Vacation Area Homes: Tax and Management Issues – Begley Report
By: Thomas D. Begley, Jr., Esquire, CELA CASE STUDY 1: VACATION HOME—NO ESTATE PLAN Harry and Sally own a vacation home on a barrier island. They purchased the home many years ago for $50,000, and it is now worth $1 million. Harry and Sally have two children and five grandchildren. The children visit the vacation…
TEN THINGS TO KNOW ABOUT A QUALIFIED SETTLEMENT FUND (QSF)
by Thomas D. Begley, Jr., Esquire, CELA What is a QSF? The QSF, also known as a 468B Trust, is used to settle multiple Plaintiff lawsuits, for example, mass torts. Advantage. The Defendant can pay and go and obtain a release of liability right away, allowing the Plaintiffs to delay tax consequences and time to…
WHAT IS GOING ON WITH FEDERALLY ASSISTED HOUSING?
by Thomas D. Begley, Jr., Esquire, CELA The federal government has assisted individuals and families with payment for housing since the Great Depression. Section 8 began in 1974. In 2016, Congress passed the “Housing Opportunity Through Modernization Act,” referred to as HOTMA, to modernize the Section 8 program. Ten years later, a great deal of…
UTILIZING SPECIAL NEEDS TRUSTS WHEN THE PERSONAL INJURY CLIENT IS A MEDICAID RECIPIENT
by Thomas D. Begley, Jr., Esquire, CELA As a personal injury attorney, an important source of insurance and funding for medical needs for your clients with disabilities is Medicaid. When a person is receiving Medicaid and may be receiving a settlement, it must be determined whether a Special Needs Trust (SNT) is required to protect…