Property Tax Change in Ownership for Estate Planners and Fiduciaries

Size: px
Start display at page:

Download "Property Tax Change in Ownership for Estate Planners and Fiduciaries"

Transcription

1 Property Tax Change in Ownership for Estate Planners and Fiduciaries South Bay Estate Planning Council September 11, 2014 Matthew F. Burke Pillsbury Winthrop Shaw Pittman LLP 725 S. Figueroa Street Los Angeles, CA Tel: (213) (direct) Tel: (213) (main) Fax: (213) Pillsbury Winthrop Shaw Pittman LLP

2 Proposition 13 Basics Beginning in 1978, fixed every property s value to the value on the 1975 lien date (plus California CPI adjustments to 1978). Capped property taxes to 1% of the full cash value, which is this 1978 established value, or the fair market value later when it changes ownership value or value upon change in ownership = original base year value. Restricted annual increases to base year value to an inflation factor not to exceed 2% annually (set to CCPI). Original base year value factored with CCPI = adjusted base year value. Prohibited reassessment of a new base year value except upon: (a) a change in ownership or (b) completion of new construction. Prop 8 passed in November 1978 to guarantee reassessments in declining markets to the lower of fair market value or adjusted base year value. 2

3 Change in Ownership Three-Prong Test Revenue and Taxation Code 60 sets forth three elements that define change in ownership. A transfer of a present interest in real property (right to immediate possession, use or enjoyment; excludes transfers of future and contingent interests). Including the beneficial use thereof (right to occupy, right to income, right to transfer). The value of which is substantially equal to the value of the fee interest (protects transfers of short-term estates and leaseholds). *** A simple grant deed for a sale between unrelated parties is a change in ownership under this three-prong test. This applies to transfers of REAL PROPERTY interests. 3

4 Changes in Ownership RTC 61 Examples of changes in ownership transfer of real property interests: entering into, transfers of, or terminations of 35+ year leases (including options). creations, transfers or terminations of certain JTs. creations, transfers or terminations of certain TICs. vesting of a remainder or reversion (after end of life estate or other interest). vesting in beneficiary when a revocable trust becomes irrevocable. transfers between a legal entity and any other person. transfer of lifetime income interest in trust from one beneficiary to another. (RTC 61(g); Reilly v. City and County of San Francisco (2006) 142 Cal.App.4th 480; Phelps v. Orange County Assessment Appeals Board No. 1 (2010)187 Cal.App.4th 653). 4

5 Not Changes in Ownership - RTC 62 Exclusions from change in ownership transfer of real property to and from certain trusts. reserving an estate for years/life estate in the transferor. certain partitions of cotenancies. proportional ownership interests. perfecting title. creating, assigning, terminating or reconveying a security interest. substitution of trustee under security instrument. certain cotenancy interests under new rule in RTC

6 Importance for Trusts and Trustees Several of the major Prop 13 cases have involved trust-owned property: Phelps v. Orange County Assessment Appeals Board No. 1 (2010) 187 Cal.App.4th 653 (plaintiff was trustee of trust that owned shopping center). Auerbach v. Assessment Appeals Board No. 1 (2006) 39 Cal.4th 153 (real party in interest was Northern Bank of California, as co-trustee of two trusts that owned Beverly Hills commercial property). Reilly v. City and County of San Francisco (2006) 142 Cal.App.4th 480 (plaintiff was trustee of trust and the sole income beneficiary). Empire Properties v. County of Los Angeles (1996) 44 Cal.App.4th 781 (involved a change in ownership of trust-owned property upon death of trustor when revocable trust became irrevocable). Allen v. Sutter (1983) 139 Cal.App.3d 887 (involved transfer by trustee of property out of the trust to the trustor s grandchildren as tenants in common). 6

7 Statutes on Transfers to/from Trusts The statutes include only some very basic rules covering transfers into or out of trusts. RTC 61(h) provides that included in the definition is the transfer of: Any interests in real property that vest in persons other than the trustor (or, pursuant to Section 63, his or her spouse) when a revocable trust becomes irrevocable. RTC 62(d) provides that a change in ownership does not include: Any transfer by the trustor, or by the trustor s spouse or registered domestic partner, or by both, into a trust for so long as (1) the transferor is the present beneficiary of the trust, or (2) the trust is revocable; or any transfer by a trustee of such a trust described in either clause (1) or (2) back to the trustor 7

8 Trust Change in Ownership See Property Tax Rule There are two general trust transfer into/out of rules under Rule (a) and (c): Into - transfer by the trustor, or any other person, of real property into a trust is a change in ownership of such property at the time of the transfer - Rule (a). Out of - termination of a trust, or portion thereof, constitutes a change in ownership at the time of the termination of the trust - Rule (c). ** Exceptions consume the rules. 8

9 Exception to the Into Rule Rule (b) The following transfers INTO trusts do not result in a change in ownership: Revocable trusts Interspousal trusts Parent-child/grandparent-grandchild trusts (requirements satisfied) Proportional interest trusts Irrevocable trusts where the trustor is present beneficiary Other trusts transfers from one trust to another and meets one of these exceptions 9

10 Exceptions to the Out of Rule Rule (d) The following transfers OUT OF trusts do not result in a change in ownership: Revocable trusts back to the trustor Interspousal trusts Parent-child/grandparent-grandchild trusts (requirements satisfied) Proportional interest trusts Other trusts transfers from one trust to another and meets one of these exceptions ** Prior change in ownership (next slide) 10

11 Prior Change in Ownership Exception Rule (d)(1): There is no change in ownership if the property is being transferred out of a trust according to its terms to the person or entity who already had a present interest in the property (either use of or income from the property) while it was in the trust, either when the trust was created, when it became irrevocable, or at some other time. You do not have a second change in ownership upon distribution to the current beneficiary. No place to claim this on Preliminary Change of Ownership Report. (Use Other on Part 2, Page 2 and cite to Rule (d)(1).) Allen v. Sutter (1983) 139 Cal.App.3d

12 Allen v. Sutter (1983) 139 Cal.App.3d 887 Property was transferred to an irrevocable trust for the benefit of the trustor s four grandchildren in 1961 change in ownership then. Trust provided for distributions of income for a period. In 1978, the trustee transferred the property to all four grandchildren as tenants in common in accordance with the trust terms. Court of Appeal held: the termination of the trust did not result in a change in ownership because the change in ownership already occurred in 1961; the trustee only received legal title to the property in 1961 and the trustee merely transferred legal title to the beneficiaries in The grandchildren were the beneficial owners all along. 12

13 Prior Change in Ownership Example 1: A transfers property to a revocable trust, for the benefit of B (unrelated), which becomes irrevocable on A s death. A dies. The change in ownership is at A s death. If the property is ultimately distributed out of the trust to B one year later, that is not a second change in ownership. Rule (d)(1) applies because B obtained the present interest when the trust became irrevocable a year earlier, on A s death. (Rule (d)(1), Example 1.) 13

14 Prior Change in Ownership Example 2: A transfers property into an irrevocable trust, which provides for income to C for C s life, then to D for five years, after which the property is to be distributed outright to D. The change in ownership from A to C occurs immediately. The change in ownership to D occurs on C s death. When the property is distributed to D five years after C s death, Rule (d)(1) applies. D already obtained a present interest at some other time upon C s death. 14

