In the News
Asset-Smart Folks Relocate to Florida
Today’s Navigation: A Series by Weiss LLP Money in your pocket or in the government’s pocket? Consider relocating to Florida and take advantage that Floridians have as residents. These include, Florida Homestead laws, property tax caps, asset protection, among others. Under the Florida Homestead Exemption, homeowners are entitled to cut as much as $50,000 off their home’s assessed value for property-tax purposes. The first $25,00 of that reduction applies across the bo...
Seniors Should Know: For Estate Planning … Florida Should Be #1 on Your List!
Today’s Navigation: A Series by Weiss LLP In addition to its already attractive climate, the state of Florida offers numerous financial incentives for those looking to relocate post-retirement. Crucially, Florida has no estate tax. This means that the State of Florida will not impose any state-level taxes on the estate of a deceased resident before it is distributed to heirs. Additionally, the Sunshine State has no Inheritance Tax, meaning the heirs and beneficiaries of the estate t...
Floridian Seniors Should Know About The Florida “Older Americans Act” – Programs for Seniors
Today’s Navigation: A Series by Weiss LLP If you or one of your loved ones is a senior in Florida, the state offers a robust variety of services administered through the Federal Older American Acts (OAA) to help seniors remain independent and healthy. While a federal law, the state of Florida administers its own comprehensive version of the OAA. Funds are allocated to the 11 Area Agencies on Aging, who contract with local service providers throughout the state to deliver services ai...
Does Your Small Business Have a Family Succession Plan?
Leaders lead, a mouse hides. Be a leader, not a mouse. Don’t avoid the critical issues! Be Visionary, Be Proactive! You have worked for decades to build your business into a successful venture. You are approaching retirement age and … now what? You have family members who, for many years, have relied upon you to keep the engine producing the necessary cash flow for the family. You have several family members ready to be handed the torch and lead the business into the next generation. How...
PROPERTIES WITH 1-4 UNITS CAN BE EXEMPT FROM TOPA – NEW LEGISLATION MANDATES YOUR ATTENTION.
Should you rent out your properties in the District of Columbia, new legislation mandates your attention! Specifically, should you own fewer than five (5) properties in the District of Columbia, provided you have a basic business license and have proper registrations, your property can be exempt from the Tenant’s Opportunity to Purchase Act (a/k/a “TOPA”). The big takeaway here is “IF” because this new legislation does not exempt you from TOPA should you own multiple properties in exc...
EMPLOYER ESSENTIALS: DON’T BE LEFT BEHIND!
All employers should be aware that there is the ability to limit employee lawsuits, and there is no reason an employer should not use the opportunity to do so. Weiss LLP provides existing clients with its “Confirmation of Agreement of Employment,” which should be signed by all employees to limit employee claims and lawsuits. In short, the following provisions are included (among others) in this document or in a workplace manual, all of which create hurdles to employees’ ability to drive u...
For Brokers and Agents
KNOW YOUR CLIENT (SELLER OR BUYER) Check the public records for judgments (see #2 below) - ask around. You don't have to list every property - be prudent. Are the parties the correct parties to sign the contract? Do either the seller or buyer have claims/lawsuits? Can the buyer bring the cash to the table and get the loan? TAKE CAREFUL NOTES THROUGHOUT ABOUT WHAT THE PARTIES TELL YOU! If the deal is going south, these notes can help resurrect the deal. DO YOU HAVE THE RIGHT OWNER ON YOU...
“NONBINDING AND UNFORCEABLE LETTERS OF INTENT”? NONSENSE AND DON’T COUNT ON IT! BEWARE! THERE IS NO SUCH THING ANYMORE AS A NONBINDING AND UNENFORCEABLE LETTER OF INTENT
Agents and principals have relied upon “nonbinding letters of intent,” assuming that the negotiations that lead to a “definitive and enforceable agreement” will bind the parties. Don’t count on it. No, this isn’t the “Twilight Zone” or Orwellian; there are real cases out there on this! Put otherwise, although language such as “nonbinding” and “unenforceable” may be in these so-called “letters of intent,” Courts have ignored those words and permit the parties to enfor...
Domestic Asset Protection Trusts: Strong Protection Against Creditors
Special Attention for Virginia, Delaware, Florida, Nevada, and Other State Residents A Domestic Asset Protection Trust (“DAPT”) allows individuals to transfer assets into an irrevocable trust while still retaining a beneficial interest. When properly structured, a DAPT can shield assets from future creditor claims, support long-term estate planning goals, and maintain privacy—all while giving the settlor limited access to trust benefits. Understanding the Limits. While DAPTs can be ...
Family Trusts: What They Can — and Can’t — Do for Asset Protection
A family trust can be an excellent tool for organizing and protecting wealth. At its core, a family trust is a legal document where a party/parties transfer assets to a trustee for their benefit, who, in turn, holds and manages these assets (and other assets to be transferred thereafter) for the benefit of named beneficiaries. Many set up family trusts to keep their estates out of probate, protect their assets from the reach of third-party creditors and other claimants, simplify the transfer o...