Broward County Lawyers

Florida Foreclosures - Foreclosure Documents May Entitle Homeowners to Compensation

2010-10-01T22:28:00.006-04:00

The foreclosure mess keeps growing. By now, most people are beginning to hear how banks, including JP Morgan Chase, Bank of America and GMAC, are suspending foreclosures because of defects in paperwork filed with the Courts. Affidavits were filed in the foreclosure cases where the party signing the document stated that they had personal knowledge of the information contained in the document. Of course, it turns out, that probably wasn't true. Foreclosure defense lawyers are asserting that the filing of those documents is a fraud on the Court. The result is that homeowner's that lost their homes to the bank in foreclosures may be entitled to compensation. Additionally, this problems is impacting the title insurance industry. Title agents are being told to not issue title insurance on property owned and being sold by a bank. I have read several articles on the topic which you can read below.

If you would like more information about this topic, you can post a comment to this blog, contact me, Larry Tolchinsky, a Florida Foreclosure Defense Attorney, by email, or call me at (954) 458-8655, and I will be happy to answer your questions. I offer a free initial consultation and I promise to get back to you promptly.

Foreclosure Defenses - Goldman Sachs May Help

2010-04-16T13:22:00.004-04:00

I just wrote an article about how charges against Goldman Sachs can help foreclosure defenses on main street. Any way that I can help to get the message out that there is help for those facing foreclosure I'm willing to do, even at the expense of Goldman Sachs. As they say, something good can come from something bad. Hopefully, that will happen here.

If you would like more information about this topic, you can post a comment to this blog, contact me, Larry Tolchinsky, a Foreclosure Attorney, by email, or call me at (954) 458-8655, and I will be happy to answer your questions. I offer a free initial consultation.

Condominium Investors - Beware of Associations Facing Busted Budgets - Fire Safety Takes a Backseat

2010-03-25T14:42:00.002-04:00

By now, we are all well aware of the detrimental effects the downturn in Florida's economy has had on the housing market: Rapidly decreasing property values and swiftly increasing foreclosure proceedings.

A residual effect of the economic downturn can be seen in the number of condominium associations that foregoing necessary safety upgrades to their buildings, simply because they cannot afford the upgrades. A recent article in the Sun Sentinel, entitled "Can Florida Condominium Associations Afford Fire Safety Upgrades?" (March 23, 2010) expounds on this phenomenon that forces condominium associations to install upgrades (for many, this would lead to insolvency) or continue to live in buildings with out-of-compliance fire safety systems.

Legislators are hearing the pleas from condominium associations, and in response, a bill has been proposed which extends the time period for condominium's to reach compliance by five years; Instead of facing fines for noncompliance by 2014, the bill proposes to extend the deadline to 2019, or, in some cases, to eliminate the deadline completely.

Individuals investing in condominiums should investigate whether the building is in compliance with fire safety regulations, determine when the building is scheduled for its next upgrade, and if the association has enough reserves to pay for an upgrade. Otherwise, they may face an assessment to pay for the work which can eat into or eliminate investment returns. Condominium investors should closely watch the legislature as the recent bill begins negotiations.

If you would like more information about this topic, you can post a comment to this blog, contact me, Larry Tolchinsky, a Florida Real Estate Attorney, by email, or call me at (954) 458-8655, and I will be happy to answer your questions. I offer a free initial consultation.

Foreclosure Defense and Budget Friendly Fee Arrangements

2010-03-02T11:46:00.003-05:00

We are trying to do our part to share an important message with the public regarding foreclosures: In many instances mortgage foreclosure plaintiffs are unable to legally prove ownership of the mortgage they are suing on. This issue is giving rise to a foreclosure defense that the Plaintiff in the foreclosure lawsuit lacks the authority to enforce the mortgage. The result is that homeowners are living in their homes without paying their mortgage until the Courts determine if these mortgages are enforceable. We have been dealing with this issue a lot in our office. However, most people we speak with are concerned that they cannot pay an attorney since they are already facing difficult financial circumstances. In response to our client concerns, we have designed a fee structure that is designed to fit within most budgets. So, don't let the fear of attorney fees stand in the way of learning your legal rights. A qualified foreclosure attorney can help.