15 Beneficiaries Change During Trust Term Rule (b) -- although the exclusion from change in ownership may apply at the time of the initial transfer of property into trust, a change in ownership of trust property does occur to the extent that other persons become present beneficiaries of the trust unless otherwise excluded from change in ownership (i.e., the parentchild/grandparent-grandchild, or interspousal or registered domestic partner exclusions apply) even though there has not been a subsequent transfer of the property. The transfer of property into the trust was excluded from change in ownership. But that doesn t mean that it will always qualify for that exclusion regardless of who the trust beneficiaries are. If nonqualifying people come along and become present beneficiaries, there will be a change in ownership. 15

16 Beneficiaries Change During Trust Term Example: X transfers property to an irrevocable trust that provides for all of the income to X s wife Y for five years, and then after that the income is to be split evenly between Y and her sister Z. At the time X transfers the property to the trust, there is no change in ownership because the interspousal exclusion applies. However, there is a 50 percent change in ownership of the property in five years at the time Z becomes a present beneficiary. 16

17 Reilly v. City and County of San Francisco (2006) 142 Cal.App.4th 480 Trustor died in 1966 testamentary trust provided for net income to grandniece for life, then net income to the trustor s nephew for his life. Assessor claimed there was a change in ownership when nephew succeeded to the grandniece s income interest upon her death. Court of Appeal held: Change in ownership when a new lifetime income beneficiary succeeds another beneficiary even though the interest is only the income interest and not the right to occupy the property. Because a change in ownership occurs upon the creation of a life estate in income from real property unless an exclusion applies, it follows that the termination of such a life estate followed by the creation of a new life estate in income from the property would also qualify as a change in ownership. Are or become present beneficiaries of the trust from Rule

18 Lifetime Right to Income is a Life Estate Concept from Reilly is crucial to trust change in ownership analysis. A lifetime right to income distributions from trust property is the equivalent of a life estate in the property just like an estate for land for life is a life estate. A life estate meets the three prongs, and therefore the life tenant is the owner for property tax purposes. When a lifetime right to income distributions terminates and a new beneficiary obtains their own lifetime right to income, there is a change in ownership. This new beneficiary has a successive life estate that is also the vesting of a remainder interest. 18

19 Life Estates and Estates for Years Under Reilly and Phelps, the life estate/estate for years rules apply to the income interests in trusts. Rule : The creation/transfer/termination of a life estate or estate for 35+ years is a change in ownership. The vesting of a remainder interest upon the termination of a life estate of estate for 35+ years is a change in ownership. The creation or transfer of an estate for years for less than 35 years is NOT a change in ownership. 19

20 Life Estates and Estates for Years Grantor of life estate Trustor Life tenant Current beneficiary Remainderman/Life tenant Successor beneficiary Remainderman Final beneficiary/distributee 20

21 Trust Sprinkle/Spray Provisions Rule (b)(1)(A), when a trustee has a sprinkle power to distribute trust property or income from the property to a number of potential beneficiaries, unless all of the potential beneficiaries qualify for an exclusion from change in ownership at the time of the transfer (interspousal, RDP, parent-child, grandparent-grandchild), the property is subject to change in ownership because the trustee could potentially distribute the income or property to a non-excludable beneficiary. Example 2 from Rule : Husband transfers property to trust and gives Wife, the trustee, a sprinkle power for the benefit of herself, her two children, and her nephew. Change in ownership of all property transferred to the trust, because the sprinkle power could be exercised for the benefit of nephew for whom no exclusion is available. 21

22 Trust Sprinkle/Spray Provisions This may also cause a change in ownership later if the sprinkle or spray power arises later even though it did not when the property was transferred into trust. Example: X transfers property to an irrevocable trust that provides for all of the income to X s wife Y for five years, and then after five years the income may be distributed to either Y or her sister Z. There is a 100 percent change in ownership of the property in five years when Z becomes a present beneficiary. 22

23 Per Stirpes or Equal Distributions, No Sprinkle/Spray Provisions But, a per stirpes or equal distribution will not result in a 100% reassessment, just the amount allocated to the disqualified beneficiary. Only sprinkle/spray provisions cause 100% change in ownership. Example 3 from Rule : Husband transfers property to trust with income to be distributed to Wife, their two children, and Wife s nephew in equal shares, with Wife s share remaining at her death to be distributed to their children and the nephew in equal shares. Upon Husband s transfer of the property, there is a 25% change in ownership (assuming the parent-child exclusion applies) for the 25% allocation to the nephew. Upon Wife s death, there is a 8.33% change in ownership for the 1/3 of her 25% allocated to the nephew (assuming the parent-child exclusion applies). 23

24 Interspousal/Registered Domestic Partner Exclusions Very broad the following interspousal/rdp transfer are not changes in ownership: Transfers in and out of trusts. Transfers that take effect on death. To current/former in connection with a property settlement agreement, decree of dissolution of marriage/partnership, or legal separation. Creation, transfer, or termination of any co-owner s interests. Distribution of a legal entity s property to a current or former in exchange for that person s interest in the entity, in connection with a property settlement agreement, decree of dissolution of marriage/partnership, or legal separation. Legal entity transfers even if change in control under RTC 64(c)(1) or change in ownership under RTC 64(d). BUT no disproportionate transfers to legal entities ** 24

25 Parent-Child Exclusion - RTC 63.1 Real property between parents and children (both directions). No legal entity interests. Owned by transferor no after acquired property. Unlimited principal residences. $1 million other property full cash value meaning assessed value. $1 million is per transferor separately. First properties transferred take $1 million first. Multiple properties on same day, transferees must decide. Two transferors can combine on jointly transferred property. 25

26 Grandparent-Grandchild Exclusion - RTC 63.1 Only transfers from grandparent to grandchild, not vice-versa. All parents who qualify as children of the grandparents must be deceased. Son- or daughter-in-law of the grandparent that is a stepparent to the grandchild need not be deceased. A probate code disclaimer does not make disclaimant deceased. Be careful with GSTs, review BOE Annotations. Exclusion only applies to the extent the deceased parent s $1 million exclusion was not fully exhausted. Principal residence may go to grandchild only if haven t received one from parents otherwise, must dip into the $1million. 26

27 The Transferor Concept As properties are transferred among family members, in and out of trusts, and income interests pass during the term of a trust, at issue is whether a particular exclusion from change in ownership. Whether a transfer qualifies for an available exclusion depends on the relationship between the transferor and transferee. Spouses? Registered domestic partners? Parent and child? Grandparent and grandchild? And then, do all of the requirements for the exclusion apply? 27

28 The Transferor Concept Do not confuse the beneficial owner with the transferor. Back to the life estate/estate for years rules. When a remainder interests vests upon the termination of a life estate, it is the original grantor of the life estate that is the transferor to the remainderman, NOT the life tenant. With trusts, the original grantor is the trustor. Life tenant/beneficiary is the beneficial owner during his or her lifetime, but is not the transferor to the remainderman. Whether an exclusion applies depends upon the relationship between the original grantor and the remainderman, NOT the life tenant and remainderman. 28 4

29 The Transferor Concept Example: X transfers property to his girlfriend Y, for her life, then to his son Z from a previous relationship. A change in ownership occurred, and Y is the beneficial owner of the property for property tax purposes. When Y dies, Z obtains the property. The transferor of the remainder interest to Z is his dad, X, even though Y was the beneficial owner. The parent-child exclusion applies and there is no additional change in ownership so long as all of the statutory requirements are satisfied and a claim is filed. Y was not the transferor of the remainder interest to Z, and if she had been, the transfer would not have qualified for the parent-child exclusion because Y is not Z s mother and X and Y are not married. 29

