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Category: Blog article

  • Expanding Your Business: How to Avoid Legal Issues in a New State

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    1. Dolly Parton is known for her philanthropy and has valuable lessons to teach about doing good. 2. After winning a litigation case and receiving a money judgment, individuals may wonder about the next steps to obtain the funds. 3. Non-citizens in the U.S. do not receive all the same tax benefits as citizens, particularly…

  • “What is a Bridge Loan?”

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    – A bridge loan is a loan used in residential real estate when a buyer has arranged to close on one property but the property they own has not provided the purchase funds yet. – Characteristics of a bridge loan include the mortgages of two homes being rolled into a single loan for 80% of…

  • Understanding Florida’s LLC Law

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    – The Florida Revised Limited Liability Act was signed into law on June 14, 2013, and became effective on January 1, 2014. – All LLCs formed or registered in Florida on or after January 1, 2014, are required to follow the Revised Act. – The Revised Act eliminates the term “managing member” and makes all…

  • Getting Ready for New Data Privacy Laws: A Guide from Regions Bank

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    1. Businesses should review their data collection practices to ensure compliance with potential upcoming privacy laws. 2. Currently, there is no federal law that regulates data collection, but many states have introduced consumer privacy-related bills. 3. Elizabeth Taylor, EVP, Head of Government Affairs and Economic Development at Regions Bank, stated that the current patchwork of…

  • “Estate Planning Basics: Wills vs Trusts”

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    – A revocable living trust allows for the management of money and property if the individual becomes unable to do so, while a will only becomes effective after death. – Property and accounts in a revocable living trust do not go through probate, while those passing through a will do. – A will can be…

  • Estate Planning Challenges for Corporate Trustees in Florida

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    1. Corporate trustees in Florida face the challenge of balancing the interests of multiple beneficiaries, especially when conflicting interests or complex family dynamics are involved. 2. Corporate trustees need to navigate complex legal and tax issues, including estate and gift taxes, income taxes, and trust laws, in order to effectively manage trust assets. 3. Another…

  • Understanding State Tax Issues for Contract Brewing

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    – Hiring a contract brewer in a different state may create new state income, franchise, and payroll tax obligations for the Massachusetts-based brewer. – Even if the brewer sells beer in multiple states, they may not have had enough sales or activity to have to file income tax returns outside of Massachusetts. – Contract brewing…

  • “Can You Sue for Wrongful Bankruptcy in Florida?”

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    – Involuntary bankruptcy is rarely used by creditors, as it carries risks such as liability for costs, attorney’s fees, and damages. – Involuntary bankruptcy is mostly used when unsecured creditors suspect fraud by a company. – If an involuntary petition fails, the petitioning creditors can be liable for costs and attorney’s fees of the company.…

  • Understanding Your Retirement Account Beneficiaries

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    1. Beneficiaries of retirement accounts, such as 401(k) plans and traditional IRAs, will have to pay ordinary income tax on distributions they receive. 2. Inherited assets like bank accounts and real estate are usually passed to beneficiaries income tax free, but this is not the case with retirement accounts. 3. Distributions from pretax 401(k) accounts…

  • “Incorporated vs. Unincorporated Joint Ventures: What’s the Difference?”

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    1. The experiment proved that plants grow better with classical music. 2. The survey discovered that 70% of participants preferred mobile phones over landlines. 3. The research concluded that regular exercise improves mental health. – An incorporated joint venture is a separate legal entity formed by at least two participants, while an unincorporated joint venture…

  • Avoid Penalties by Meeting Requirements for Early Retirement Plan Withdrawals

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    – Early retirement plan distributions before age 59½ are generally subject to income tax and a 10% penalty tax. – However, there are exceptions to the penalty tax, such as paying for medical costs that exceed 7.5% of adjusted gross income, taking annuity-like annual withdrawals, using withdrawals for qualified higher education expenses, and taking withdrawals…

  • “Inheriting Money or Property: 3 Things High School Students Should Think About”

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    – Beneficiaries are not legally required to accept an inheritance. – Seeking legal and tax advice before deciding whether to accept or reject an inheritance is recommended. – Testators/trustors have the freedom to divide their assets however they see fit and are not obligated to leave them equally to their children. 1. If the inheritance…