Mortgage Foreclosure and Deficiency Judgment Articles and Blog Posts

2010-02-20T20:20:00.005-05:00

I was reviewing the articles and pages of content we have written regarding the mortgage foreclosure mess and deficiency judgments. Below is a small sample of some of the more interesting topics we have written about:

Mortgage Foreclosure:

Deficiency Judgments:

If you find any of these articles or pages interesting or have any questions about mortgage foreclosure or deficiency judgments, simply post to this blog or call us at (954) 458-8655. We offer a free initial consultation.

When Home Prices Fall, Broward Public Schools Suffer

2010-02-15T21:36:00.002-05:00

Property values in Broward County have plunged to deeper depths, and the residual effects of lower tax income are already being felt by Broward government agencies, namely Broward public schools, which depend on property tax income to fund their services.

In an article entitled, " Broward School Board weighs possible layoffs, furloughs, fewer electives" (published 2/9/10), the Sun Sentinel reports that the Broward school district will face nearly $100 million cut in state money. This reduction in income for schools can be directly attributed to a marked drop in property values throughout the county.

According to a related Miami Herald article entitled "Broward property values take a nose dive," (published 2/8/10), property values have dropped about 16% countywide. As government agencies consider their budget planning strategies, they will be forced to reduce wages for their entire employment force, or layoff specific employees, in order to reach compliance. Usually, the first agencies to feel the effects of decreased tax revenue are Broward's already beaten and bruised public schools.

In light of these budget cuts, schools countywide will attempt the delicate balance between teacher needs and student services: In order for schools to comply with recently reduced student-teacher ratios, many teachers will be forced to take unpaid furloughs or face layoffs in nonessential subjects. It's either the teachers are let go, or options for students will be reduced (think schools that only offer specific electives, like arts or sports, but not both). To make the matter more complicated, the Broward Teacher's Union is currently in negotiations for a 4% pay raise. Clearly, the detrimental effects of plummeting home values are not limited to the pocketbooks of homeowners. To me, this is yet another example of the continuing spiraling down of our economy caused by the ongoing housing crisis.

Contributor to a Bloomberg.com article on Deficiency Judgments

2010-02-01T22:54:00.002-05:00

Last week I, (Larry Tolchinsky), was asked to contribute to an article on Bloomberg.com entitled "Lenders Pursue Mortgage Payoffs Long After Homeowners Default." The article, written by Kathleen M. Howley, discusses deficiency judgments and raises the question whether they will be the next crisis for consumers. It's nice to be recognized for my writings on the subject.

Our Client is Buying and Looking for Items for Sale

2010-01-25T16:36:00.004-05:00

My client has asked that I invite Sellers to contact my office regarding items they may be interested in selling and don't want to spend the money and time listing with a Realtor or posting to Ebay, Craigslist or the local newspaper. My client is interested in buying, for cash, the following items:

Gold
Silver
Watches
Residential Real Estate
Commercial Real Estate
Mortgage Notes
Exotic Cars
Tax Certificates
Other various collectibles and assets of value

If you are interested in selling any of these items, kindly contact me, Larry Tolchinsky. I will arrange a meeting to view your items. I can be reached at (954) 458-8655.

Are Big Banks Committing Short Sale Fraud?

2010-01-20T13:40:00.006-05:00

In the not-too-distant past, homeowners throughout the country were reaping the benefits of the housing boom by taking out home equity loans and lines of credit to finance their spending. With today's dismal housing and job markets, that source of funding has dried up leaving many homeowners in financial distress. Unfortunately, these people can't meet their monthly obligations, including their mortgage payments, and are unable to qualify to refinance or modify their loan payments.

