Issue: What are the income tax consequences of 1.) modifying my mortgage; 2.) signing a deed in lieu in satisfaction of a mortgage; or, 3.) obtaining a waiver of deficiency with respect to my mortgage? Applicable Law: The general rule is that any amounts forgiven by a creditor results in […]
On May 31, 2011, Governor Scott signed into law amendments to the Florida Limited Liability Act that significantly impact the remedies available to the creditors of an individual owning membership interest in a Florida limited liability company. These amendments, which apply retroactively, were in response to the 2010 Florida Supreme […]
Under Florida law, shares of ownership in a corporation are subject to attachment by creditors of the shareholder. Fla. Stat. §76.02 (2011). As a result, shareholders in a family owned corporation can be forced to share ownership and control with ex-spouses and/or creditors of a family member. In cases where […]
As of July 1, 2011, Florida law now allows beneficiaries to contest the revocation of a will or revocable trust on the grounds of fraud, duress, mistake, and undue influence. Fla. Stat. §§732.518 and 736.0207. If it is shown that the revocation of a will (or any part thereof) or […]
Consider the value proposition of what we do (law-ing) as it relates to price.
Every day of our lives we correlate the value of stuff based on the price of the stuff and the alternative option to the stuff.