No Federal Estate Tax, but What About Your State?
By PAUL SULLIVAN
Published: March 11, 2010
Twenty states have their own versions of the old federal estate tax. The many clauses and provisions mean that, even in the absence of a federal estate tax, you might not be able to die tax-free.
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Sage Grouse: Not Listed as Endangered
According to Secretary of the Interior Ken Salazar "The sage-grouse's decline reflects the extent to which open land in the West has been developed in the last century," said Salazar. "This development has provided important benefits, but we must find common-sense ways of protecting, restoring, and reconnecting the Western lands that are most important to the species' survival while responsibly developing much-needed energy resources. Voluntary conservation agreements, federal financial and technical assistance and other partnership incentives can play a key role in this effort." The species will be added to the candidate list allowing the Fish and Wildlife Service and other agencies an opportunity to continue to work cooperatively with private landowners to conserve the candidate species.
According to the press release The U.S. Fish and Wildlife Service will review the status of the species annually, as it does with all candidate species, and will propose the species for protection when funding and workload priorities for other listing actions allow. Should the status of the greater sage-grouse sufficiently improve as a result of the efforts to be undertaken, the Service could determine that the protection of the Endangered Species Act is not needed.
For all your farm, ranch, and recreational property needs visit http://www.pfisterlandco.com/ or call our office at (307)684-5201
What is Organic Farming? - eXtension
To find out more about the national organic certification requirements and organic program, visit the USDA NOP website http://www.ams.usda.gov/nop.
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Real Estate Lawyers
1. Reasonableness of asking price: Don't expect a lawyer to do a comp analysis or an appraisal. But local lawyers who have been doing real-estate work for a number of years should have an accurate feel for prices, price trends, volatility and current market conditions. Buyers often get a better bead on the reasonableness of a seller's asking price from their lawyer than from an agent representing the seller who may be their first and only source of local market information.
2. Local insight into seller's motivations: Lawyers know their communities, and usually know personally, or know of, individual sellers. Buyers are enormously advantaged when they can learn why a buyer is selling and how intense the motivation is.
3. Problems and issues with particular properties: An experienced local lawyer is likely to know first-hand, or have acquaintance with, many properties in a county, particularly those that have been sold during his years of practice. The more years of practice, the more likely it is that he will know about problems and issues that may or may not be of a strictly legal nature.
4. Lenders and vendors. The buyer's lawyer will also have opinions about local lenders, brokers, agents, title companies, surveyors, excavators, local officials (building inspector, zoning office), appraisers and contractors. If this advice is sound, it's worth
a small fortune to a buyer who will be directed to the best local options for each service.
It can save a buyer money, time, aggravation and mistakes.
5. Contract terms. Most buyers are shown property by an agent representing the seller and given a standard purchase-offer contract that, in my opinion, is skewed in favor of sellers. A buyer's lawyer should be asked to go over either the standard agent's contract or one the lawyer uses well in advance of a buyer having to read and understand contract terms under pressure. Previous columns have discussed many of these boiler-plate terms and their implications.
6. Local idiosyncrasies: The buyer's lawyer should know something about local politics; local folks and neighborhoods to avoid; and local ground conditions (such as, which areas of the county have dirt that rarely passes a perc test, routinely flood, get lightning strikes, are situated over karst, go dry in August and so on). (To read the complete article click here.)
Pfister Land Company, LLC is an all in one Real-estate company offering buyers and sellers representation as well as having a lawyer in house. Our practice areas include but are not limited to:
Real Estate Law
Easement Origination and Negotiation
Lease Origination and Negotiation
Subdivision and Development of Properties
Land Use and Planning
Private Road Disputes
Sales, Purchases and Related Matters
Structuring, Choice of Entity and Tax Planning
Reclamation and Abatement
Real Estate Transactions and Contracts
Construction Contracts and Litigation
Oil, Gas and Mineral Law
IRC 1031 Tax Deferred Exchange
For more information contact our office at http://www.pfisterlandco.com/
Labels: Real estate law