For many borrowers, the only option they have to finding relief from their mortgage payment is to short sale (when the lender allows the home to be sold for less than the value of the loan) their home. However, when a home has two liens, the second lien holder must release their lien, which often means the second lien holder gets nothing from the borrower.

Clearly, second lien holders need incentive to release their liens, so first lien holders generally negotiate some partial payment to entice the second lien holder to release its mortgage. All these negotiations are fully disclosed and completely legal.

A recent article, though, discusses a new trend that big banks are benefiting from: Banks like JP Morgan and Bank of America are allegedly getting off-the-books payments from real estate agents and buyers for further enticement to release their liens. None of these "side deals" are being disclosed to the holders of the first lien, resulting in double payment to banks; first from the first lien holder, and again from the real estate agent and/or buyer. The law states that any and all payments related to a real estate transaction must be disclosed on the Closing Statement (a/k/a HUD settlement Statement).

This practice of not disclosing this information on the HUD is in violation of RESPA (Real Estate Settlement Procedures Act), which is the law requiring that consumers receive disclosures at various times in a real estate transaction. The law specifically prohibits kickbacks and its stated purpose is to provide consumer protection to homebuyers so that they can be better shoppers in the home buying process. Currently there is no investigation into this fraudulent practice by the Treasury Department, the FTC (Federal Trade Commission), or FINCEN (Financial Crimes Enforcement Network). Hopefully, though, if more attorneys and aggrieved homeowners blow the whistle, these big bank fraudulent practices will cease.

For more information, please see our page on Short Sale Counseling to learn more.

If you have any questions about this topic, you may either post a comment to this blog, contact me, a Florida Real Estate Attorney, by email, or call me at (954) 458-8655, and I will be happy to answer your questions. I offer a free initial consultation.

Deficiency Judgment Articles

2009-12-13T22:22:00.007-05:00

I have received so many calls about deficiency judgments due in part to the articles I have written on the subject on our sister blog, About Florida law. Those articles collectively discuss most aspects of Florida deficiency judgments that I face in my practice, including:

If you have any question about deficiency judgments, please post a comment to either of our blogs. Otherwise, you may contact me, a Florida Real Estate Lawyer, by email or telephone at (954) 458-8655. I offer a free initial consultation.

Short Sales are Taking Forever!

2009-11-20T19:27:00.006-05:00

By now, everyone knows that a "short sale" occurs when real estate is sold for less money than is due on its mortgage. A short sale serves as an alternative to foreclosure, where the borrower cannot afford his mortgage payments and the lender determines that it is better to sell the property at a moderate loss than to press the debtor to pay the whole balance. By following through with a short sale, the lender avoids the hefty fees of foreclosure and the debtor avoids the resultant plunge in his credit score.

Because both parties (lender and debtor) must consent to a short sale, it is becoming increasingly difficult to effect – not because it is somehow less favored than foreclosure in our current economy, but because lenders are taking forever to grant their approval. Many of my clients have voiced concerns in this regard, and I thus consulted some realtors to better understand the situation. I found that like other businesses, banks too laid off employees to survive the recession, and so they just don't have the manpower to sift through the vast quantities of short sale applications they receive in a timely fashion. Some of the real estate transactions that I have been involved have taken up to 6 months to close. It's crazy.

What's happening now is that homeowners are increasingly engaging in "strategic defaults" or voluntary foreclosures, whereby they simply walk away from their mortgages; they just stop paying, let the bank take their home and move into a rented apartment for half their monthly mortgage payment. Everyone loses when this occurs. Banks lose money and are burdened with so much more work, and homeowners face a deficiency judgment and suffer a 100 point decrease in their credit score, making them ineligible for a new mortgage for seven years and less likely to be approved for credit in any other capacity. What I don't understand is why these over-stretched banks don't take their federal bailout money and hire (or restore) more employees. This would not only solve the short sale situation, but also help boost our economy!

