Short Sales and Deficiency Judgments Under the New Rules in California
On July 11, 2011, the governor signed a new law that prohibits second and third mortgage holders from pursuing deficiency judgments after they have agreed to a short sale. This amends California Code of Civil Procedure Section 580e which prohibited the same practice by holders of first mortgages. Deficiency Judgments If a lender forecloses on...
Can You Benefit From a Trust Protector?
What is a Trust Protector? A trust protector is a person who has the authority to direct the actions of the trustee or trustees of an irrevocable trust. A trustee generally has broad sweeping authority to invest funds and distribute income and principal. In contrast, trust protector has limited authority to give instructions to the...
How Do I Know If I Have a Passive Activity Loss?
What is a Loss From a Passive Activity Many people think that owning rental property is one of the best ways to hold an appreciating asset while generating losses for tax purposes. This is true in some circumstances, but many investors are in for a rude shock after they purchase the property and attempt to...
What is a GRAT?
What is a Grantor Retained Annuity Trust? Grantor retained annuity trusts or GRATS can, given the right circumstances, be an excellent way to pass wealth to future generations. The rules for GRATS are uncomplicated and are found at section 2702 of the Internal Revenue Code. The person creating the GRAT (donor) transfers money to an...
Covenants Not to Compete
When a business is sold, it is common practice for the buyer to require that the seller refrain from competing in the same field. This requires a non competition clause in the contract for sale. These covenants are enforceable if they are reasonable. Courts are hesitant to take away a person’s ability to make a...
Asset Protection Trusts
In the past, self-created trusts in the United States did not offer protection from creditors if the person who created the trust was allowed to receive funds from the trust. In order to get this asset protection feature, trusts had to be created in foreign countries such as the Cayman Islands, the Channel Islands, Belize...
Why You Need a Real Estate Attorney in San Francisco
Why do you need a San Francisco real estate lawyer? The purchase and sale of real property is a complicated process full of potential pitfalls. If you are involved in a real estate transaction involving residential or commercial property, it is in your best interest to hire an attorney. Experienced legal counsel can end up saving...
Commercial Real Estate Law & LLCs
The world of commercial real estate transactions financing is fraught with legal pitfalls, a fact that has been duly reported time and time again since the end of the “boom” in late 2007. Lower valuations, impinged cash flow, government action, and general economic distress have, and will continue, to affect commercial real estate in San...
Amnesty for Offshore Accounts
As experienced tax lawyers and business attorneys in San Francisco, at Lerner Veit & Stanaland we have seen how changes in tax law, such as the regulation of offshore accounts, can significantly affect business, estate, and personal transactions. The United States taxes the worldwide income of its citizens and residents. Most industrialized nations cooperate with the U.S....
