#Estate Planning Attorney Oceanside

[foshanwords]

What to Expect from Your San Diego Estate Planning Attorney Consultation

When preparing for your estate planning journey in San Diego, California, one of the most crucial steps is the initial consultation with an estate planning attorney. This meeting serves as an opportunity to discuss your goals, evaluate your options, and begin crafting a personalized estate plan. Understanding what to expect from your consultation can help you make the most of this important session.

1. Preparation Before Your Consultation

Before meeting with your San Diego estate planning attorney, take some time to gather relevant documents and consider your objectives:

Documents to Bring: Gather any existing estate planning documents, such as wills, trusts, powers of attorney, and advance healthcare directives. Also, bring a list of your assets, including real estate, investments, retirement accounts, and life insurance policies.

Goals and Objectives: Clarify your estate planning goals and objectives. Think about how you want your assets to be distributed, who you want to appoint as guardians for minor children, any charitable giving desires, and preferences for medical care in case of incapacity.

Being prepared with these materials and considerations will help facilitate a productive discussion during your consultation.

2. Initial Discussion and Assessment

During your consultation with a San Diego estate planning attorney oceanside ca, you can expect the following:

Review of Your Situation: The attorney will start by asking questions to understand your personal and family situation, financial circumstances, and estate planning goals. They may inquire about family dynamics, existing legal documents, and any concerns or priorities you have regarding your estate.

Education and Explanation: Your attorney will explain various estate planning options, legal concepts, and strategies tailored to your needs. They will educate you on the implications of different decisions, such as the probate process, tax implications, and the benefits of trusts versus wills.

Discussion of Options: Based on your goals and preferences, the attorney will discuss recommended strategies and options for structuring your estate plan. This may include drafting or updating wills, establishing trusts, selecting beneficiaries, planning for incapacity, and addressing specific concerns unique to your situation.

3. Customized Estate Planning Recommendations

Following the initial discussion, your San Diego estate planning attorney will provide customized recommendations and strategies designed to meet your objectives:

Drafting of Legal Documents: If necessary, the attorney will outline the types of legal documents needed to achieve your estate planning goals. This may include drafting a last will and testament, creating trusts for asset protection or tax minimization, preparing powers of attorney for financial and healthcare decisions, and drafting advance healthcare directives.

Tailored Advice: The attorney will provide tailored advice based on your specific circumstances. This may include suggestions for minimizing estate taxes, providing for minor children or beneficiaries with special needs, ensuring charitable contributions, and protecting assets from creditors.

Clear Explanation: Throughout the consultation, your attorney will ensure that you understand each step of the estate planning process. They will explain legal terminology, answer any questions you have, and ensure that you are comfortable with the proposed strategies.

4. Discussion of Fees and Engagement Terms

During or after the consultation, your San Diego estate planning attorney will discuss their fee structure and engagement terms:

Fee Structure: Estate planning attorneys typically charge based on a flat fee, hourly rate, or a combination of both. They will explain their fee structure and provide an estimate of costs associated with drafting documents, ongoing advice, and future revisions.

Engagement Terms: The attorney will outline the terms of engagement, including the scope of services covered, the responsibilities of both parties, and any retainer or deposit requirements.

It’s essential to clarify fee arrangements and engagement terms to ensure transparency and avoid misunderstandings during the estate planning process.

5. Next Steps and Implementation

At the conclusion of your consultation, your San Diego estate planning attorney will outline the next steps and the timeline for implementing your estate plan:

Document Drafting: If you decide to proceed, the attorney will begin drafting the necessary legal documents based on your discussions and decisions during the consultation.

Review and Execution: You will have the opportunity to review drafts of your estate planning documents before they are finalized. Once approved, you will schedule a meeting to sign the documents and ensure they are legally valid.

Conclusion

A consultation with a San Diego estate planning attorney is an invaluable opportunity to discuss your goals, assess your options, and begin creating a comprehensive estate plan. By understanding what to expect from your consultation and preparing accordingly, you can make informed decisions that protect your assets, provide for your loved ones, and achieve your long-term financial objectives. Working closely with a qualified attorney ensures that your estate plan is legally sound, tailored to your needs, and aligned with your wishes for the future.

[centurytrusts]

Expert Wills Attorney serving Oceanside. Trustworthy legal guidance is available for your estate planning needs. Schedule a consultation today!

[kelsalllegal]

Estate planning is vital to make sure your wealth gets protected for future generations. The estate planning attorneys at Kelsall Legal Solutions have experience preparing wills, powers of attorney & guardians. Call @ 212-274-1261.