Newswires

2009-11-04T22:36:00.004-05:00

I am pleased to announce that we just launched a new section to our law firm website, called newswires. This section offers the latest news from around the web for the different areas of the law that we practice and news related to several of the South Florida cities we serve. Each page also includes links to other items of interest including a city encyclopedia and local weather. We invite you to browse. If you have any comments or suggestions as to other information you would like included on these pages, please feel free to contact us by email, or call us at (954) 458-8655.

Deficiency Judgments – Don’t Just Walk Away

2009-10-25T10:35:00.003-04:00

This morning, I read an article in the Miami-Herald about borrowers walking away from their homes because the value of their home has fallen below the mortgage balance. The article discusses the danger of doing so, and specifically mentions deficiency judgments. I wrote 2 blog posts, one defining deficiency judgments, and the other talking about what to do when facing a deficiency judgment, including negotiating with your lender. I keep blogging about this topic, because this will be a hot button issue for at least the next 5 years and I am constantly receiving phone calls from clients seeking advice in this regard.

If you are interested in learning more about deficiencies, you can either post a comment to this blog, contact me, a Deficiency Judgment Lawyer, by email, or call me at (954) 458-8655 and I will be happy to answer your questions. I offer a free initial consultation.

Homeowners Associations/ Condominium Associations – Failure to Pay Maintenance

2009-10-24T21:12:00.006-04:00

A Homeowners Association (HOA) / Condominium Association provides valuable services to members of its residential community, including maintenance of common areas such as lobbies, hallways, pools/ parks, shared laundry facilities, etc. An HOA will generally require that the units in its residential community pay a monthly fee to cover the cost of these services, which is calculated based on an expectation that at least 80 to 90 percent of the units are occupied and, further, are regularly paying their dues.

So, what happens when, as now, a residential community faces a disproportionate number of foreclosures, when residents are evicted and banks take over the units, and no one is paying HOA dues for the unoccupied units? The HOA becomes severely under-funded and is unable to continue some of the services it provides. To retaliate, homeowners/ condo owners still in possession of their units stop paying their HOA dues, and, gradually, all services stop such that the residential community falls into disrepair. The property values of homes in the residential community collapse, and more residents are thus forced into foreclosure – and then the cycle repeats.

To protect against this situation, the law grants HOAs the right to enforce homeowners/ condo owners' duty to pay HOA dues. If you fail to pay your dues, your HOA can place a lien on your property and, further, foreclose on that lien in accordance with Florida law. This is true even if your HOA is NOT providing some or all of the services required of it. So, bottom line, continue to pay your HOA dues on time regardless of what services it has failed to provide and, if necessary, study your HOA / condominium documents to determine what, if any, legal recourse is available to you.

For more information, please see our page on Condominium Foreclosure to learn more.

If you have any questions about this topic, you can either post a comment to this blog, contact me, a Real Estate Lawyer, by email, or call me at (954) 458-8655 and I will be happy to answer your questions. I offer a free initial consultation.

Deficiency Judgments in Florida - Part 2

2009-10-17T19:55:00.003-04:00

The number of calls I receive about deficiency judgments continues to rise. It has been an eye opening experience to see how the foreclosure epidemic has evolved and how clients have responded. First, it started with client’s wanting information about the defenses to a foreclosure action. Then, it became about short sales. Now, everyone is focused on deficiency judgments. Since I received so many inquiries about them, I wrote two blog posts about deficiency judgments (click here for the second post) on a sister blog which provide answers to the most commonly asked questions about these types of judgments.

If after reading that blog posts, you still have any questions about Florida deficiency judgments, please either post a comment to this blog, contact me, a Florida Real Estate Attorney, by email, or call me at (954) 458-8655 and I will be happy to answer your questions. I offer a free initial consultation.

Notice of Trust – Florida Probate – A Primer

2009-10-02T19:29:00.008-04:00

When the Settlor of a Florida Trust dies, Florida Statute 736.05055 requires that the Trustee immediately file a Notice of Trust with the court in the county where the Settlor was domiciled and with the court that has jurisdiction over the Settlor’s estate.

