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Understanding Homeowners Insurance Policies

By Terrie Didier Insurance policies can be complicated and sometimes require a flowchart to determine whether a loss is or is not covered after considering the exclusions and the exceptions to the exclusions. But some basic points for understanding insurance policies are discussed below. • There are eight general forms of insurance policies: HO-1 (generally covers 10 named perils) HO-2 (generally covers 16 named perils) HO-3 HO-4 (tenants) HO-5 HO-6 […]

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The Department of Labor Intends to (Eventually) Revise Its 2016 Rule Increasing Salary Minimums for Certain Overtime Exemptions

By Russell F. Van Sickle As of June 30, 2017, last year’s controversial Department of Labor (DOL) rule increasing the minimum annual salary for most overtime exemptions to $913 per week ($47,476 annually) can now be declared dead.  However, the DOL has not abandoned its plans to increase the minimum salary threshold for the executive, administrative, and professional overtime exemptions.  Eventually, employers could see a renewed effort by the DOL […]

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Section 1031 Exchanges and Proposed Reforms

By Robert L. Jones, III, Esq.   The 1031 Exchange: Section 1031 of the Internal Revenue Code provides an exception from the rule requiring the current recognition of gain or loss realized upon the sale or exchange of property. Under §1031(a), no gain or loss is recognized if property held for productive use in a trade or business or for investment is exchanged solely for property of a like kind […]

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Who Would Want a “Crummey” Trust?

By: Kevin M. Helmich, Esq. Through a consistent program of annual exclusion gifting, an individual can dramatically reduce the size of his or her taxable estate. For those persons fortunate enough to have an estate with a value in excess of the unified credit equivalent ($5.49 million in 2017), an annual schedule of gifting can result in significant estate tax savings. The Annual Exclusion: Each year, a person can gift […]

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10 Things To Consider Before Signing The Purchase Agreement

By Jessica Andrade If you are like the majority of homebuyers in Florida, you are probably all too familiar with the Residential Contract for Sale and Purchase as approved by the Florida Realtors and The Florida Bar (the “Purchase Agreement”).  By “familiar,” I mean you’ve probably seen it – either your realtor has shared it with you or you stumbled across it online.  But do you really understand its terms?  […]

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Can I Erase My Criminal Record?

By Charles T. Wiggins When a person is arrested in Florida, the arrest record stays around forever. As in forever . This can cause problems when applying for jobs and professional licenses. Can I have my criminal record erased? Answer: It depends. Most of the time, if the charges were dropped, or the sentence did not result in a conviction (more on that in a bit), the charges can be […]

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Late Subchapter S Election Relief

By Robert L. Jones, III, Esq. If a taxpayer misses the deadline to file a subchapter S election all is not lost. The Internal Revenue Service (IRS) has struggled with the procedures for obtaining relief from missing such a filing. Rev. Proc. 2013-30 is the method for obtaining relief for late S elections. It modifies and supersedes Rev. Proc. 2007-62, Rev. Proc. 2003-43 and Rev. Proc. 97-48. No user fee […]

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“What the Heck is My Lawyer Talking About?”

By Thomas F. Gonzalez Somehow, you have found your way to the Beggs & Lane law firm blog. I will assume you clicked on this link purposefully and did not simply find your way here accidentally because you were looking for a good deal on a purse (www.bagslane.co.uk) or you are trying to hone your Irish dance skills (www.beglanacademy.com). Assuming you are here on the Beggs & Lane blog purposefully, […]

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Understanding The Notice Requirements Under Florida’s Lien Law

By Joseph A. Passeretti Introduction Florida’s Lien Law is a powerful and effective means that a Supplier, Subcontractor or Contractor can utilize to make sure they are properly compensated for their work or their material. It is also an effective means to make sure an Owner of a construction project is not required to pay twice for materials and work associated with the construction project. The term “lien rights” refers […]

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Significant Change Proposed To Estate And Gift Valuation Rules

By Robert L. Jones, III, Esq. Estate and gift taxes, or transfer taxes, are taxes on the transfer of assets from one person to another either by gift during his or her lifetime or by inheritance at death. In 2016, only transfers by an individual or their estate in excess of $5.45 million are subject to tax. For married couples in 2016, no tax is collected on the first $10.9 million […]

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