[byartzberger]

Why Should I Plan My Estate(s)?

Estate planning revolves around financial foresight. It is the financial preparation for unplanned events such as death or incapacitation. Estate planning requires you to write down the way you want your assets to be handled when you can no longer be in charge of it. It involves picking an heir, writing your will, settling taxes, among other things.

When you invest in estate planning early, you secure your assets for the unforeseeable future. It will help you preserve, manage, and distribute your assets when you are incapable of this duty. There are several estate planning services in San Diego if you need one.

What are the tasks involved in estate planning?

You divide and preserve your assets when you plan your estate. Such assets include your houses, cars, insurance, pension, debt, stocks, and other valuables that you possess. The primary step to preserving your estate is putting down a written will. A will is a legal document that describes how all of your property should be handled after your death. If you have a problem with putting down your will, you can see an estate planning consultation specialist in San Diego for advice.

You will also need to establish a guardian who will be in trust of the inheritance of your heirs who are not of age. Apart from these, you have to set up several trust accounts that will name the beneficiaries of your estate. Other tasks that you have to complete are:

1.       Choosing a will executor to ensure that the terms of the will are followed

2.       Setting up a power of attorney to secure and manage your other investments

3.       Updating your insurance plans to include your beneficiaries

Completing these tasks will ensure that there are no problems with sharing your estate after you are gone or incapacitated. Many people do not like the idea of estate planning because they do not want to think about death. However, you should not consider it as a plan for death. You should see it as a necessary investment to secure your wealth and legacy. You can also find estate planning services near Oceanside.

You must ensure that the details of this venture are correct: from your beneficiaries to their inheritance as well as the executor to your will. You do not also need to make the details of your will public to safeguard it from harm.

[meganlclickfl]

Land Companies Santa Monica

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Morning consult brand index

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Italian Food Santa Monica Lawn Installation And Maintenance Services Santa Monica Lobster Delivery santa monica apr 01, 2018  · Route 66 is the ultimate american road trip and we’ve put together a comprehensive 2 week Route 66 itinerary to help drivers navigate this historic route. The Lobster is classic american seafood restaurant featuring whole live Maine lobsters and entrees based

Major Moving Company is the premier moving company in Santa Monica, serving the greater Los Angeles area. Fully licensed and insured, we make Santa Monica Movers. Damage and scratches of furniture is one of the most common problems most relocation services have during a move.

Land O’Lakes on the Fortune 500 via @FortuneMagazine. Brand Index Methodology. The morning consult brand index is an indicator of brand strength among consumers.

Santa Monica Homes For Sale, Search Los Feliz real estate property listings to find homes for sale in Los Feliz, CA. Find Santa Monica real estate for sale, including mid-century modern homes, craftsman homes, Victorian homes, bungalows homes, new construction homes and Spanish homes…

Charles Robert Redford, Jr. was born on August 18, 1936, in Santa Monica, California, to Martha (Hart), from Texas, and Charles Robert Redford, an accountant for Standard Oil, who was originally from Connecticut.

Lobster Delivery Santa Monica Apr 01, 2018  · Route 66 is the ultimate american road trip and we’ve put together a comprehensive 2 week Route 66 itinerary to help drivers navigate this historic route. The Lobster is classic American seafood restaurant featuring whole live Maine lobsters and entrees based on seasonal, locally grown produce and locally Sitting high on a

Official guide for visitors to Santa Monica, California. Information on why to visit, where to stay, hotels, restaurants and things to do, Santa Monica, CA. Toggle Navigation Visibility. Search santamonica.com.

Financial Planning Santa Monica Where To Eat Along The PCH The Pacific Coast Highway is an oceanside staple of American road trip legend. Along this stretch, you can hit some of California’s best-known destinations including Los Angeles, Santa Barbara, and Monterey. For travelers who are planning to traverse this famous route, we put together an easy guide on where

Welcome to santa monica suvs. Search Inventory. Land Rover Range Rover Sport 2009 4WD 4dr SC.

Patagonia is a designer of outdoor clothing and gear for the silent sports: climbing, surfing, skiing and snowboarding, fly fishing, and trail running

Lawn Installation And Maintenance Services Santa Monica Lobster Delivery Santa Monica Apr 01, 2018  · Route 66 is the ultimate american road trip and we’ve put together a comprehensive 2 week Route 66 itinerary to help drivers navigate this historic route. The Lobster is classic american seafood restaurant featuring whole live Maine lobsters and entrees based on seasonal, locally grown produce and locally

Business ; Stocks rally, helped by corporate earnings, the day after ending at five-month lows. U.S. stocks climbed Tuesday after several big companies issued solid earnings reports.

