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 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
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
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
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.
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
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
When the economy is uncertain, you must be extra-careful to avoid the types of disasters that could ultimately lead to your company’s demise. Fortunately, some advance planning may prevent or alleviate severe problems. Here are seven common scenarios facing owners and managers of small to mid-sized businesses. A natural disaster damages the premises. Of course, you can’t control the weather or other unforeseen circumstances. But damage to a business building caused by a natural disaster could
Time is running out for moves you can make to reduce your 2011 tax bill. Some actions to consider right now: Be sure to max out your 401(k) plan at work. This year you can sock away $16,500 ($22,000 if you’re 50 or older). Establish a pension plan for your small business. You may qualify for a tax credit of up to $500 in each of the plan’s first three years. Plan year-end purchases of new
An important part of our service to you is to help identify actions you can take before year-end to minimize your 2011 income tax bill. Accelerating or delaying income and deductions, contributing to retirement plans, and taking investment losses are just a few of the strategies you might want to consider. There are also tax credits that require careful planning or they may be lost. If you’d like to discuss tax-cutting options that fit your particular
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