Have you gifted real estate worth more than $13,000 to a family member? If so, don’t forget to file a gift tax return.
A recent Wall Street Journal article discusses the IRS’s “low profile, but sweeping” effort to discover unreported gifts of real estate to family members through an examination of state land-transfer records. What does that mean? It means that the IRS is looking at real estate deeds that show transfers of property between family members. When they find one, they look to IRS records to see if the person who gifted the property filed a gift tax return. If the IRS doesn’t find one in their records, they’ll probably send you a letter, which isn’t on most people’s list of favorite things to find in the mailbox.
Family leave is a broad phrase that impacts almost every business in New Jersey.
What many businesses fail to recognize is that there are two acts to follow, not one.
New Jersey has legislation called the New Jersey Family Leave Act (“NJFLA”).
Federally, there is the Family and Medical Leave Act (FMLA”).
Although most assisted living facilities are aware that they are required to have written resident agreements, many assisted living owners and administrators fail to appreciate the significance of having an updated resident agreement that accurately represents your business interests. It is this author’s humble opinion that this is the single most important document in the long-term care industry. Frequently, clients approach me after a problem has arisen; however, it is lways recommend that clients consult me as early as possible to avoid issues regarding interpretation. Keep in mind, any benefit of the doubt will favor the resident.
With all the news of Maria Shriver and Arnold Schwarzenegger’s marriage and infidelities, emotions are running high and there has been a lot of discussion about Mr. Schwarzenegger being a “bad guy.”