30 The Transferor Concept Example: M transfers property to her son N, for his life, then to N s daughter O, for her life. M has created a life estate in N, followed by a life estate/remainder interest in O. When N dies, the transfer to O is from O s grandmother, M. The parent-child exclusion does not apply because the transfer is not from N to O. The grandparent-grandchild exclusion may apply if all of the requirements of RTC 63.1(a)(3) are satisfied (principally that N did not fully exhaust his $1 million exclusion, and that O s mother be deceased at the time of N s death). 30

31 The Transferor Concept The transferor concept applies equally in trusts. The trustor is the transferor of the lifetime income interest to any successive income beneficiary. Determining whether an exclusion applies depends upon the relationship between the trustor and the new beneficiary, not the relationship between the prior beneficiary and the new beneficiary. This is particularly important when allocation the $1 million parentchild exclusion amounts. Exception: general power of appointment. 31

32 Legal Entity Interest Transfers Principal rule is RTC 64(a) -- transfers of interests in a legal entity do not result in the transfer of the entity s real property. There are two principal exceptions: If there is a change in majority ownership or control of the entity under RTC 64(c)(1). If there is a change in ownership of the entity under RTC 64(d). 32

33 Legal Entities - Change in Majority Ownership or Control RTC 64(c)(1) Occurs when a single person or entity obtains: direct or indirect ownership or control of more than 50% of a corporation s voting stock. direct or indirect ownership of more than 50% of the total interest in capital and profits in any partnership or LLC. Result: a 100% reassessment of all real property owned by the entity (including certain leaseholds and reversionary interests). Unlimited statute of limitations if not reported. 33

34 Change in Control Rule , Example 7 Spouses H and W acquire as community property from the current owners, who are not original co-owners, 100% of the capital and profits interests in an LLC which owns Blackacre. Each of H and W is treated as acquiring 50 percent of the ownership interests as defined in subdivision (c) and Revenue and Taxation Code Section 64(a). No change in control of the LLC; no change in ownership of Blackacre. 34

35 Ocean Avenue LLC v. County of Los Angeles 227 Cal.App.4th 344 (2014) Case involved Fairmont Miramar Hotel in Santa Monica. Originally structured as a sale of the fee interest to a Michael Dell-owned entity. After down payment paid, they canceled the deal and renegotiated a new structure. Instead, buyers had multiple parties buy all the interests in Ocean Avenue LLC, the entity that owns the Hotel. Dell split it with his wife and some financial advisors. No one got more than 50% capital and profits individually. No spousal attribution in California (Example 7). Assessor reassessed, claiming a change in ownership. Taxpayer lost at AAB, appealed to superior court and won. 35

36 Ocean Avenue LLC v. County of Los Angeles County appealed the case to the Court of Appeal. Decided June 3, Court of Appeal affirmed ruling for taxpayer. No change in ownership when no single person obtains more than 50% of the capital and profits interests in an entity. Court rejected all of the County s equity arguments (substance over form, equitable conversion), and rejected notion that just because 100% of an entity transfers, there must be a change in ownership. Under the statutes, there isn t. Court rejected the application of the three-prong test to legal entity interests. No change in ownership of the Hotel. 36

37 Legal Entity Change in Ownership (Original Co-Owner Rule) Change in ownership occurs: Cumulatively > 50% of the entity interests have been transferred by the original co-owners. When are entity owners are original co-owners? Property was transferred to the entity using the proportional ownership interest transfer exclusion. Property reassessed just that transferred to the entity. Unlimited statute of limitations if not reported. 37

38 Legal Entity Change in Ownership (Original Co-Owner Rule) Transfers to children and grandchildren must be counted. Transfers to spouses and RDPs need not be counted. Once an interest has been counted toward the 50+%, the transferee is not an original co-owner. If the transfer is not counted (i.e., to spouse or RDP), the transferee is an original co-owner. Must identify for each entity whether the owners are original coowners or not. Must identify how many interests have been transferred. 38

39 Trustee Filing Requirements Parent-child exclusion claim form: the trustee can sign the claim form as trustee of transferor s trust, or trustee as transferee s trust (RTC 63.1(d)). If have change in ownership during trust term without transfer of property (new income beneficiary as in Reilly), trustee must file the requisite change in ownership statement with the county recorder within 150 days after date of death (RTC 480). Legal entity change in control/ownership: Form BOE-100-B must be filed with BOE within 90 days of date of change in control/ownership, or face automatic 10% penalty (RTC 480.1, 480.2). 39

40 Statutes of Limitations for Escape Assessments Legal entity change in control/ownership: if fail to timely file Form BOE-100-B, unlimited statute of limitations. Changes in ownership on non-legal entity transactions (i.e., deed transfers or other changes in ownership reportable to the county): Generally 4 years statute of limitations if recorded. 8 years if fraud penalty is applied. 8 years if unrecorded change in ownership meaning a deed or other document evidencing a change in ownership was not filed with the recorder at the time the event took place. 40

41 Statutes of Limitations for Escape Assessments Examples of Statutes of Limitations: Change in control of legal entity in 1983 Change in control of legal entity in 2001 Property held in trust changed income beneficiaries in 1994, 2000, and 2008 Disproportionate deed transfer to legal entity in 1995, but claimed proportional exclusion and recorded deed and filed PCOR, followed by transfer of >50% of original co-owner interests 41

OFFICE OF THE ASSESSOR COUNTY OF LOS ANGELES JEFFREY PRANG ASSESSOR

OFFICE OF THE ASSESSOR COUNTY OF LOS ANGELES JEFFREY PRANG ASSESSOR OFFICE OF THE ASSESSOR COUNTY OF LOS ANGELES JEFFREY PRANG ASSESSOR 1 PROPERTY TAX EXCLUSIONS RELATED TO ESTATE PLANNING 2 TOPICS 1. PARENT TO CHILD EXCLUSION (PROP 58) - QUALIYING ELEMENTS AND SUPPORTING

More information

FAQs. Home Downsizing in San Francisco 1. Arthur Meirson. What is Prop. 60? What is a Principal Residence?

FAQs. Home Downsizing in San Francisco 1. Arthur Meirson. What is Prop. 60? What is a Principal Residence? FAQs Home Downsizing in San Francisco 9/1/17 Edition by David R. Gellman & Arthur Meirson This article is provided as a resource for understanding certain laws which affect San Francisco homeowners, and

More information

FAQs 4/1/17 Edition by David R. Gellman

FAQs 4/1/17 Edition by David R. Gellman FAQs Holding Title to Your San Francisco Home 4/1/17 Edition by David R. Gellman The question of how to take or hold title to a home is one that San Francisco real property buyers and owners ask their

More information

KEIR EDUCATIONAL RESOURCES

KEIR EDUCATIONAL RESOURCES ESTATE PLANNING 2017 Published by: KEIR EDUCATIONAL RESOURCES 4785 Emerald Way Middletown, OH 45044 1-800-795-5347 1-800-859-5347 FAX E-mail customerservice@keirsuccess.com www.keirsuccess.com TABLE OF

More information

SAMPLE. [This document appears if you select a Quitclaim deed]

SAMPLE. [This document appears if you select a Quitclaim deed] [This document appears if you select a Quitclaim deed] After Recording Return to: GODEEDS, INC. ATTN: LEGALZOOM DEPT. 8940 MAIN STREET CLARENCE, NY 14031 File No. Tax ID No.: GRANT DEED THE UNDERSIGNED

More information

Senate Bill No. 88 Committee on Judiciary

Senate Bill No. 88 Committee on Judiciary Senate Bill No. 88 Committee on Judiciary CHAPTER... AN ACT relating to real property; enacting the Uniform Real Property Transfer on Death Act; and providing other matters properly relating thereto. Legislative

More information

CHAPTER 1 MEMBERSHIP PROCEDURES FOR PURCHASE, SALE AND TRANSFER

CHAPTER 1 MEMBERSHIP PROCEDURES FOR PURCHASE, SALE AND TRANSFER CHAPTER 1 MEMBERSHIP 100. GENERAL 101. QUALIFICATIONS AND RESPONSIBILITIES 102. NON-MEMBER INVESTORS PROCEDURES FOR PURCHASE, SALE AND TRANSFER 103. PURCHASE OF MEMBERSHIP AND MECHANICS OF PURCHASE 103.A.

