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New law signed by President Obama on November 21, 2011

On November 21, 2011, President Obama signed the Three Percent Withholding Repeal and Job Creation Act into law. This new law repeals three percent withholding on certain payments to government contractors. The law, H.R. 674, was amended to include the Vow to Hire Heroes Act which provides tax credits to employers who hire unemployed veterans. The law creates the “Returning Heroes Tax Credit” and the “Wounded Warriors Tax Credit.” Employers may qualify for a credit of

‘Secrets’ of maintaining your credit score revealed

The Fair Isaac Corporation, creator of the FICO credit score, usually doesn’t reveal many details about how missing a mortgage payment will affect people’s scores. But the company recently issued a commentary to lenders that contained some unusually specific information. FICO scores range from 300 to 850. Scores of 750 or higher generally qualify for the best credit terms. Here are some of the newly released details: Being 30 days late on a mortgage payment –

What to do if the government wants your land by ‘eminent domain’

If a government entity wants to take all or part of your property by eminent domain, it’s required to pay you the land’s fair market value. Typically the government will send you a notice telling you what it thinks the land is worth, and offering to pay that amount. Its valuation will usually be based on an appraisal that it has commissioned. Some property owners who get an eminent domain notice rush out and get their

Can landlords limit the number of people in an apartment?

Do landlords have a right to limit the number of people who can occupy an apartment? The answer, as often happens in the law, is, “It depends.” In general, landlords own the property and they can decide how many people can live there. However, a landlord is not allowed to discriminate against tenants based on their “familial status.” (This rule was added to the federal Fair Housing Act back in 1988.) What does “familial status” mean?

Cash is now king in real estate sales

Cash is playing a more significant role in residential real estate sales right now than at any time in recent memory. Consider the following: The median down payment on houses was 22% last year. That’s according to a study by Zillow.com of sales involving conventional mortgages in nine major U.S. cities. It’s the highest figure ever since the data started being kept back in 1997. By comparison, just three years ago the figure was 11%. And

Trust property could be tied up by a long-term lease

A Texas man put some ranch property into a trust. The trust was designed to pay regular income from the property to the man’s son. When the son died, the ranch was to go to his grandson. The trustee (a bank) entered into a long-term lease for the property. The result was that when the son died, the grandson didn’t get the ranch all to himself; instead, he inherited it subject to the lease, which meant

Creating ‘conservation easements’ to save taxes becomes easier

If you own land that you want to pass on to your heirs, but you also want to make sure that some historic, scenic, or agricultural value will be maintained and not destroyed by future development, you might be able to accomplish this with a “conservation easement”…and also save taxes at the same time. A conservation easement is a restriction on your land that says it can never be developed in certain ways. When you create

Now’s a good time to review your beneficiary designations

Did you know that your will does not determine who gets your IRA or your 401(k) account when you die? That’s right – these accounts are “non-probate” assets, which means they’re not covered by your will. Instead, they will generally go to whatever person you named as the beneficiary when you set up the account. Similarly, your will doesn’t determine who gets your life insurance – that will go to the named beneficiary on the policy.

Have you picked the right person as your executor or trustee?

Before you name someone as an executor or a trustee in your will – or before you agree to be an executor or a trustee – it’s a good idea to review exactly what responsibilities are involved. These are serious jobs, and sometimes people don’t give enough thought to which person should be chosen. Often, people simply name a spouse, a child, or a family friend. This might seem like a logical choice, and the person

Scams against the elderly: Know the danger signs

News of yet another investment scam is alarming enough, but when the victim is elderly, the crime seems especially offensive. Senior citizens are a favorite target of con artists for a variety of reasons. Here are some popular schemes to look out for. Scams take many forms, but those involving gold and precious metals are especially problematic right now. Buying gold is trendy, and it can appeal to a senior’s desire for tangible security. Naturally, scammers

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