Client Advisories
IN THE DISTRICT OF COLUMBIA, DON’T COUNT ON A LETTER OF INTENT NOT BEING BINDING!
Every deal begins somewhere short of a signed contract. A term sheet, a letter of intent, a memorandum of understanding — call it what you like — is the document parties exchange to memorialize where they have landed before lawyers draft the definitive agreement. The document almost always says, in one form or another, that it is “not binding” and “not enforceable.” Clients treat that sentence as a force field. It is not. Courts across the country, including in the District of Colum...
The “Caveat Lessee” Doctrine in Commercial Leasing
Weiss LLP | September 2, 2026 “Caveat lessee” — “let the lessee beware” — is the common-law rule that a commercial landlord makes no implied warranty that leased premises are fit, safe, or suitable for the tenant's intended use. Absent an express covenant, fraud, active concealment of a latent defect, or a governing statute, a commercial tenant takes the premises as found and bears the risk of their condition and suitability. The doctrine traces to agrarian leases, wh...
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...