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Tag: market-value

  • Goodwill Hunting for Equity: The Florida Supreme Court’s Unintended Result of the Thompson Case, Part I

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    In Florida, when a married couple’s business is being divided in a divorce, the court has to figure out how much of the business’s value is considered marital property. They don’t count the value of the business that comes from one spouse’s reputation or skills, because that’s called “personal goodwill” and it’s not included in…

  • The Issues Under Florida Law Relating to Personal Goodwill in a Dissolution of Marriage, Part II

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    In Florida, there’s a law about how to divide property when a couple gets divorced. One issue is how to divide the value of a business or one spouse’s share of a business. It’s been hard for lawyers and experts because they can’t use certain evidence to figure out the value of any personal goodwill…

  • 1997 Update on the Bert Harris Private Property Protection Act

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    The Bert J. Harris, Jr. Private Property Rights Protection Act allows property owners to sue the government if they feel that the government’s actions have unfairly restricted the use of their property. Before suing, the property owner must submit a written claim and get an appraisal of the property’s value. Within six months, the government…

  • All Appropriate Inquiries in Commercial Real Estate Due Diligence: What Inquiring Minds Need to Know

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    The U.S. Environmental Protection Agency (EPA) made a rule in 2006 called “All Appropriate Inquiries” (AAI), which sets rules for checking for environmental issues when buying or selling commercial property. This rule is important to protect buyers and sellers from being responsible for cleaning up hazardous substances on a property. It’s important to follow these…

  • What can I do if my car is totaled?

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    Most people whose cars are totaled will lose money. Cars are depreciating assets, which means they lose value continuously from the moment of purchase until the time of the accident. One of the things that you can do to maximize the value of your totaled vehicle is to research it online at www.kellybluebook.com to determine…

  • How is the value of the property taken determined?

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    The landowner must be awarded complete compensation. Complete compensation encompasses the worth of the property taken and the harm inflicted on the remaining property. As part of the complete compensation, it includes “fair market value” – the amount that a willing seller and buyer, without any obligation, would agree upon in fair negotiations, being fully…

  • How much title insurance should I obtain for my Florida property?

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    How much does title insurance typically cost? What is the purpose of title insurance, and why is it necessary? What are the various categories of title policies? It is recommended to have title insurance coverage equal to the fair market value of the real estate. While homeowners often remember to update their insurance coverage annually,…

  • “Can the Government Take Down Signs and Billboards in Florida?”

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    – The Highway Beautification Act of 1965 allows the federal government and states to control and restrict the construction of new billboards along interstates. – Florida has its own laws to limit new billboard construction and protect the rights of existing billboard owners. – If a statutory limitation terminates vested rights to a pre-existing billboard,…

  • Conservation Easements: What High School Students Need to Know

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    1. Conservation easements are a mechanism to restrict development on a property and are permanent in nature. 2. Landowners may be eligible for federal income tax deductions by placing a conservation easement on their property. 3. Conservation easements prohibit activities that undermine the conservation attributes of the protected land. 4. Rights reserved by grantors typically…

  • Turning Your Home Into a Rental: What You Need to Know

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    1. Renting out a home can provide tax benefits such as deductions for expenses like utilities, operating costs, and maintenance, as well as depreciation deductions. 2. The passive activity loss rules may limit the ability to claim rental-related deductions that exceed rental income unless certain exceptions apply. 3. Renting out a home for an extended…

  • Understanding Riparian Rights in Florida: Enjoying the Right to a Waterfront View

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    – Riparian rights include the rights to an unobstructed view of the water. – An upland owner has the right to an unobstructed view of the channel. – To be a legitimate claim of obstructing a waterfront view, the obstruction must substantially and materially block the land owner’s view of the channel. 1. In Mickel…

  • Maximizing Profits from Selling Land: A Tax-Saving Strategy

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    – The owner of appreciated land might face a large tax bill upon developing and selling the land, as the entire profit would be treated as high-taxed ordinary income. – To potentially save on taxes, the owner can use a strategy that allows for favorable long-term capital gain tax treatment on the pre-development appreciation in…