Among other things, the Notice of Trust must contain the Settlor’s name and date of death so that the Court may appropriately notify the Trustee of the probate proceeding for the Settlor and to notify the Trustee of any caveats (claims) filed with the court for the decedent.

One purpose of filing the Notice of Trust, is to pay from the Trust Assets any creditors’ claims, any funeral or estate administration expenses, or other obligations of the Probate estate in the event there isn’t enough money in the Settlor’s probate estate to do so. The Personal Representative will certify to the Trustee that there aren't enough assets in the estate to pay for these items, list the items to be paid, and that money is needed from the Trust to satisfy these obligations. Sometimes, problems arise when the estate plan documents do not allow for the Trustee to pay the expenses of the probate estate or the trust lacks the liquidity to do so.

If you have any questions about a Notice of Trust or other probate or trust issues, you can either post a comment to this blog, contact me, a Broward Probate Lawyer, by email, or call me at (954) 458-8655 and I will be happy to answer your questions. I offer a free initial consultation.

What is Florida Business Law?

2009-09-26T20:43:00.006-04:00

Business law is the law that applies to business entities, such as partnerships and corporations, and includes advising on and setting up of these business entities, contract drafting, and business litigation. A business law attorney, will represent clients in these matters as well as with:

Employment agreements
Shareholder agreements
Non-compete agreements
Operating agreements
Confidentiality agreements

In Florida, corporations are governed by the Florida Business Corporation Act and LLC's are governed by the Florida Limited Liability Company Act. The statutes set out the law related to formation, governance and other important operational matters.

This brief introduction is meant to illustrate the business law services that I have been providing to my clients since 1994. If you would like more information about any of these topics, either post a comment to this blog or feel free to contact me, Larry Tolchinsky, by email, or call me at (954) 458-8655 and I will be happy to answer your questions. I offer a free initial consultation.

Closing Attorney in Broward County – Broward Real Estate Lawyer

2009-09-05T13:57:00.002-04:00

For 15 years, I have been providing real estate services, including acting as a closing attorney, for clients throughout Broward County and all of South Florida. In addition to being a closing attorney, my office provides a wide range of real estate services in order to meet all of my client’s real estate needs for both residential and commercial property. I represent buyers, sellers and borrowers who are refinancing their mortgage, and I conduct real estate closings and issue title insurance for my clients.

Additionally, I represent clients in the area of foreclosure prevention, which includes loan modifications, short sales, deeds in lieu of foreclosure and foreclosure defense. What sets me apart from other Florida real estate attorneys, is that I have owned and operated several pieces of commercial real estate throughout Broward County. This experience and insight allows me to be an invaluable resource for my clients, which they find useful and appreciate.

My representation of most clients starts with the drafting of the purchase and sale agreement or contract for sale and purchase, and ends with the closing transaction. However, for most of my commercial real estate clients, I generally continue to represent them after closing for matters including lease drafting and negotiation, landlord/tenant issues, land use, zoning, refinancing, mortgage refinancing and various other commercial real estate services.

For more information or to schedule an appointment with an experienced Broward real estate lawyer and closing attorney, contact me, Larry Tolchinsky, by email, or call me at (954) 458-8655 and I will be happy to answer your questions. I offer a free initial consultation.

Florida Real Estate - Effect of HOA Insolvency on Home Buying

2009-09-04T07:14:00.003-04:00

When buying a Florida home, the first step is generally to obtain a loan to finance the transaction. The many mortgage lenders out there vary in their requirements, but few go so far as to evaluate the health of a residential community’s Homeowners Association (or Condominium Association) unless the borrower seeks an FHA loan (a government mortgage backed by the Federal Housing Administration) – until recently.