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California borders the Pacific Ocean, Oregon, Nevada, Arizona, and the Mexican state of Baja California. CA has beautiful natural features, including an expansive central valley, tall mountains, hot deserts, and hundreds of miles of scenic coastline.

visit hornburg land ROVER SANTA MONICA for a variety of new and used land rover cars. A staple of our community since 2006, Hornburg land rover santa monica pride ourselves on delivering the best Land Rover & Range Rover vehicles for the Santa Monica area.

Search land for sale in Santa Monica CA. Find lots, acreage, rural lots, and more on Zillow. 2217 Pearl St, Santa Monica, CA. Halton Pardee and Partners, Inc. Video walkthrough.

Counseling Services Santa Monica Lawn Installation And Maintenance Services Santa Monica Lobster Delivery Santa Monica Apr 01, 2018  · Route 66 is the ultimate american road trip and we’ve put together a comprehensive 2 week Route 66 itinerary to help drivers navigate this historic route. The Lobster is classic american seafood restaurant featuring whole live Maine lobsters and entrees based

Commercial Cannabis Business Licensing. Go to the Commercial Cannabis Business Licensing page.. Can I apply to operate a cannabis business in Santa Monica? The medicinal cannabis retailer request for Application process opened on December 21, 2017 and closed February 28, 2018.

source https://santamonicaday.com/land-companies-santa-monica/ from Santa Monica Day https://santamonicaday.blogspot.com/2018/11/land-companies-santa-monica.html

[santamonicaday]

Land Companies Santa Monica

Contents

Ultimate american road trip

Morning consult brand index

Santa monica shelving commercial

Visit hornburg land

Land rover santa monica

Medicinal cannabis retailer request

Italian Food Santa Monica Lawn Installation And Maintenance Services Santa Monica Lobster Delivery santa monica apr 01, 2018  · Route 66 is the ultimate american road trip and we’ve put together a comprehensive 2 week Route 66 itinerary to help drivers navigate this historic route. The Lobster is classic american seafood restaurant featuring whole live Maine lobsters and entrees based

Major Moving Company is the premier moving company in Santa Monica, serving the greater Los Angeles area. Fully licensed and insured, we make Santa Monica Movers. Damage and scratches of furniture is one of the most common problems most relocation services have during a move.

Land O’Lakes on the Fortune 500 via @FortuneMagazine. Brand Index Methodology. The morning consult brand index is an indicator of brand strength among consumers.

Santa Monica Homes For Sale, Search Los Feliz real estate property listings to find homes for sale in Los Feliz, CA. Find Santa Monica real estate for sale, including mid-century modern homes, craftsman homes, Victorian homes, bungalows homes, new construction homes and Spanish homes…

Charles Robert Redford, Jr. was born on August 18, 1936, in Santa Monica, California, to Martha (Hart), from Texas, and Charles Robert Redford, an accountant for Standard Oil, who was originally from Connecticut.

Lobster Delivery Santa Monica Apr 01, 2018  · Route 66 is the ultimate american road trip and we’ve put together a comprehensive 2 week Route 66 itinerary to help drivers navigate this historic route. The Lobster is classic American seafood restaurant featuring whole live Maine lobsters and entrees based on seasonal, locally grown produce and locally Sitting high on a

Official guide for visitors to Santa Monica, California. Information on why to visit, where to stay, hotels, restaurants and things to do, Santa Monica, CA. Toggle Navigation Visibility. Search santamonica.com.

Financial Planning Santa Monica Where To Eat Along The PCH The Pacific Coast Highway is an oceanside staple of American road trip legend. Along this stretch, you can hit some of California’s best-known destinations including Los Angeles, Santa Barbara, and Monterey. For travelers who are planning to traverse this famous route, we put together an easy guide on where

Welcome to santa monica suvs. Search Inventory. Land Rover Range Rover Sport 2009 4WD 4dr SC.

Patagonia is a designer of outdoor clothing and gear for the silent sports: climbing, surfing, skiing and snowboarding, fly fishing, and trail running

Lawn Installation And Maintenance Services Santa Monica Lobster Delivery Santa Monica Apr 01, 2018  · Route 66 is the ultimate american road trip and we’ve put together a comprehensive 2 week Route 66 itinerary to help drivers navigate this historic route. The Lobster is classic american seafood restaurant featuring whole live Maine lobsters and entrees based on seasonal, locally grown produce and locally

Business ; Stocks rally, helped by corporate earnings, the day after ending at five-month lows. U.S. stocks climbed Tuesday after several big companies issued solid earnings reports.

