Doing Business in Florida Blog
Proposed Regulations Target Elimination of Valuation Discounts for Intra-Family Transfers
September 19, 2016
Nancy K. Watkin
The Internal Revenue Service recently issued Proposed Regulations that could have a dramatic impact on estate planning and the succession of interests in family-controlled entities between family members by eliminating or severely restricting the availability of valuation discounts in connection with a variety of estate planning strategies. These discounts are frequently used to reduce estate and gift taxes.
"Money for Nothing, but the Checks for Free" – Free Money for Fiduciaries
September 18, 2016
Brian G. Rich and Ashley Dillman Bruce
Often, when businesses fail, they end up either in bankruptcy court as a chapter 7 debtor or in a state court liquidation proceeding such as an assignment for the benefit of creditors. In these instances, a fiduciary is appointed to wind-down the affairs of the business, liquidate assets, and pay allowed claims. In many situations the fiduciary is left with records which are either incomplete or in disarray and little money to pay the costs of administration. One often overlooked asset for easy recovery can be unclaimed funds. Unclaimed funds are deposits, insurance refunds, or other funds that have been remitted but which were never cashed or claimed. These funds are deposited with the State of Florida and wait until someone comes forward with a claim.
Wind v. Wave: Making the Critical Distinction of Damage Caused by Storm Winds and Storm Surge
September 8, 2016
Michael J. Higer and Gina Clausen Lozier
Considerations for Warehouse Mortgage Lenders
September 7, 2016
Phyllis S. Bean
Beware of the Tax Traps of Employer-Owned Life Insurance Contracts
September 6, 2016
Mitchell W. Goldberg
Time to Get Your Lottery Ticket! Florida's Quota Beverage License Drawing Is the Lottery for the Hospitality Industry
August 8, 2016
Paul S. Figg
Tax Court Reminder: Puerto Ricans Are Subject to U.S. Self-Employment Tax
August 7, 2016
Mitchell W. Goldberg
To Lien or Not to Lien (a Liquor License): Understanding the Benefits and the Risks
August 7, 2016
Paul S. Figg
Changes Coming to Florida Cleanup Rules
July 28, 2016
Daniel H. Thompson
Commercial property transactions often involve much haggling between seller and purchaser over potential contamination liabilities, with known contamination problems sometimes ruining marketability. The ownership and redevelopment of contaminated property has historically been a risky business in Florida because of prescriptive and potentially costly state and local cleanup requirements and nervous lenders. Further complicating matters is the fact that the persons responsible for cleanup (“responsible parties”) can include current and former property owners, lessees, or “operators” on the property.
Life Settlement Investments: Avoiding the Pitfalls in the Event the Life Settlement Company Files for Bankruptcy
July 17, 2016
Deborah B. Talenfeld
For those who may be considering an investment in life settlements (see my previous blog for background), recent bankruptcy filings of life settlement entities have raised a concern not often considered when determining whether or not to invest: what would happen if the entity that owns or manages the underlying insurance policy(s) ends up in bankruptcy. Life settlement companies typically include provisions in their purchase agreements that downplay the potential ramifications of a bankruptcy filing. Such companies state how they, or the underlying insurance company, have been in business for many years, that the investor is a beneficiary of the policy, or similar words of comfort. However, these are just words, and they do not in and of themselves provide any protection to the investor.
CMBS Loan Maturities and Potential Defaults – a Tsunami or a Ripple?
July 6, 2016
Katherine Amador
For the last few years, financial analysts have been warning of the wave of CMBS loan maturities in 2016 and 2017 and the resulting “parade of horribles”.
Does Your Construction Contract Provide for a "Project Neutral" to Resolve Disputes?"
June 30, 2016
Jeffrey S. Wertman
Disputes on construction projects are inevitable. One of the most important risk management tools for construction participants is a quick and effective dispute resolution procedure. Dispute resolution can be accomplished through various methods, including traditional mediation, arbitration and litigation. However, construction parties are using pre-selected neutrals to serve the parties as real time dispute facilitators more frequently. This concept envisions that the parties select one or more independent construction industry experts at the beginning of the project pursuant to a provision in a construction agreement.