As the economic fallout continues, I have found that most mortgage lenders (at least those doing business in Florida) are becoming increasingly conservative. Many now condition their Florida loans on the solvency of the respective HOA. And although this precaution makes it much more difficult for potential home-buyers to obtain financing, it also protects them from bad investments. How? Where a single residential community experiences a number of foreclosures, its HOA loses its source of funding and thus cannot maintain the upkeep of the abandoned homes or condos. This in turn reduces the property’s value, making it a less favorable investment for the buyer.

So, while mortgage lenders’ heightened caution may cause you problems in the short term, you will likely thank your lucky stars for it in the long run.

If you are interested in learning more about this topic, you can either post a comment to this blog, contact me, a Broward Real Estate Lawyer, by email, or call me at (954) 458-8655 and I will be happy to answer your questions. I offer a free initial consultation.

Closing Costs in Broward County Florida – How much are They? - See Your Good Faith Estimate

2009-08-28T12:48:00.015-04:00

Often in my Florida real estate practice, clients ask about the cost(s) to close their real estate transaction. What I normally tell my clients to do, is to obtain a good faith estimate from the bank or mortgage company. That document, which banks are required by federal law to provide, will outline the bank charges, escrows, and items related to the closing agent, which is the service I provide, and all other items payable by the buyer/borrower at the real estate closing.

There is one variable that may affect some of the charges related to the closing, and that is the real estate contract itself. Most Florida real estate contracts, will state which party is required to pay certain expenses related to the closing, including cost for the title search and the title insurance premium. Therefore, it is important to be careful in signing a real estate contract by checking to see that the correct party is paying certain charges to avoid any surprises at closing. Your attorney/closing agent should advise you of this issue, as well as others, which is one advantage of having an real estate attorney involved in the transaction.

When my office closes a Florida real estate transaction, typically, I do not charge an attorney fee, unless a legal issue arises and the buyer requires my assistance. Contrary to what most people think, it does not cost the buyer/borrower any more money for me to close the transaction than it would if a title company were used for those services. The advantage of using a real estate attorney, is that the attorney is already involved with the matter and is on standby to provide legal services, if needed.

If you are interested in learning more about this topic, you can either post a comment to this blog, contact me, a Broward Real Estate Attorney, by email, or call me at (954) 458-8655 and I will be happy to answer your questions. I offer a free initial consultation.

Deficiency Judgments

2009-08-20T11:28:00.004-04:00

I have been asked by more and more of my clients about deficiency judgments. Most of my clients are confused about the difference between a deficiency and a deficiency judgment and sometimes use one term in place of another. A deficiency is simply a short fall in the amount owed to the bank after a foreclosure sale has taken place. The deficiency judgment is what results when the Bank asks for a judgment against a borrower for the amount of the deficiency. Since I have been asked so much about this issue, I prepared a deficiency judgment summary on my other blog, about florida law.

The summary provides an easy to read example of a deficiency judgment and some of the issues related thereto. If you would like more information about this topic, either read my blog post about deficiencies or simply post a question to this blog and I will be happy to answer your question. Alternatively, you can email me or call me at (954) 458-8655. I offer a free initial consultation.

Broward County Tax Breaks for Homes with Chinese Drywall

2009-08-05T16:31:00.002-04:00

If you are a Broward County homeowner and can document material harm to your property as a result of the presence of defective Chinese drywall, you may qualify for a property tax exemption equal to the cost of repairing your home. For example, if your home is worth $200,000.00 and it will cost you $50,000.00 to replace the drywall, you will pay property taxes on only $150,000.00 until the repairs are completed – and the drop will be applied this year if you produce the required documentation by September 18, 2009.

What is Chinese drywall? It is a cheaper drywall that is alleged to have high levels of sulfur and, according to some homeowners’ complaints, smells like rotten eggs. Although its effects on human health are unclear, it has nonetheless been found to corrode piping, wiring and air conditioner coils, and to cause electronic appliances to fail.

Complaints in Florida over Chinese drywall generally involve homes built or renovated in 2005 or 2006, when a building boom and post-hurricane restructuring led to shortages in drywall and drove construction companies to import from China.

