Preparing for a new year: Take time now for a quick estate plan review | Adler Pollock & Sheehan P.C. – JDSupra

Hopefully, you’ve already made certain estate planning provisions this year to protect the interests of your heirs and minimize potential estate tax liability. But that doesn’t mean you’re completely in the clear. You can’t just fill out the paperwork, lock up the documents in a file cabinet or store them electronically, and forget about it. Consider your estate plan to be a “work in progress.”

Source: Preparing for a new year: Take time now for a quick estate plan review | Adler Pollock & Sheehan P.C. – JDSupra

Stock meltdown doesn’t scare your financial adviser: YOU do

What keeps financial advisers, tax experts, credit counselors and wealth managers up at night? Not a stock market crash, but investors’ irrational behavior.

Click here to read full article: Stock meltdown doesn’t scare your financial adviser: YOU do

Forget that Prince had no Will, What About the Estate Tax Problems? | Partridge Snow & Hahn LLP – JDSupra

However, whether Prince had a Will, or other testamentary instruments, is not the biggest problem his Estate is going to face, not by a long shot. Instead, his Estate is going to face a problem caused by his sheer success, one that would have been much more complex and harder to plan around than executing a Will.

Source: Forget that Prince had no Will, What About the Estate Tax Problems? | Partridge Snow & Hahn LLP – JDSupra

Read this before you take Social Security benefits

Many retirees rely on Social Security for most or all of their income in retirement. Before you make a decision that will have major financial implications for the rest of your life, it’s important to know everything at stake in the timing of when you take your benefits. Here are a few things to consider.

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What is Non-Prime Lending?

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Non-Prime is a term for loan types that do not fit into the restraints of government lending standards known as Prime, Agency, or A-Paper Lending and defined as Qualified Mortgages.

Non-Prime loans also known as temporary or fixer loans, for borrowers who are on their way to Prime but need a little help before they qualify. Non-Prime loans characteristically are made to borrowers who have had a past credit event or events in the form of Foreclosure(s), Bankruptcy(ies), Short Sale(s), late payment(s), collection(s), charge-off(s), etcetera. Additionally a borrower seeking a Non-Prime loan can use alternative documentation to qualify in form of Bank Statements, Liquid assets, and other forms of income not typically accepted by government lending criteria. Non-Prime loans usually have increased rates of interest and costs for providing access to capital while providing the ability to participate in the economy and housing market. Non-Prime loans should only be looked at as a temporary solution to an immediate need.

Source (read more): What is Non-Prime Lending?

Release of Estate Tax lien in New York

When a person dies, the Tax Law places a lien on the decedent’s real property to secure the payment of any estate tax due. This estate tax lien is effective as of the decedent’s date of death. To transfer real property from a decedent’s estate, you must request and then receive a release of lien from the New York State Tax Department. The release of lien is an authorization to transfer the real property, located in New York State, free and clear of the estate tax lien. The lien applies only to real property

Source: Release of Estate Tax lien

Real Estate Taxes NYC | Capital Gains Tax New York

Sep 15 2015

In today’s red-hot market, with prices breaking records nearly every quarter and copiers running out of ink printing investment sales contracts, some aspects of real estate taxation – such as the 20 percent difference between federal long-term capital gains tax and ordinary income tax — can begin to have a major impact on bottom lines.

Source: Real Estate Taxes NYC | Capital Gains Tax New York

Withholding of Tax on Dispositions of U.S. Real Property Interests

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International Tax Gap Series July 2008

It’s no secret that foreign investors are being courted by U.S. real estate agents and other investment conduits with eye-popping deals to buy real property in the U.S. The combination of a weak U.S. dollar and low interest rates has led to a phenomenal rise in the purchase of a U.S. real property interest by foreign investors. Eventually, these real property interests will be sold; therefore, foreign investors (transferors) and buyers (transferees) need to know their U.S. tax obligations when a disposition occurs.This article, the sixth in a series relating to the international tax gap, explains the rules for proper withholding of tax on the dispositions of U.S. Real Property interest. It also clarifies who is obligated to conduct the required withholding of tax upon the foreign investor’s disposition of real property interests.

Source: Withholding of Tax on Dispositions of U.S. Real Property Interests

5 Gorgeous Westchester Trails For Seeing Fall Foliage

Whether you want to walk, hike, jog, or bike, there is a trail to fit your needs.

Source: 5 Gorgeous Westchester Trails For Seeing Fall Foliage

REALTOR – The New Closing Rules – YouTube

Published on Jul 20, 2015 REALTOR® Magazine presented a live webcast on July 16, 2015, to help real estate professionals understand the changes to the closing process that are scheduled to go into effect later this year. The program featured attorney Phil Schulman, a partner with K&L Gates and former official with the U.S. Department of Housing and Urban Development who specializes in federal closing rules, and NAR Senior Counsel Finley Maxson.