Archive for Business
Changes to Florida’s Documentary Stamp Tax
On June 10, 2009, Florida Governor Charlie Crist signed a bill amending the Florida documentary stamp tax (the “transfer tax”) to close a tax loophole for certain real property transfers. In the 2005 case, Crescent Miami Center, LLC v. Florida Department of Revenue, the Florida Supreme Court announced that a transfer of unencumbered property (property [...]
Reducing Mortality Risk in DGT Sale
Clients often freeze the value of their taxable estates through sales of businesses, family LLCs, family partnerships, or real estate to defective grantor trusts (“DGTs”), which are disregarded for income tax purposes but recognized for estate tax purposes. The value in these transactions is generally that they cause future appreciation of the entity to be outside [...]
Georgia Uniform Securities Act of 2008
On May 12, 2008, Georgia became the 15th state to adopt a securities regulation regime based upon the Uniform Securities Act of 2002 (which was created as a model act by the National Conference of Commissioners on Uniform State Law). The Georgia Uniform Securities Act of 2008 (the “Georgia Uniform Securities Act”), which became effective [...]
Changes to Georgia’s Lien Law
The 2008 Georgia legislature enacted several significant changes to Georgia’s lien law. These changes were effective on March 31, 2009. Failure to comply with these changes could result in the loss of the ability to claim a lien. First, time periods have changed. Claimants must file their liens within 90 days after completion of the [...]
Valuation Discounts in Peril
We are very concerned that the window for taking advantage of valuation discounts may be closing. In January 2009, House Bill 436 was introduced by Rep. Earl Pomeroy (D-N.D.), ostensibly to fix the estate tax exemption amount at 3.5 million dollars. However, that Bill also attempts to eliminate valuation discounts for lack of marketability and/or minority interest for [...]