It is estimated that tens of thousands of homes across Florida currently boast Chinese drywall. And approximately 80 homeowners in Miami-Dade and Broward Counties alone have registered complaints thus far.

For more information, see “Defective drywall could slash Broward property tax bills.”

Sonia Sotomayor and the Florida Life Estate Deed

2009-08-03T18:17:00.003-04:00

There’s been a lot of talk about whether Celina Sotomayor and Omar Lopez, Supreme Court Nominee Sonia Sotomayor’s mother and step-father, are entitled to the Florida homestead and senior citizens’ tax exemptions for their condominium in Margage, Florida, despite that they deeded it to Judge Sotomayor. I want to assure you that there’s been no foul play.

A quick rundown – Florida’s homestead exemption developed in 1933 during the Great Depression. It reformed the ad valorem tax scheme (tax based on the value of Florida real estate or personal property) such that property owners who were unable to pay their property taxes could keep their homes. The homestead exemption operates by reducing the value of a home for the purpose of property tax assessment by a specified number. In January 2008, Florida voters approved the “Save Our Homes” Amendment to the Florida Constitution that increased this number to $50,000.00.

So, say you own a Florida home, the fair market value of which is $90,000.00. If you designate this property as your homestead (your primary and only residence), you will be taxed on it at $50,000.00 less than its value – in this case, $40,000.00.

As a result of the Florida homestead exemption, and a senior citizens’ exemption that applies to citizens aged 65+ who earn less than $20,000 per year, Ms. Sotomayor and Mr. Lopez’s condo has a taxable value of $48,880.00. So, their tax bill last year totaled $107.00.

But, this is entirely legal – and very common. So, what’s the problem? Ms. Sotomayor and Mr. Lopez deeded the property to Judge Sotomayor as part of a life estate eight years ago. And, understandably, laypersons not familiar with the nuances of estate planning are convinced that the property now belongs to Ms. Sotomayor and, as such, no longer qualifies for the aforementioned tax exemptions. This, however, is not the case.

A life estate is a common estate-planning tool that allows real property owners to bypass making a Florida will and still designate ownership of their property upon their death. The remainderman (the individual specified in the deed as the intended recipient) has no right to possess the property until the natural completion of the life estate. He is entitled to neither the privileges, nor the responsibilities, of ownership with regard to the property in question, including tax liability. In fact, if the property owner creates an enhanced life estate, he retains for himself even the right to sell or otherwise convey it during his lifetime; and the property passes to the remainderman upon the life tenant’s death only if there is any interest left at that time.

Because Ms. Sotomayor and Mr. Lopez continue to maintain the dominant interest in their home, they are entitled to the tax exemptions that would not be available to Judge Sotomayor if she were to take immediate possession and control of the property.

Please refer to “Sotomayor family tax breaks in Broward face questions” to read more on the topic or to contribute to the debate.

Probate Lawyer in Broward - The Probate Process

2009-07-20T19:06:00.007-04:00

I have been handling so many probates that my assistant asked me kiddingly if i was the only probate lawyer in Broward. All kidding aside, we have been working on several Broward probates and most of our clients ask us to explain the probate process to them. Instead of boring them with a lengthy phone call, I posted an outline of the probate process on a sister blog called About Florida Probate. It discusses the main features of a formal probate administration and walks you through the probate process. The one question it doesn't discuss is how long it takes to probate a Florida estate. That answer depends on the facts of each case. For example, the personal representative may need to resolve a claim filed by a creditor, which could lengthen the formal probate administration. At a minimum, any estate must be open for at least three-months for the statutory creditor claim period. In most instances, a simple formal estate administration will take about five or six months to probate.

If you would like to learn more about the Florida Probate process, spend some time reading my new blog or call me at (954) 458-8655. I offer a free initial consultation.