  • How Florida Calculates Payment for Eminent Domain Takeovers

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    1) The value of the condemned land, including any associated appurtenances and improvements, must be compensated under Florida law. 2) Severance damages are only available when a partial taking of the property occurs, and are meant to compensate for the reduction in value to the remaining land. 3) Business damages are only available when less…

  • “Understanding and Appealing Property Taxes in Florida”

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    – Property appraisers in Florida are required to send out TRIM notices every August to inform taxpayers of the proposed assessment on their properties. – It is important for property owners to review these notices carefully and determine if the assessment is fair and accurate, as there is a short window to file a tax…

  • Understanding the Medicaid Lookback Period

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    – Medicaid covers extended nursing home and home care assistance, but one must qualify financially. – Medicaid planning helps qualify for Medicaid financially while still retaining some assets and income. – The Medicaid lookback period is a certain time period in which gifts or sales of assets for less than fair market value are still…

  • Inheriting Stocks or Other Assets? You May Get a Favorable Stepped-Up Basis

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    1. Heirs receive a basis in inherited property equal to its date-of-death value under the fair market value basis rules. 2. The fair market value basis rules apply to inherited property includible in the deceased’s gross estate and property inherited from foreign persons not subject to U.S. estate tax. 3. Property given as a gift…

  • Understanding Florida Condo Laws: Ending Condominiums

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    1. Section 718.117(12)(a), Florida Statutes, requires the allocation of proceeds from the sale of condominium property to be apportioned between the aggregate value of all units and the value of the common elements. 2. If a condominium’s declaration does not provide for an alternative method of allocation, the proceeds must be based on fair market…

  • Understanding Construction Easements in Florida’s Eminent Domain Process

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    – Temporary Construction Easements (TCEs) in Florida are temporary legal agreements that grant government entities or contractors the right to access a portion of private property for construction purposes. – Property owners are entitled to receive fair compensation for granting a TCE, taking into account factors such as the duration of the easement, the property’s…

  • “Reasons Why High School Students Still Need an Estate Plan”

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    – The federal estate tax exemption amounts are set to decrease in 2026, potentially affecting individuals and married couples with large estates. – Even people with estates below the taxable amounts should consider estate planning, as it can ensure assets go to their chosen beneficiaries and address income tax planning. – Basis, or the amount…

  • Understanding IRAs and Roth IRAs for Teens Living Abroad

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    – IRAs and Roth IRAs are retirement accounts available to all American taxpayers with earned income – Contributions to IRAs can reduce taxable income during working years, while Roth IRA contributions are made with post-tax dollars – Distributions from IRAs are taxed as ordinary income, while distributions from Roth IRAs are tax-free – US expats…

  • Who Gets the Boat When a Couple Divorces?

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    – In high-net-worth divorce cases, asset division can be complex, especially for items of high financial and sentimental value like boats. – In Florida, the court aims for equitable distribution of assets, considering factors such as the financial circumstances of each party, the duration of the marriage, and contributions by the spouses to the assets.…

  • “Keeping Your Luxury Cars in a Divorce: What You Need to Know”

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    1. In high-net-worth divorces, determining who gets the car or cars can be a critical part of the proceedings due to the significant value of luxury cars, vintage collections, and high-value vehicles. 2. Evaluating a car’s worth during a divorce should involve professional appraisers specializing in high-value automobiles who consider market value and any sentimental…

  • Inheriting Property: What You Need to Know

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    1. Heirs receive a basis in inherited property equal to its date-of-death value under the fair market value basis rules, also known as the “step-up and step-down” rules. 2. The fair market value basis rules apply to inherited property that’s includible in the deceased individual’s gross estate, whether or not a federal estate tax return…

  • Maximizing Payment for Temporary Construction Permits in Florida

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    – A Temporary Construction Easement (TCE) is a legal agreement that allows a government entity or contractor to temporarily access a portion of private property for construction purposes. – TCEs are important because they directly impact property owners, and understanding their value and negotiating full compensation ensures that property owners are not shortchanged during eminent…