More information

CHAPTER 1 MEMBERSHIP

CHAPTER 1 MEMBERSHIP 100. GENERAL CHAPTER 1 MEMBERSHIP 101. QUALIFICATIONS AND RESPONSIBILITIES 102. NON-MEMBER INVESTORS PROCEDURES FOR PURCHASE, SALE AND TRANSFER 103. PURCHASE OF MEMBERSHIP AND MECHANICS OF PURCHASE 103.A.

More information

THE OTHER TAXES: Property and Transfer Taxes: An Introduction for the Trust and Estate Lawyer SUMMARY OUTLINE

THE OTHER TAXES: Property and Transfer Taxes: An Introduction for the Trust and Estate Lawyer SUMMARY OUTLINE John A. Hartog, John A. Hartog, Inc. 4 Orinda Way Suite 200, Building D Orinda, CA 94563 Bart J. Schenone Schenone & Peck 1260 B Street, Ste. 350 Hayward, CA 94541 THE OTHER TAXES: Property and Transfer

More information

Terms. A person given authority by a proper court to manage and distribute the estate of a deceased person when there is no will.

Terms. A person given authority by a proper court to manage and distribute the estate of a deceased person when there is no will. Administrator - A person given authority by a proper court to manage and distribute the estate of a deceased person when there is no will. AFFIDAVIT A written statement or affirmation made under penalty

More information

POLICY: SUCCESSION. 1.0 Introduction. 2.0 Policy Statement. 3.0 Objectives. 4.0 Background Legislation

POLICY: SUCCESSION. 1.0 Introduction. 2.0 Policy Statement. 3.0 Objectives. 4.0 Background Legislation POLICY: SUCCESSION 1.0 Introduction 1.1 This policy sets out Thames Valley Housing s (TVH s) position regarding the rights of a relative to take over a tenancy on the death of a tenant. Succession is the

More information

HOMESTEAD. David Weisman

HOMESTEAD. David Weisman HOMESTEAD David Weisman I. Basic Concepts a. The Language of the Law: Since January 9,1985, homestead has been defined in the Florida Constitution as the following property owned by a natural person: "A

More information

REAL ESTATE IN LONG TERM CARE PLANNING Patricia J Shevy The Shevy Law Firm LLC BASIC MEDICAID RULES Look Back Rule: 60 months from date of application Penalty Period: Number of months ineligible due to

More information

HOMESTEAD THE SURVIVING SPOUSE AND TRUSTS

HOMESTEAD THE SURVIVING SPOUSE AND TRUSTS HOMESTEAD THE SURVIVING SPOUSE AND TRUSTS By Shane Kelley, Esq. The Kelley Law Firm, PL 3365 Galt Ocean Drive Fort Lauderdale, FL 33308 I. INTRODUCTION The purpose of the homestead provisions as contained

More information

Transfer on Death Deed INSTRUCTIONS

Transfer on Death Deed INSTRUCTIONS INSTRUCTIONS IMPORTANT NOTICE TO PROPERTY OWNER: Carefully read all instructions for this form. It is best to talk to a lawyer before using this form. For privacy and identity theft reasons, you should

More information

Deed Recording Fee SOUTH CAROLINA DEPARTMENT OF REVENUE OFFICE OF GENERAL COUNSEL / POLICY SECTION

Deed Recording Fee SOUTH CAROLINA DEPARTMENT OF REVENUE OFFICE OF GENERAL COUNSEL / POLICY SECTION Deed Recording Fee SOUTH CAROLINA DEPARTMENT OF REVENUE OFFICE OF GENERAL COUNSEL / POLICY SECTION JUNE 2015 DISCLAIMER This publication is written in general terms for widest possible use and may not

More information

Answer A to Question 5

Answer A to Question 5 Answer A to Question 5 Betty and Ed s Interests Ann, Betty, and Celia originally took title to the condo as joint tenants with right of survivorship. A joint tenancy is characterized by the four unities

More information

California. Trusts and Estates Quarterly. Inside this Issue. Official Publication of the State Bar of California Trusts and Estates Section

California. Trusts and Estates Quarterly. Inside this Issue. Official Publication of the State Bar of California Trusts and Estates Section Official Publication of the State Bar of California Trusts and Estates Section California Trusts and Estates Quarterly Inside this Issue Volume 1, Issue Fall 009 Mike Masuda, Esq. Leslie Finnegan, Esq.

More information

INTRODUCTION TO DOCUMENTS. FOR CALIFORNIA

INTRODUCTION TO DOCUMENTS. FOR CALIFORNIA INTRODUCTION TO DOCUMENTS. FOR CALIFORNIA PACIFIC COAST T I T L E C O M P A N Y TOOLS, SERVICE, COMMITMENT TABLE OF CONTENTS The title insurance industry is dependent on numerous types of public records,

More information

Understanding Real Property Interests and Deeds» By Brad Dashoff and John Antonacci. Understanding Real Property Interests and Deeds

Understanding Real Property Interests and Deeds» By Brad Dashoff and John Antonacci. Understanding Real Property Interests and Deeds A service of the ABA General Practice, Solo & Small Firm Division Law Trends & News PRACTICE AREA NEWSLETTER REAL ESTATE Understanding Real Property Interests and Deeds» By Brad Dashoff and John Antonacci

More information

KEIR EDUCATIONAL RESOURCES

KEIR EDUCATIONAL RESOURCES ESTATE PLANNING 2016 Published by: KEIR EDUCATIONAL RESOURCES 4785 Emerald Way Middletown, OH 45044 1-800-795-5347 1-800-859-5347 FAX E-mail customerservice@keirsuccess.com www.keirsuccess.com TABLE OF

More information

STOCK PURCHASE AGREEMENT. This Stock Purchase Agreement is entered into as of by a Delaware corporation (the Company ), and (the Purchaser ).

STOCK PURCHASE AGREEMENT. This Stock Purchase Agreement is entered into as of by a Delaware corporation (the Company ), and (the Purchaser ). STOCK PURCHASE AGREEMENT. This Stock Purchase Agreement is entered into as of by a Delaware corporation (the Company ), and (the Purchaser ). SECTION 1. CONSTRUCTION OF AGREEMENT. (a) Interpretation. This

More information

Agnew Law Office, P.C.

