When property is transferred whether as an “inter vivos” meaning during life transfer, or as a result of death, it may be subject to taxes like property taxes and transfer taxes. When property is transferred as a result of death in some states an inheritance tax may apply to the heir or person receiving...
Continue reading ›By Eli Underwood As older generations (particularly Baby Boomers and the Silent Generation) retire or pass away, their assets are transferred to heirs, who are largely family members. According to a recent report from Cerulli, approximately $124 trillion will move from older generations to Gen Xers and Millennials by 2048. This means the United...
Continue reading ›Generally, once parents have given their child(ren) funds for a downpayment as a gift, the parents cannot recover the gifted money. In fact, to recover the downpayment given as a gift, parents must prove the payment was made without intention to make a gift, or under circumstances such as fraud. Absent such circumstances, courts...
Continue reading ›By Eli Underwood With longer life expectancy comes a longer “third act,” and many people in their 50+ era just don’t want to stay in the same box society has confined them to. As a consequence, the so-called gray divorce is now the most prevalent, especially in the U.S. While overall divorce rates across...
Continue reading ›A default judgment may be entered against a defendant if they do not respond to the pleadings in time. This is done by requesting default and then requesting that the court enter default judgment. If you have been sued this is an important reason to make sure you respond to the pleadings or the...
Continue reading ›The equal dignities doctrine is a California doctrine that affects the applicability of contracts. The doctrine is a subset of a larger doctrine that is called the statute of frauds which governs contracts for things like the sale of land. Some contracts must be in writing to be enforceable like leases, mortgages, and deeds....
Continue reading ›It depends. Generally, a deceased person cannot be joined as a party to a lawsuit in their individual capacity. However, the estate of the deceased person, managed by a personal representative, can be joined as a party to a lawsuit. Ultimately, the circumstances under which a deceased person can be joined as a party...
Continue reading ›The Williamson Act, also known as the California Land Conservation Act of 1965, allows an owner of agricultural land to enter into a contract restricting the use of land to agricultural purposes and eliminates possible subdivision of the land. The Act in return provides a reduction in the land’s assessed value which decreases the...
Continue reading ›By Eli Underwood Today’s partition law is the product of centuries of legal evolution within the Western world. Its roots trace back to Roman law, where co-owners could split shared property through a process called actio communi dividundo. As the law developed, it moved beyond the rigidity of early common law courts, offering more...
Continue reading ›By Eli Underwood Home ownership remains an aspiration for millions of people, although changing demographic trends and economic pressures mean that today’s first-time buyers have different domestic arrangements compared to previous generations. Specifically, fewer couples are getting married, and an increasing number of unmarried partners are purchasing properties together. This is an interesting phenomenon...
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