It is important for many people to ensure that their families and financial goals are met after their death. No matter what a person’s net worth is, it is important to have a basic estate plan. It is also important to discuss your wishes with your heirs to avoid confusion and conflict after you die. Read More
Saving Those Real Estate Dollars
There is no question that the current state of the real estate market is in turmoil. Over the last several months, how long this state of affairs will last has been debated by numerous experts. The news has been saturated with horror stories of foreclosures, deteriorating property values, lenders not funding loans, and other rippling effects of the fall of sub-prime mortgage market. Read More
It is not a secret that the real estate market values have decreased dramatically. Your house may not be worth what you paid for it just a few years ago. If you are experiencing difficulties keeping current on your mortgage, there are various options for you. If you are in the market to sell your home and/or are being foreclosed upon, consider a short sale. Read More
With the rising cost of food and fuel, the fallout from the sub-prime market and a continuing unstable economy, more and more people are finding themselves struggling to provide for their families. The impact of the current circumstance has resulted in a 40% rise in bankruptcy filings nationwide. The people of Maine are no exception. Due to the economic reality of trying to live in this state, the percentage of bankruptcy filings here will pass the national average. Read More
Depending on the nature of the real estate and the what legal form the title is held in, federal tax treatment of real estate transfers can widely vary from transaction to transaction and result in a significant difference in one’s tax liability. The first basic tax goal of a buyer of real estate is to maximize future tax benefits. In doing so, an important consideration is the form of entity chosen through which the property will be acquired, and subsequently transferred. With the goal of maximizing both their tax and non-tax business interests, a buyer should choose an entity that complements their current legal and/or corporate structure. Read More