Agnew Law Office, P.C. An Estate Planning Law Firm LAST WILL & TESTAMENT Background A Last Will and Testament is perhaps the most commonly known estate planning document. While a Will can be very simple in nature (i.e. a vehicle

More information

CHAPTER Committee Substitute for Committee Substitute for House Bill No. 229

CHAPTER Committee Substitute for Committee Substitute for House Bill No. 229 CHAPTER 2013-240 Committee Substitute for Committee Substitute for House Bill No. 229 An act relating to land trusts; creating s. 689.073, F.S., and transferring, renumbering, and amending s. 689.071(4)

More information

Tenancy Changes Policy

Tenancy Changes Policy Tenancy Changes Policy Version 3. February 2014 Registered address: LLP, Fleet House, 59-61 Clerkenwell Road, London, EC1M 5LA Responsible officer: Author: Approved by: Head of Operations Policy and Project

More information

Transfer of Ownership Guidelines PREPARED BY THE MICHIGAN STATE TAX COMMISSION

Transfer of Ownership Guidelines PREPARED BY THE MICHIGAN STATE TAX COMMISSION Transfer of Ownership Guidelines PREPARED BY THE MICHIGAN STATE TAX COMMISSION Issued December 2014 TABLE OF CONTENTS Background Information 1 Transfer of Ownership Definitions 2 Deeds and Land Contracts

More information

MacKenzie Realty Capital, Inc.

MacKenzie Realty Capital, Inc. MacKenzie Realty Capital, Inc. Transfer Instructions and Forms This form may be used to transfer shares of common stock ( Shares ) of MacKenzie Realty Capital, Inc. (the Company ). PLEASE READ THE FOLLOWING

More information

UNIFORM REAL PROPERTY TRANSFER ON DEATH ACT. Drafted by the NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS. and by it

UNIFORM REAL PROPERTY TRANSFER ON DEATH ACT. Drafted by the NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS. and by it UNIFORM REAL PROPERTY TRANSFER ON DEATH ACT Drafted by the NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS and by it APPROVED AND RECOMMENDED FOR ENACTMENT IN ALL THE STATES at its ANNUAL CONFERENCE

More information

Part 1 ESTATES CLASSIFIED AS TO DURATION Section Estates classified Estates tail abolished; future estates limited thereon

Part 1 ESTATES CLASSIFIED AS TO DURATION Section Estates classified Estates tail abolished; future estates limited thereon Article 6 CLASSIFICATION, CREATION, DEFINITION OF, AND RULES GOVERNING ESTATES IN PROPERTY Part 1 ESTATES CLASSIFIED AS TO DURATION Section 6-1.1. Estates classified 6-1.2. Estates tail abolished; future

More information

Homeland Energy Solutions, LLC. Unit Transfer Application

Homeland Energy Solutions, LLC. Unit Transfer Application Homeland Energy Solutions, LLC Unit Transfer Application A. General Instructions. 1. The person or entity transferring the units of Homeland Energy Solutions, LLC ( Transferor ) and the person or entity

More information

AGRICULTURAL TERMINOLOGY

AGRICULTURAL TERMINOLOGY active farmer actively engaged in farming actively farming agricultural land agricultural products agricultural purposes authorized farm corporation 8 (a) 23 (c) 23 (e) 23 (c) 2 (e) A natural person who

More information

Farm Estate Planning Do You Know What You Own?

Farm Estate Planning Do You Know What You Own? Farm Estate Planning Do You Know What You Own? Theodore A. (Ted) Feitshans Extension Associate Professor Department of Agricultural & Resource Economics North Carolina State University March 7, 2013 DISCLAIMER

More information

IC Chapter 14. Transfer on Death Property Act

IC Chapter 14. Transfer on Death Property Act IC 32-17-14 Chapter 14. Transfer on Death Property Act IC 32-17-14-0.2 Application of prior law Sec. 0.2. The addition of IC 32-4-1.6 ("Uniform Act on Transfer on Death Securities" before its repeal, codified

More information

4.01 PROPERTY OF THE ESTATE

4.01 PROPERTY OF THE ESTATE 4 The Estate 4.01 PROPERTY OF THE ESTATE 4.01(a) The Estate In General The concept of the estate defines in some fashion the reach of the bankruptcy law in a bankruptcy case. The filing of a voluntary,

More information

TEXAS HOMESTEAD AND PROBATE LAW

TEXAS HOMESTEAD AND PROBATE LAW May 14, 2015 TEXAS HOMESTEAD AND PROBATE LAW Jonathan D. Baughman McGinnis Lochridge Houston, Texas Why Homestead Matters 2 Why Homestead Matters 3 Background/Basics 4 Texas Homestead Law 5 Homestead The

More information

Joint Ownership And Its Challenges: Using Entities to Limit Liability

Joint Ownership And Its Challenges: Using Entities to Limit Liability Joint Ownership And Its Challenges: Using Entities to Limit Liability AUSPL Conference 2016 Atlanta, Georgia May 5 & 6, 2016 Joint Ownership and Its Challenges; Using Entities to Limit Liability By: Mark

More information

New Jersey N2K Hour: Effects of Death and Estate Issues

New Jersey N2K Hour: Effects of Death and Estate Issues New Jersey N2K Hour: Effects of Death and Estate Issues Webex Presentation: March 13, 2018 FEATURING: JOHN CROWLEY, ESQ. DAVID RUBIN, ESQ. LARRY BELL, ESQ Stewart Title N2K Hour: Presenting Education,

More information

CHAPTER 1: THE CONCEPT OF PROPERTY RELATED TO WILLS, TRUSTS, AND ESTATE ADMINISTRATION

CHAPTER 1: THE CONCEPT OF PROPERTY RELATED TO WILLS, TRUSTS, AND ESTATE ADMINISTRATION CHAPTER 1: THE CONCEPT OF PROPERTY RELATED TO WILLS, TRUSTS, AND ESTATE ADMINISTRATION MATCHING a. chattel b. chose in action c. nonprobate property d. intestate succession statutes e. joint tenants f.

More information

CHAPTER Senate Bill No. 4-D

CHAPTER Senate Bill No. 4-D CHAPTER 2007-339 Senate Bill No. 4-D An act relating to ad valorem taxation; authorizing the Department of Revenue to adopt emergency rules; providing for application and renewal thereof; requiring the

More information

Chapter 5: Forms of Real Estate Ownership

Chapter 5: Forms of Real Estate Ownership Modern Real Estate Practice, 19 th Edition Chapter 5: Forms of Real Estate Ownership 1. Shelly and Nadine bought a store building and took title as joint tenants. Nadine died testate. Shelly now owns the

More information

Property, Executory Interests- pp October 23, 2006 Crusto s Socratic Dialogue. 1. Please provide an Analytical Overview of the Topic.

Property, Executory Interests- pp October 23, 2006 Crusto s Socratic Dialogue. 1. Please provide an Analytical Overview of the Topic. Property, Executory Interests- pp. 233-244 October 23, 2006 Crusto s Socratic Dialogue 1. Please provide an Analytical Overview of the Topic. There are many different, important pieces of information contained

More information

AN ACT RELATIVE TO THE ESTATE OF HOMESTEAD. (see Senate, No ) Approved by the Governor, December 16, 2010

AN ACT RELATIVE TO THE ESTATE OF HOMESTEAD. (see Senate, No ) Approved by the Governor, December 16, 2010 CHAPTER 395 of the Acts of 2010 AN ACT RELATIVE TO THE ESTATE OF HOMESTEAD. (see Senate, No. 2406 ) Approved by the Governor, December 16, 2010 Be it enacted by the Senate and House of Representatives

More information

DISCUSSION 1. The surviving spouse need not pay rent.

