There are two typical approaches: (i) hold it in an LLC; or (ii) hold it individually or in trust, but obtain excess “umbrella” liability insurance.
The LLC will protect its owners from liabilities of the investment property. To preserve that protection you must respect the LLC as a separate entity.
…
As a starting point, the heirs or beneficiaries of the decedent do not automatically become liable for the decedent’s mortgage loan. The unpaid balance of the loan is a debt of the decedent, and is a claim against the estate of the decedent.
However, the house remains bound by the mortgage,
…
Bivins & Hemenway, P.A. is proud to share that it received the Greater Brandon Chamber of Commerce’s Business Excellence Award in the 6-20 Employee Category. Nominees for this award are interviewed and evaluated by volunteers from the Service Corp of Retired Executives (SCORE), and must show consistent growth and a commitment to good business practices,
…
Bivins & Hemenway, P.A., is pleased to announce that all three of its shareholders have been named to the 2020 Super Lawyers or Rising Stars lists. Bob Bivins has been named to the 2020 Florida Super Lawyers list, making his fifth such appearance. John Hemenway and Eric Cruz have been named to the 2020 Florida Rising Stars list published by Super Lawyers.
…
The Families First Coronavirus Response Act (“FFCRA” or “Act”) was signed into law effective March 18, 2020. Of interest to small businesses, the FFCRA contains two acts – the Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act – establishing new layers of paid leave for private employers who employ fewer than 500 employees.
…
May 18, 2020
Our offices have re-opened to the public effective Monday, May 18, 2020, bringing to an end our period of predominantly remote operation that began in late March. Our attorneys and staff have returned to the office and our phones are once again answered in traditional fashion.
…
One of the quirky aspects of Florida’s sales tax system is the enduring tax on commercial rents. While Florida is the only state that still taxes commercial rents, there is some good news for 2020. Section 212.031 of the Florida Statutes has been amended to reduce the applicable sales tax rate from 5.7% to 5.5% on rent payments received for occupancy periods beginning on or after January 1,
…
Bivins & Hemenway, P.A., is pleased to announce that all three of its shareholders have been named to the 2019 Super Lawyers or Rising Stars lists. Bob Bivins has been named to the 2019 Florida Super Lawyers list, making his fourth such appearance. John Hemenway and Eric Cruz have been named to the 2019 Florida Rising Stars list published by Super Lawyers.
…
John Hemenway contributed the article “Design Trusts for Maximum Retirement Plan Tax Deferral” to the April issue of the Checkpoint WG&L journal Estate Planning. Estate Planning, a national journal published by Thomson Reuters, contains a variety of practical ideas and analysis of recent developments in each monthly issue.
…
The new year is a great time to review and update your estate plan. After thinking about investment performance from the past year and preparing for filing taxes, most of the information you need is fresh and preparation to meet with an estate planning lawyer is easier.
We recommend that our clients review their estate plan whenever a significant life event happens –
…
