can also be more complicated, and there are some potential trouble spots as well. You should definitely speak with your real estate attorney before you sign anything in order to make sure you’re protected.

There are three big advantages to new construction:

One, everything’s new! You get to enjoy a brand-new kitchen, brand-new bathrooms, brand-new appliances, etc. Plus, you can avoid paying for major common-area maintenance items that an older building might need, such as repainting or roof repairs. [Read more...]

Avoid bankruptcy: Just Turn In Your Car, Right?

Many clients who are considering filing for bankruptcy say, “The only valuable asset that I have is my car, should I just let the bank repossess it?” You can let the bank repossess the car, but you will be held liable for the deficiency (i.e. the difference between the amount owed and the amount the bank actually recovers at auction) unless you file for bankruptcy. If you are trying to avoid filing for bankruptcy, keep in mind that If the lender repossesses the automobile, they will sell it for less than you could sell it for yourself, thereby increasing that deficiency.

Avoid bankruptcy: Just Turn In Your Car, Right?

by Susanne Robicsek, North Carolina Bankruptcy Attorney

Bankruptcy isn’t something that you think you need to do.  After all, you don’t owe that much money, or you think you can manage your debts – except for your car.  So what to do?  You have it all figured out.

You are going to voluntarily surrender your car.

No need to file bankruptcy. [Read more...]

New estate tax law affects widows and widowers who have plans to remarry

Widows and widowers who are considering remarriage should be aware that a new federal tax law could potentially make a huge difference in how much of their assets they are able to leave to their heirs after taxes.

In general, anyone who is considering remarriage later in life should talk to an estate planner first in order to avoid possible tax problems. But this new law gives added urgency to this rule, because it potentially could result in huge additional taxes – or tax savings – and planning for this possibility is essential.

Generally, when a person dies, his or her estate can give an unlimited amount to a surviving spouse tax-free. However, if the person’s bequests (plus large lifetime gifts) to other beneficiaries – such as children – total more than a certain “exemption amount,” then an estate tax must be paid. For 2012, the exemption amount is a little over $5 million. [Read more...]

Converting Investment Property to Your Primary Residence

As a general rule, when a single family property is sold and the seller has used the property as his or her primary residence for at least two of the last five years as his or her primary residence, there is a $500,000 exemption on the gain. This is known as a Section 121 exemption. (There are some very important exceptions to this, be sure to talk to a real estate attorney or an accountant). Anyone who has investment property, whether it is a commercial building or even a two family home, must understand that upon the sale of the property, he or she may have to pay capital gains taxes. There has been talk lately of increasing the capital gains tax rate. A good way to defer the gain is by doing a 1031 exchange. Please call us with any questions. Here is an interesting article on Section 121 and 1031 exchanges. [Read more...]

How to Simplify Buying a Lakefront Home.

Buying a lakeside home may be a dream for many people, but there are potential issues and problems to be aware of when buying such property . For example, a lakeside home may be in a flood zone, in which case, the mortgage lender will require flood insurance which may be costly. There may be dock rights or beach rights which may be involved and should be reviewed by an experienced real estate attorney. As with the purchase of any property, you need to do your due diligence. Here are some questions to ask:

Just Add Water. How to Simplify Buying a Lakefront Home. (original source)

MANSFIELD, MA — Plunging real estate prices and Baby Boomers looking to downsize and simplify their lives are two trends that have led a number of prospective buyers toward purchasing a lakefront home. While the dream of living on a lake has become more tangible for many, so too are the potential for problems if you do not know what to look for and what to ask. [Read more...]

« Older Posts