DISCUSSION 1. The surviving spouse need not pay rent. Please note: This sample document is redacted from an actual research and writing project we did for a customer some time ago. It reflects the law as of the date we completed it. Because the law may have

More information

OVERVIEW OF PROPERTY TAX DISASTER RELIEF PROVISIONS September 2015 Governor-Proclaimed State of Emergency

OVERVIEW OF PROPERTY TAX DISASTER RELIEF PROVISIONS September 2015 Governor-Proclaimed State of Emergency September 2015 Governor-Proclaimed State of Emergency Revenue and Taxation Code 1 Property Type Type of Relief Available Section 170 All property types New construction exclusion Section 69 All property

More information

COMMON STOCK PURCHASE AGREEMENT (WITH VESTING)

COMMON STOCK PURCHASE AGREEMENT (WITH VESTING) COMMON STOCK PURCHASE AGREEMENT (WITH VESTING) COMMON STOCK PURCHASE AGREEMENT This Common Stock Purchase Agreement (the Agreement ) is made as of by and between, a corporation (the Company ), and ( Purchaser

More information

Wandsworth Borough Council. Tenancy and Rent Strategy

Wandsworth Borough Council. Tenancy and Rent Strategy APPENDIX 1 TO PAPER NO. 19-08 Wandsworth Borough Council Tenancy and Rent Strategy CONTENTS Page Introduction 2 Tenancies for applicants who were not already social housing tenants as at 1st April 2012

More information

CLAIM FROM ASSIGNEE OF OWNER OF RECORD

CLAIM FROM ASSIGNEE OF OWNER OF RECORD COUNTY OF EL DORADO CLAIM FOR EXCESS PROCEEDS FROM THE SALE OF TAX DEFAULTED PROPERTY California Revenue and Taxation Code Section 4675 CLAIM FROM ASSIGNEE OF OWNER OF RECORD The undersigned Assignee of

More information

Succession and Discretionary Tenancy Policy

Succession and Discretionary Tenancy Policy Date approved: 22 November 2016 Approved by: Parent Board 1. Introduction and Aims 1.1 This Policy outlines Southway Housing Trust s (the Trust s) approach to succession. 1.2 It relates to the following

More information

What Every Attorney Should Know about Washington Transfer on Death Deeds

What Every Attorney Should Know about Washington Transfer on Death Deeds Page 1 of 7 September 2014 Bar Bulletin What Every Attorney Should Know about Washington Transfer on Death Deeds By Amber Quintal (First of two parts) On June 12, Washington joined more than 20 other states

More information

Title Resources Guaranty Company 8111 LBJ Freeway, Suite 1200, Dallas, TX

Title Resources Guaranty Company 8111 LBJ Freeway, Suite 1200, Dallas, TX Washington Underwriting Memo 2014-1 Date: September 12, 2014 From: Gretchen L. Valentine Vice President/Pacific NW Regional Underwriting Counsel To: Re: All Washington Issuing Agents Transfer on Death

More information

Florida Attorney General Advisory Legal Opinion

Florida Attorney General Advisory Legal Opinion Number: AGO 2008-44 Date: August 28, 2008 Subject: Homestead Exemption Florida Attorney General Advisory Legal Opinion Mr. Loren E. Levy The Levy Law Firm 1828 Riggins Lane Tallahassee, Florida 32308 RE:

More information

Uniform Law Commission develops transfer-on-death deeds By Susan N. Gary

Uniform Law Commission develops transfer-on-death deeds By Susan N. Gary Uniform Law Commission develops transfer-on-death deeds By Susan N. Gary Background In 2006 the Uniform Law Commission appointed a drafting committee to develop a uniform act creating transfer-on-death

More information

REAL ESTATE IN A CHANGING WORLD. Nancy Short Ferguson Chicago Title Greensboro, NC

REAL ESTATE IN A CHANGING WORLD. Nancy Short Ferguson Chicago Title Greensboro, NC REAL ESTATE IN A CHANGING WORLD Nancy Short Ferguson Chicago Title Greensboro, NC INTERRELATIONS Domestic Law Elder & Estate Planning Law Business Law DOMESTIC LAW TITLE SEARCHES ARE CRITICAL Determine

More information

Activity #13. Estate Planning Questionnaire and Farm Asset/Management Transfer Plan

Activity #13. Estate Planning Questionnaire and Farm Asset/Management Transfer Plan Activity #13. Estate Planning Questionnaire and Farm Asset/Management Transfer Plan Information obtained from Planning the Future of Your Farm: A Workbook on Farm Transfer Decisions. The North Carolina

More information

7 A.2d 696 Page 1 63 R.I. 216, 7 A.2d 696 (Cite as: 63 R.I. 216, 7 A.2d 696)

7 A.2d 696 Page 1 63 R.I. 216, 7 A.2d 696 (Cite as: 63 R.I. 216, 7 A.2d 696) 7 A.2d 696 Page 1 (Cite as: ) Supreme Court of Rhode Island. STANTON et al. v. SULLIVAN et al. No. 1460. July 18, 1939. Case Certified from Superior Court, Providence and Bristol Counties. Proceeding in

More information

2014 WLTA Educational Seminar Everett November 1, 2014 Closing When Property is Affected by Bankruptcy and Receivership

2014 WLTA Educational Seminar Everett November 1, 2014 Closing When Property is Affected by Bankruptcy and Receivership 2014 WLTA Educational Seminar Everett November 1, 2014 Closing When Property is Affected by Bankruptcy and Receivership Dwight A. Bickel Regional Counsel FIDELITY NATIONAL TITLE GROUP October 20, 2012

More information

FACT SHEET FS Property Ownership and Transferring Are Important Features of Your Farm Succession Plan Many people think an estate

FACT SHEET FS Property Ownership and Transferring Are Important Features of Your Farm Succession Plan Many people think an estate FACT SHEET FS-1056 Property Ownership and Transferring Are Important Features of Your Farm Succession Plan Many people think an estate plan is just a will, but it is much more than that. Your estate plan

More information

REMINGTON OF MONTROSE GOLF CLUB. dba THE BRIDGES 2500 BRIDGES DRIVE MONTROSE, CO (970) MEMBERSHIP PLAN ~ AMENDED & RESTATED ~

REMINGTON OF MONTROSE GOLF CLUB. dba THE BRIDGES 2500 BRIDGES DRIVE MONTROSE, CO (970) MEMBERSHIP PLAN ~ AMENDED & RESTATED ~ REMINGTON OF MONTROSE GOLF CLUB dba THE BRIDGES 2500 BRIDGES DRIVE MONTROSE, CO 81401 (970) 252-1119 MEMBERSHIP PLAN ~ AMENDED & RESTATED ~ Revised March 2017 TABLE OF CONTENTS MEMBERSHIP PLAN OVERVIEW...1

More information

TP-584-I. Instructions for Form TP-584. Summary of September 2003 Changes. Who must file. When and where to file. Instructions for Schedule A

TP-584-I. Instructions for Form TP-584. Summary of September 2003 Changes. Who must file. When and where to file. Instructions for Schedule A New York State Department of Taxation and Finance TP-584-I Instructions for Form TP-584 (10/03) Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of Exemption

More information

Heir Property. Robert A. Tufts Ph.D, J.D. LLM (tax) Attorney and Associate Professor Emeritus Alabama Agricultural Extension Service

Heir Property. Robert A. Tufts Ph.D, J.D. LLM (tax) Attorney and Associate Professor Emeritus Alabama Agricultural Extension Service Heir Property Robert A. Tufts Ph.D, J.D. LLM (tax) Attorney and Associate Professor Emeritus Alabama Agricultural Extension Service tuftsra@aces.edu 1 How is heir property created? There are only three

