Blog

March, 2014

IRS First Time Abate Penalty Relief Policy

March 21st, 2014

Posted in Business Law,IRS & Tax Information

The Internal Revenue Service’s (“IRS”) First Time Abate (“FTA”) policy provides for an abatement of certain financial penalties for taxpayers with a record of tax compliance who are current with filing and payment requirements.  It is essentially a streamlined IRS process to abate or remove a first-time tax penalty as a one-time consideration based on a taxpayers’ compliance history.
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Leaving Inheritance to a Minor Child, Grandchild, or Relative

March 18th, 2014

Posted in Asset Protection,Estate & Personal Planning

When a client wishes to leave an inheritance to a minor (a person under age 18), the most important advice is to never leave the bequest outright.  The same notion is true for someone who is disabled as we recently posted about on our Blog at http://jacksonlawgroup.com/blog/asset-protection/the-use-of-supplementalspecial-needs-trusts-in-estate-planning/.  The problem with leaving an inheritance outright to a minor is that the court will require the establishment of a guardianship for the minor’s benefit, which can be very costly and overly burdensome. 
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The Marketable Record Title Act (MRTA) May Nullify Homeowner’s Association’s Covenants, Conditions, and Restrictions.

March 11th, 2014

Posted in Condominium & Homeowner Association Law

Do you live in a homeowner association developed in the mid 1980s or earlier?  If so, you should be aware of the Marketable Record Title Act (MRTA) and how it could affect the enforceability and applicability of your community’s covenants and restrictions.
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Condominium and HOA Collections – Recent Federal Court Decision May Result in Lenders Seeking Limitation or Elimination of Liability for Past Due Amounts

March 6th, 2014

Posted in Condominium & Homeowner Association Law

On January 2014, a federal court in the Southern District of Florida held that Condominium Association and Homeowner Association’s individualized charges (i.e. interest fees, late charges, collection costs, and attorney’s fees) cannot be collected from the first mortgagee that takes title after a mortgage foreclosure.  This recent decision mirrors other similar decisions rendered by federal district courts and state circuit courts on this topic. 
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