Holding Title to Investment Property in a LLC

Investors in real estate throughout Greater Boston have seen their property values increase dramatically over the past few years. Most real estate investors would agree that one of their major concerns regarding investment property is to limit their personal liability from such investment property and not have their personal assets subject to creditor claims. A limited liability company (LLC), a relatively new entity in Massachusetts, provides investors with limited liability like that of a corporation and the ability to have pass through tax treatment like that of a partnership. It is these characteristics which make the LLC an attractive entity for holding investment real estate. Read more

Avoiding Capital Gains on Investment Property

Thinking of selling investment property and buying a retirement home or a second home on Cape Cod or in Florida? With a little planning, you could be retiring to a home in a destination of your choice without paying capital gains taxes of approximately 30%. You could have 30% more buying power if you were to perform a 1031 tax-deferred exchange. Read more

Protecting Your Interest Deduction

Many individuals have seen their portfolios rise significantly over the last few years, and as a result of such increase in wealth, many homeowners are paying cash for their homes and foregoing mortgages. As a result of these no mortgage purchases, homeowners are foregoing large interest tax deductions they could have received had they purchased their homes with a mortgage. Buyers who pay cash for their homes typically purchase more expensive homes, have larger mortgages and are generally in higher tax brackets so they would receive a greater benefit from the home mortgage interest deduction. Read more

Protecting the Principal Residence from Medicaid Liens

For many individuals, their home is their largest asset, and people both young and old are often emotionally attached to their homes. Parents and children have an interest in making sure that their home is not subject to creditor claims, particularly Medicaid liens, if either or both parents were to enter into a nursing home. Read more

Family Limited Partnership Can Help Reduce Estate Taxes

Can the way a property owner holds title to real estate impact the fair market value of the real estate for estate tax purposes? Absolutely! The value of a decedent’s estate can be significantly reduced depending upon how a person’s assets are owned at death. For example, if real estate is owned in a family limited partnership (“FLP”), the value of the real estate may be discounted, for estate tax purposes, due to “lack of marketability” and “minority interest” discounts, thus reducing the amount of estate taxes due upon the property owner’s death. Read more

You too can own your own home

Homeownership has moved from dream to reality for a growing number of Americans. Benefits to owning your own home are: a financial asset, a place to live and raise children, a plan for your future, and an investment in your community. Knowledge open doors. This is very true when it comes to your home. Let an O.W.D real estate law attorney assist you with the most important purchase at this time. Read more

I am building/remodeling my home. Do I still need a lawyer?

YES. An experienced real estate attorney can protect your rights and the rights of your property. An O.W.D real estate lawyer is trained in your home buying efforts. Don’t try to go it alone. We may know some things you never even thought of.
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When escrow is slow?

If you decide to allow a buyer into your home before escrow closes you should be very careful. Once the buyer has possession, if he decides to back out of the deal, you might have to go through an eviction process, which can be costly and time consuming. Read more

Real Estate – Answers to Common Questions

What is a quitclaim deed?

A quitclaim deed transfers or releases to the transferee whatever present right or interest the grantor has in the described property. Unlike a grant deed, a quitclaim deed carries with it no express or implied covenants. Thus, if the grantor holds no interest in the property, a quitclaim deed conveys nothing. Read more

What restrictions on owning real property are imposed by law?

There may be a large number of federal, State, county and local laws which restrict what you can do with the real property that you own. The three most common restrictions imposed by government are: Read more