More information

FACTS ABOUT PROPERTY ASSESSMENTS

FACTS ABOUT PROPERTY ASSESSMENTS FACTS ABOUT PROPERTY ASSESSMENTS LESLIE MORGAN SHASTA COUNTY ASSESSOR-RECORDER DUTIES OF THE ASSESSOR The County Assessor is responsible for the preparation of the local secured and unsecured assessment

More information

PRIVATE TRANSFER REQUEST HIGHWATER ETHANOL, LLC MEMBERSHIP UNITS INFORMATION. Units can only be transferred in TRANSFEREE INFORMATION

PRIVATE TRANSFER REQUEST HIGHWATER ETHANOL, LLC MEMBERSHIP UNITS INFORMATION. Units can only be transferred in TRANSFEREE INFORMATION PRIVATE TRANSFER REQUEST Membership Unit Certificate Number: Original Date(s) of the Unit Certificate(s) Affected: MEMBERSHIP UNITS INFORMATION Number of Membership Units Number of Membership Units to

More information

UNIT TRANSFER PROCEDURE MANUAL September 21, 2011

UNIT TRANSFER PROCEDURE MANUAL September 21, 2011 UNIT TRANSFER PROCEDURE MANUAL September 21, 2011 TRANSFER PROCEDURES... 1 TRANSFER CHECKLIST... 1 PARTNERSHIP TAX RULES... 3 IRS FORM 8308... 5 SECURITIES RULES... 5 Rule 144... 5 Regulation of Broker-Dealer

More information

Policy Scope This policy applies to individuals who are seeking to succeed to a Phoenix tenancy.

Policy Scope This policy applies to individuals who are seeking to succeed to a Phoenix tenancy. SUCCESSION POLICY Responsible Officer Director of Customer Services Aim of the Policy The purpose of this policy is to ensure that Phoenix fulfils its statutory and contractual obligations for succession

More information

APPLICATION TO THE ASSESSOR FOR CLASSIFICATION OF LAND AS FOREST LAND

APPLICATION TO THE ASSESSOR FOR CLASSIFICATION OF LAND AS FOREST LAND STATE OF CONNECTICUT FORM M-39, REVISED 6/2016 APPROVED BY THE COMMISSIONER DEPARTMENT OF ENERGY & ENVIRONMENTAL PROTECTION APPLICATION TO THE ASSESSOR FOR CLASSIFICATION OF LAND AS FOREST LAND Declaration

More information

Duties Form Settlement Statement

Duties Form Settlement Statement Duties Form 100533 Settlement Statement Property details Land use entitlement 1 Does this transaction involve a transfer of land use entitlements? What is the total interest in the property/parcel being

More information

WESTGATE SALE PROCEDURE

WESTGATE SALE PROCEDURE WESTGATE SALE PROCEDURE Please forward this process to all parties involved in the change/transfer so they are aware of the timeframe involved: Westgate has the Right of First Refusal on all sales. You

More information

IN THE SUPREME COURT OF TENNESSEE AT NASHVILLE June 2, 2016 Session

IN THE SUPREME COURT OF TENNESSEE AT NASHVILLE June 2, 2016 Session IN THE SUPREME COURT OF TENNESSEE AT NASHVILLE June 2, 2016 Session DARRYL F. BRYANT, SR. v. DARRYL F. BRYANT, JR. Appeal by Permission from the Court of Appeals Chancery Court for Davidson County No.

More information

615 N. NASH STREET, SUITE 308 EL SEGUNDO, CA PHONE NO. (800)

615 N. NASH STREET, SUITE 308 EL SEGUNDO, CA PHONE NO. (800) 615 N. NASH STREET, SUITE 308 EL SEGUNDO, CA 90245 PHONE NO. (800) 794-8094 PROVIDENT TITLE COMPANY (2151) TITLE OFFICER: STEVE POSS/ JULIE SCHAAL 615 N NASH STREET # 308 E-MAIL: TITLEUNIT10@PROVIDENTTITLE.COM

More information

PERPETUITY ACT. Published by Quickscribe Services Ltd.

PERPETUITY ACT. Published by Quickscribe Services Ltd. PDF Version [Printer-friendly - ideal for printing entire document] PERPETUITY ACT Published by Quickscribe Services Ltd. Updated To: [includes 2016 Bill 18, c. 5 amendments (effective March 10, 2016)]

More information

Residential Property Assessment Appeals

Residential Property Assessment Appeals Residential Property Assessment Appeals How to appeal the assessed value of residential properties a guide for California property owners CALIFORNIA STATE BOARD OF EQUALIZATION BOARD MEMBER (Names updated

More information

Rev. Rul ISSUE(S)

Rev. Rul ISSUE(S) 26 CFR 301.7701 1: Classification of organizations for federal tax purposes. (Also: 671, 677, 761, 1031, 1.761 2, 301.7701 1, 301.7701 3, 301.7701 4.) Classification of Delaware statutory trust. This ruling

More information

Summary. April 14, 2009

Summary. April 14, 2009 Summary Husband and wife jointly own a condominium which they wish to convey to their joint trust. The condo is encumbered by a mortgage. Under s. 201.02, F.S., if a mortgage encumbers real property that

More information

SIMULATED MBE ANALYSIS: REAL PROPERTY PROFESSOR ROBERT PUSHAW PEPPERDINE UNIVERSITY SCHOOL OF LAW

SIMULATED MBE ANALYSIS: REAL PROPERTY PROFESSOR ROBERT PUSHAW PEPPERDINE UNIVERSITY SCHOOL OF LAW SIMULATED MBE ANALYSIS: REAL PROPERTY PROFESSOR ROBERT PUSHAW PEPPERDINE UNIVERSITY SCHOOL OF LAW Editor's Note 1: This handout contains a detailed answer explanation for each Real Property question that

More information

Chapter 4 Questions: Interests in Real Estate

Chapter 4 Questions: Interests in Real Estate Chapter 4 Questions: Interests in Real Estate 1. An elderly man left the family home to his second wife with the provision that when she dies, the home goes to a son by his first wife. The second wife

More information

SAN ANTONIO WATER COMPANY Water Stock Transfer Instructions (Revised 2017)

SAN ANTONIO WATER COMPANY Water Stock Transfer Instructions (Revised 2017) SAN ANTONIO WATER COMPANY Water Stock Transfer Instructions (Revised 2017) Given that San Antonio Water Company is a private mutual water entity, under State Code, we must conform to the statutes and our

More information

y~f A. D ~ E. ~ B D 511" c. D UY' D. Robert S. Morse and Howard Johnson

y~f A. D ~ E. ~ B D 511 c. D UY' D. Robert S. Morse and Howard Johnson " BOE-502-A (FRONT} REV. 9 (8-06)\ PRELIMINARY CHANGE OF OWNERSHIP REPORT I FOR RECORDER'S USE ONLY :, [To be completed by transferee (buyer) prior to transfer of subject property in accordance with section

More information

MID-MISSOURI ENERGY, LLC UNIT TRANSFER AGREEMENT AND APPLICATION FORM. (November 2010 Form)

MID-MISSOURI ENERGY, LLC UNIT TRANSFER AGREEMENT AND APPLICATION FORM. (November 2010 Form) MID-MISSOURI ENERGY, LLC UNIT TRANSFER AGREEMENT AND APPLICATION FORM (November 2010 Form) A. General Instructions. 1. This Unit Transfer Agreement and Application Form (this TAA Form ) has important legal

More information

Real Property Transfers at Death in Montana: Probate and Non Probate Issues 1

Real Property Transfers at Death in Montana: Probate and Non Probate Issues 1 Real Property Transfers at Death in Montana: Probate and Non-Probate Issues Montana Land Title Association November 3 4, 2016 Michael Tennant Molly Considine Crowley Fleck PLLP Probate Property v. Non-Probate

More information

fiduciary duty to support the rehabilitation of the Hawaiian people, in part by ensuring long-term tenancies to beneficiaries

fiduciary duty to support the rehabilitation of the Hawaiian people, in part by ensuring long-term tenancies to beneficiaries THE SENATE TWENTY-NINTH LEGISLATURE, 0 STATE OF HAWAII S.B. NO. s.d.* A BILL FOR AN ACT RELATING TO THE HAWAIIAN HOMES COMMISSION ACT. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII: SECTION.

