Client Advisories
THE 30 SECOND QUIZ: SECTION 1031 “DEFERRED EXCHANGES” – IS IT RIGHT FOR ME?
ANSWER THESE 5 QUESTIONS AND YOU WILL HAVE GUIDANCE IN 30 SECONDS. 1. Do you intend to reinvest in another property knowing that you won’t have the balance of those funds after payment of income tax? 2. Is your expected gain large enough that deferring the tax is worth any added complexity and cost? 3. Will you be able to identify replacement property within 45 days of closing on your sale and if so, can you then close on that property within 180 days of your sale or by your ta...
The $30 Million Sweet Spot: Why 1031 Exchanges Pair So Well With Basis Step-Up
Real estate investors have used Section 1031 exchanges for decades to defer capital gains tax on the sale of investment property. What often gets less attention is what happens when that deferral runs into estate planning — and for married couples whose combined estate falls at or under the current federal estate tax exemption, the combination can eliminate the deferred tax altogether rather than merely postponing it. How the deferral works. Under Section 1031, an owner who sells rea...
What is a Delaware Statutory Trust?
How Does It Help You Defer Taxes on a Real Estate Sale? Selling investment real estate property? Facing a large capital gains tax bill with depreciation recapture? Consider a Delaware Statutory Trust, or DST. It's become one of the more popular tools for real estate investors looking to defer taxes while stepping back from the day-to-day responsibilities of property management. What Is a Delaware Statutory Trust? A Delaware Statutory Trust is a legal entity created under Delaware law that...
AI is a Powerful Legal Tool – But Only If You Know the Law!
(One in a series of “Today’s Navigation” by Weiss LLP) The title of this article speaks for itself. Artificial intelligence can draft, research, and analyze at remarkable speed. But speed without judgment isn't an advantage. Here's why the attorney behind the AI makes all the difference. THE PROMISE, AND THE TRAP. Artificial intelligence has changed how legal work is performed. Ask an AI tool to draft a contract, summarize a statute, or prepare a demand letter, and it ...
When Covenants Not to Compete Are Unenforceable in Maryland
Maryland permits non-compete agreements in some circumstances, but recent legislation and longstanding court decisions have significantly limited their enforceability. By statute, non-competes are unenforceable against employees earning less than 150% of Maryland's minimum wage (approximately $49,920 annually as of 2026). Non-compete agreements for licensed veterinarians and veterinary technicians are also void, regardless of compensation. In addition, healthcare professionals who provide di...
Virginia Employment Law Update: Key Changes for Employers
Virginia employers should be aware of several significant workplace law changes enacted during the 2026 legislative session. The new laws expand employee protections and create additional compliance obligations for businesses across the Commonwealth. Paid Family and Medical Leave: Virginia has established a statewide Paid Family and Medical Leave ("PFML") program, allowing eligible employees to receive paid leave for qualifying family and medical reasons. While implementation will occur over...
THE GOVERNMENT GIVETH … AND IT TAKETH AWAY – Your Social Security Benefits Are Likely Taxable!
_____ Despite what most think, Social Security benefits are likely not tax-free. Remember – while you and your employer a wage tax (FICA) of 15% on all wages, once paid, Social Security benefits are likely taxable depending upon your income. For these purposes, “income” is defined as adjusted gross income, plus nontaxable interest income, plus half of your social security benefits. To find the figure for your adjusted gross income, see line 11 on your IRS Form 1040. If your total ...
Life Insurance Proceeds: What’s Actually Taxable (and What’s Not)
Life insurance is usually marketed as “tax-free.” That’s mostly true, but not always. As a starting point, death benefits are generally not subject to income tax. That’s what makes life insurance such a useful planning tool, both for individuals and businesses. Where people get tripped up is everything around that baseline rule. If the insurer pays the proceeds over time instead of in a lump sum, any interest component is taxable. That’s a common miss. The principal stays tax-f...
TODAY’S NAVIGATION: IMPORTANT TOPA UPDATE FOR DC LANDLORDS!
If you own rental residential property in DC, you MUST read this. The District of Columbia recently enacted the RENTAL Amendment Act of 2025, which makes many important changes to the Tenant Opportunity to Purchase Act (“TOPA”). For the past 50 years, TOPA has required landlords who sell a residential rental property to first offer tenants the opportunity to purchase the property or assign that right to a third party. The new law keeps the core framework in place but i...
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...