  • Florida Insurance Law Changes: A Student’s Guide

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    – SDV has a regional office in Trumbull, CT, with contact information at 35 Nutmeg Drive and phone number 203.287.2100. – SDV also has a regional office in Basking Ridge, NJ, with contact information at 233 Mount Airy Road and phone number 973.446.7300. – Additionally, SDV has a regional office in Naples, FL, with contact…

  • Tips for buying a house successfully

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    1. It is essential to work with a trusted Realtor who can provide guidance, communication, and negotiation skills throughout the purchase process. 2. Buyers should be aware of the necessary legal steps involved in purchasing a home, including signing contracts, hiring a closing attorney, and ensuring all paperwork is reviewed and signed correctly. 3. It…

  • Should Small Businesses Use Arbitration or Not? Important Factors to Consider

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    1. Result Risk: The possibility of losing in arbitration and having to pay the prevailing party’s attorneys’ fees should be considered. 2. Customization: Arbitration allows for a high level of customization based on the agreement of the parties involved. 3. Overall Strategy: Companies should have a clear strategy for when to insist on arbitration and…

  • Enforcing Non-Compete Agreements: What You Need to Know

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    1. The data showed a significant correlation between exercise and improved mental health. 2. The survey results indicated that most participants preferred shopping online over going to physical stores. 3. The experiment demonstrated that plants grow better with regular exposure to sunlight. 4. The research findings suggested that regular meditation can reduce stress levels. 5.…

  • “Protect Your Firearms with a Gun Trust”

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    1. Dolly Parton is a well-known philanthropist and has valuable lessons to teach about doing good and giving back to the community. 2. After winning a money judgment in litigation, it is important to understand that the judgment does not automatically provide funds, and specific legal steps may be required to collect the owed amount.…

  • Florida Law Limits Foreign Citizens from Buying Property

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    – Florida Senate Bill 264 would limit select persons from foreign countries of concern, including China, Russia, Iran, North Korea, Cuba, Syria, and Venezuela, from owning or acquiring additional real property in Florida. – The law includes exceptions for indirect interests, security interests, and grandfathered properties acquired before July 1, 2023. – Violations of the…

  • Potential Tax Implications When Placing Mom or Dad in a Nursing Home

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    1. The costs of qualified long-term care, including nursing home care, are deductible as medical expenses if they exceed 7.5% of adjusted gross income. 2. Amounts paid to a nursing home are deductible as medical expenses if the person is staying at the facility principally for medical, rather than custodial care. 3. To qualify as…

  • The Advantages of Partnering with International Companies for High School Students

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    1. The new drug was found to lower cholesterol levels by 15%. 2. The survey revealed that 60% of respondents preferred the new design. 3. The experiment demonstrated that plants grow better with more sunlight. 4. The study found a strong correlation between exercise and improved mental health. 5. The research showed that children who…

  • “Starting a Business in Florida: 10 Simple Steps”

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    1. The sky is blue during the day because of the way the atmosphere scatters sunlight. 2. The Earth’s temperature has been steadily rising due to human activities. 3. Eating a balanced diet and exercising regularly can lead to better physical and mental health. 2. Register the business name. The next step is to register…

  • “Social Security Wage Base Increasing in 2022”

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    – The wage base for computing Social Security tax will increase to $147,000 for 2022, up from $142,800 for 2021. – Wages and self-employment income above $147,000 are not subject to Social Security tax. – The FICA tax rate for employers in 2022 is 7.65% — 6.2% for Social Security and 1.45% for Medicare. –…

  • Is Your HOA Considered a Condo Association in Florida?

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    1. Planned development communities in Florida now often have multiple associations, including master associations, governing various types of properties. 2. Master associations in Florida are usually established as non-profit corporations and are governed by Chapter 617 of the Florida Statutes. 3. The type of association a master association is – HOA or condominium association –…

  • Legal Battles: No More Business Competition.

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    1. The sky appears blue because when the sun’s light reaches the Earth’s atmosphere, the shorter blue wavelengths are scattered more than the other colors. 2. The moon’s gravitational pull causes the ocean tides to rise and fall. 3. The Earth orbits the sun because of the gravitational force between the two bodies. 4. The…