More information

Duties Amendment (Land Rich) Act 2004 No 96

Duties Amendment (Land Rich) Act 2004 No 96 New South Wales Duties Amendment (Land Rich) Act 2004 No 96 Contents Page 1 Name of Act 2 2 Commencement 2 3 Amendment of Duties Act 1997 No 123 2 Schedule 1 Land rich amendments 3 Schedule 2 Other amendments

More information

IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA SECOND APPELLATE DISTRICT DIVISION FIVE B250925

IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA SECOND APPELLATE DISTRICT DIVISION FIVE B250925 Filed 5/8/15 CERTIFIED FOR PUBLICATION IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA SECOND APPELLATE DISTRICT DIVISION FIVE PAUL PETERSON et al., Plaintiffs and Respondents, v. B250925 (Los Angeles

More information

subject to open future children of B will be excluded from the class

subject to open future children of B will be excluded from the class Problem 14: O deeds to A for life, then to the children of B. [B is alive and has 2 kids, Chandler and Monica.] What is the state of title following O s conveyance? A = present life estate Chandler, Monica

More information

County of Sacramento Office of the Assessor 2006 Annual Report. Kenneth D. Stieger Assessor

County of Sacramento Office of the Assessor 2006 Annual Report. Kenneth D. Stieger Assessor County of Sacramento Office of the Assessor 2006 Annual Report Kenneth D. Stieger Assessor Table of Contents Message from the Assessor. 2 Mission and Values. 3 Office of the Assessor. 4 Property Tax Work

More information

IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA SECOND APPELLATE DISTRICT

IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA SECOND APPELLATE DISTRICT IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA SECOND APPELLATE DISTRICT LORRAINE STEINHART, ) Appeal No. B190957 ) Plaintiff and Appellant, ) Superior Court No. LC 073339 ) Los Angeles County vs. )

More information

ESTATE LITIGATION: A PRIMER

ESTATE LITIGATION: A PRIMER ESTATE LITIGATION: A PRIMER TRUSTS AND ESTATES LAW / YOUNG LAWYERS DIVISION Joint Assets & Resulting Trusts: A Recipe for Litigation? Dealing with Joint Assets in the Estates Litigation Context Pia Hundal,

More information

O conveys land to A for life, remainder to B, C, and D. B, C, and D are A s heirs apparent at law.

O conveys land to A for life, remainder to B, C, and D. B, C, and D are A s heirs apparent at law. This is remarkable effort by a student in this year s class (2017), beautifully color-coded, that takes my 1969 set of objective questions and revises the answers according to this year s assumptions about

More information

Important Information for the Executors of Your Will

Important Information for the Executors of Your Will Important Information for the Executors of Your Will Important Information for Executors and Families Most wills prepared contain a clause permitting the executor(s) to arrange estate administration liability

More information

GOLDEN EAGLE CHARTER SCHOOL

GOLDEN EAGLE CHARTER SCHOOL GOLDEN EAGLE CHARTER SCHOOL Governance Council Policy # 2005.2 The Governance council hereby adopts this Conflict of Interest Code ( Code ), which shall apply to all Governance Council members, candidates

More information

SIGNIFICANT ISSUES RELATING TO STOCK-BASED COMPENSATION FOR EXECUTIVES

SIGNIFICANT ISSUES RELATING TO STOCK-BASED COMPENSATION FOR EXECUTIVES SIGNIFICANT ISSUES RELATING TO STOCK-BASED COMPENSATION FOR EXECUTIVES Materials Submitted By: Scott P. Spector Fenwick & West LLP Palo Alto, California T his outline addresses topics relating to stock-based

More information

SENATE STAFF ANALYSIS AND ECONOMIC IMPACT STATEMENT

SENATE STAFF ANALYSIS AND ECONOMIC IMPACT STATEMENT SENATE STAFF ANALYSIS AND ECONOMIC IMPACT STATEMENT (This document is based on the provisions contained in the legislation as of the latest date listed below.) BILL: CS/SB 1542 SPONSOR: SUBJECT: Finance

More information

D.C. Code

D.C. Code Current through September 19, 2012, and through D.C. Act 19-448 Annotations current through November 23, 2012 District of Columbia Code Annotated > DIVISION VII. > TITLE 42. > SUBTITLE VII. > CHAPTER 34.

More information

EN Official Journal of the European Union L 320/373

EN Official Journal of the European Union L 320/373 29.11.2008 EN Official Journal of the European Union L 320/373 INTERNATIONAL FINANCIAL REPORTING STANDARD 3 Business combinations OBJECTIVE 1 The objective of this IFRS is to specify the financial reporting

More information

WA introduces amending legislation to make significant stamp duty changes

WA introduces amending legislation to make significant stamp duty changes WA introduces amending legislation to make significant stamp duty changes 4 December 2018 On 29 November 2018, the Revenue Laws Amendment Bill 2018 (Bill) was introduced into the Western Australian (WA)

More information

Change of Ownership/ Application for Transfer Form

Change of Ownership/ Application for Transfer Form Change of Ownership/ Application for Transfer Form THIS CHANGE OF OWNERSHIP/APPLICATION FOR TRANSFER FORM may be used to transfer shares of common stock ( Shares ) of Resource Real Estate Opportunity REIT

More information

AFIN AMERICAN FINANCE TRUST, INC. TRANSFER INSTRUCTIONS AND FORMS IMPORTANT NOTICE

AFIN AMERICAN FINANCE TRUST, INC. TRANSFER INSTRUCTIONS AND FORMS IMPORTANT NOTICE TRANSFER INSTRUCTIONS AND FORMS The following are instructions and forms needed to transfer shares of common stock ( Shares ) of American Finance Trust, Inc. (the Company ). 1. The transferor is the entity

More information

CORPORATE REORGANIZATIONS- PART I SECTION 85 TRANSFERS - INCOME TAX CONSIDERATIONS

CORPORATE REORGANIZATIONS- PART I SECTION 85 TRANSFERS - INCOME TAX CONSIDERATIONS CORPORATE REORGANIZATIONS- PART I SECTION 85 TRANSFERS - INCOME TAX CONSIDERATIONS This issue of the Legal Business Report provides current information to the clients of Alpert Law Firm on various types

More information

Protecting Your Assets Under the Florida Homestead Exemption ~ J. Michael Hartenstine

Protecting Your Assets Under the Florida Homestead Exemption ~ J. Michael Hartenstine Protecting Your Assets Under the Florida Homestead Exemption ~ J. Michael Hartenstine What do O.J. Simpson, Burt Reynolds, and Paul Bilzerian have in common? They all moved to Florida to take advantage

More information

CHAPTER Senate Bill No. 1830

CHAPTER Senate Bill No. 1830 CHAPTER 2013-72 Senate Bill No. 1830 An act relating to ad valorem taxation; amending s. 192.047, F.S.; providing that the postmark date of commercial mail delivery service is considered the date of filing

More information