May 19, 2012

Blog Posts

New disability access requirements will take effect in early 2012

The Americans With Disabilities Act was passed 20 years ago and required retail and other commercial business owners to renovate their properties to make them accessible to the disabled. For the first time since then, the U.S. government has comprehensively revised the requirements. The new requirements will go into effect on March 15, 2012.

The changes include new rules for the following: van-accessible parking, maximum height and “reach ranges” for certain objects, service animals, communication devices for the hearing-impaired, seating requirements in theaters and other assembly areas (including access to stages), pool access, hotel reservations, wheelchair accessibility for employees, the use of mobility devices other than wheelchairs (such as Segways), and more.

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Buying or selling real estate at an auction can be complicated

A small but growing percentage of real estate is being sold at auction. The advantage of an auction for a seller is that the property will definitely be sold quickly, although usually at a lower price. So auctions often attract sellers who simply want to unload a property, such as a lender that has foreclosed on it, or an executor whose heirs want cash and not real estate.

Auctions often attract buyers who are looking for a deal – although auctioned properties are usually sold “as is” with no guarantees, so unless you’ve done careful homework and had everything inspected thoroughly, the property might not be as good a deal as you first thought.

Auctions require special contracts and agreements that aren’t part of a traditional real estate transaction.

Because auctions are unusual and require special contracts and agreements, a seller will definitely want to work with an attorney as well as an auctioneer.

The first contract is between the seller and the auctioneer. This should include the auctioneer’s compensation and any specific requirements such as a minimum price, deed restrictions, or a seller’s veto power over the auctioneer’s advertising materials. [Read more...]

Some estates can save money by filing tax returns – even if they don’t have to

And people with older wills should have them reviewed now, due to a new law from Congress

A federal estate tax return doesn’t have to be filed every time someone dies. In fact, most estates never have to file one. In 2011 and 2012, a return has to be filed only if the person’s estate (including property, life insurance, taxable gifts, etc.) is worth $5 million or more.

However, even if a return isn’t required, a recent change in the law means there could be big tax savings for many families if they file one anyway.

The change applies to estates of people who die in 2011 or 2012 and are survived by a spouse.

There are strict time limits for filing a return, so if you know of someone whose family could take advantage of these savings, you or they should speak with an attorney right away.

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