Broward Seminar on Enhanced Life Estate Deeds

2009-07-16T21:03:00.004-04:00

I attended a seminar this week about Florida probate in relation to real estate transactions. One item that was discussed, was the difference between the traditional life estate deed and the Florida Enhanced life estate deed (a.k.a. Lady Bird Deed). We discussed some of the not so well known elements of these deeds and why one type of life estate deed should be used versus another. The most commonly known difference, relates to the ability to selling and mortgaging property without the joinder of the remainderman. However, there are other differences including federal tax issues and creditor claims against the remainderman. Since the Life Estate Deed is a commonly known and used estate document, I wrote a summary about the differences on my blog.

If you would like to learn more about the differences, either read my blog post about Life Estate Deeds or simply post a question to this blog and I will be happy to answer your question. Alternatively, you can email me or call me at (954) 458-8655. I offer a free initial consultation.

Broward County News

2009-07-09T18:49:00.004-04:00

Here is my list of websites that I read to stay informed on what is happening in Broward County:

If you have any other suggestions, please feel free to add them in the comments section of this post.

South Florida Foreclosure Help From People You Can Trust

2009-06-26T20:01:00.007-04:00

I was reading a story on the Miami Herald website about Dwyane Wade teaming up with local nonprofit organizations who are offering free help for those residents of Broward County and all of South Florida facing foreclosure. I didn't know that there are so many local organizations who offer free help to those who can't afford to hire a Florida lawyer. I receive so many calls from people that can't afford to hire me, many of which I provide free legal advice to, so I'm glad to know I have someone to refer them to. I was so excited about this information that I shared my thoughts in a post about Florida foreclosures on our Florida Lawyers blog.

One such organization that seems to be helping a lot of South Floridians, is the Neighborhood Housing Services of South Florida. I checked out their website and learned about their services and their mission, which is to build empowered communities, revitalizes neighborhoods and creates affordable housing opportunities in South Florida. Another orginization which is very active is the HOPE NOW Alliance. According to the website, HOPE NOW is an alliance between HUD approved counseling agents, mortgage companies, investors and other mortgage market participants that provides free foreclosure prevention assistance.

I highly recommend that you visit these sites, as they seem to be very active in helping local South Florida residents in these trying economic times.

Broward Lawyer - See Me on Facebook

2009-06-13T08:23:00.005-04:00

Last night Facebook allowed users to reserve a vanity URL. I (Lawrence Tolchinsky) was lucky enough to grab Broward Lawyer as my new address on that site. Instead of my page having a long address filled with numbers, my new is address www.facebook.com/BrowardLawyer.

Although vanity urls have been around on other sites like Twitter, a vanity URL would be a definite benefit for businesses already on Facebook. Their Facebook URL will be much simpler, and potential customers will find them more easily. Additionally, it will help to create brand awareness.

If you are interested in choosing an easy to remember URL, I would suggest heading over to Facebook as soon as possible. Just be sure to pick your username carefully since once you've selected it there's no going back.

Your Neighborhood Lawyers

2009-06-05T17:52:00.004-04:00

Over the course of the past 27 years, our efforts and energy have been dedicated to ensuring that our clients are afforded those protections and rights they didn’t even know they had. Our attorneys have represented clients throughout Miami-Dade and Broward Counties, and all of South Florida. As such, we consider ourselves as: Aventura Attorneys, Hollywood Florida Attorneys, Miramar Lawyers and Dania Beach Lawyers.

We invite you to visit our blog to learn about the law and those mattes which affect our Broward County neighbors.

FIRM PROFILE

2009-05-31T21:21:00.000-04:00

Located in Hallandale Beach, Florida, minutes south of Ft. Lauderdale, Sackrin & Tolchinsky, P.A., is a full service law practice offering services related to Probate Administration, Real Estate Law, Personal Injury Law, including medical malpractice and auto accidents, and civil litigation.

In addition, the firm offers legal services for:

If you have questions or would like to have a discussion about your potential case with either Lawrence Tolchinsky or Alan Sackrin, please feel free to contact us by email or telephone, 954-458-8655, whichever is most convenient. The consultation is free of charge and confidential.