Ups Store Santa Monica Lumber Dealers Santa Monica Traffic Law Attorneys Santa Monica information technology services santa monica shelving commercial And Industrial Santa Monica Vinyl And acrylic windows santa monica The amazon standard item number (asin) uniquely identifies the item in the amazon catalog. pier 92, San Francisco, California, USA, 2014 Bayview Rise is an illuminated mural on the

California borders the Pacific Ocean, Oregon, Nevada, Arizona, and the Mexican state of Baja California. CA has beautiful natural features, including an expansive central valley, tall mountains, hot deserts, and hundreds of miles of scenic coastline.

visit hornburg land ROVER SANTA MONICA for a variety of new and used land rover cars. A staple of our community since 2006, Hornburg land rover santa monica pride ourselves on delivering the best Land Rover & Range Rover vehicles for the Santa Monica area.

Search land for sale in Santa Monica CA. Find lots, acreage, rural lots, and more on Zillow. 2217 Pearl St, Santa Monica, CA. Halton Pardee and Partners, Inc. Video walkthrough.

Counseling Services Santa Monica Lawn Installation And Maintenance Services Santa Monica Lobster Delivery Santa Monica Apr 01, 2018  · Route 66 is the ultimate american road trip and we’ve put together a comprehensive 2 week Route 66 itinerary to help drivers navigate this historic route. The Lobster is classic american seafood restaurant featuring whole live Maine lobsters and entrees based

Commercial Cannabis Business Licensing. Go to the Commercial Cannabis Business Licensing page.. Can I apply to operate a cannabis business in Santa Monica? The medicinal cannabis retailer request for Application process opened on December 21, 2017 and closed February 28, 2018.

from Monica Santa Native https://santamonicaday.com/land-companies-santa-monica/

[mandygilberton]

April Hotlist: Properties, Places & Faces Making Headlines

ONE&ONLY MANDARINA PRIVATE HOMES -  As long-time admirers of the One&Only experience, San Francisco Giants pitcher Mark Melancon and his wife jumped at the opportunity to be among the first to own a piece of the One&Only lifestyle, purchasing a 19,000-square-foot oceanside villa at Mandarina. As a pitcher, the baseball star doesn’t typically spend much time in the outfield, but he made an exception when the Mandarina team flew to California to recreate the floor plan for his home right on the field at Oracle Park. Wall Street Journal and Mansion Global got the scoop. 632 PINNACLE CREST - The former desert retreat of Jerry Weintraub, the late producer behind the “Karate Kid” and “Ocean’s Eleven” franchises, has sold for $6.825 million, making headlines in the Los Angeles Times and Desert Sun. Represented by Richard Bartholomew and David Findley, the 1.5-acre spread in Palm Desert, designed by architect Guy Drier, returned to the market in February and sold in just seven weeks. Now that’s what we call collaboration. THE “FULL HOUSE”  HOUSE - One of television’s most iconic homes is coming to market, and it’s the talk of the town. Made famous in the opening credits of the hit TV series “Full House,” the 1800s Italian-Victorian home in San Francisco’s coveted Pacific Heights neighborhood hasn’t even officially hit the market yet, but it’s already made a splash in Mansion Global. Represented by Rachel Swann, the home is undergoing the final stages of a ground-up renovation, including the addition of a lower-level living space that opens to a charming English garden. Keep an eye out for its much-anticipated debut in the coming days BRIAN LINDER - Just like people, listed properties sometimes come with ghostly tales to tell. Brian Linder recounts his experience with a certain midcentury modern home in Pacific Palisades (once the site of a tragic crime), and clients who were sure feng shui could fix it all… until some local teenagers let them in on the sordid details. Read the full account in the Wall Street Journal. CARIBBEAN REAL ESTATE & INVESTMENT SUMMIT - The first annual Carribbean Real Estate and Investment Summit, held on April 5th at The Agency Collective’s office in the heart of downtown Boca Raton, was the toast of the Caribbean glossies. Caribbean Journal and Caribbean National Weekly both raved of the event’s success—further indication the Caribbean real estate market is booming. The event brought together professionals who focus on the Caribbean region, including brokers, developers, investors and attorneys for a day of illuminating panels and seminars. HANA CHA - Wall Street Journal shined a spotlight on “The No-Money, All-Cash Buyer,” and our own Hana Cha, Managing Director of The Agency Development Group, shared her unfortunate experience of a would-be buyer who signed a full contract for a multi-million dollar condominium, before Hana learned he had only $8 to his name. “Sometimes people want something so bad, they just try to live it as much as they can,” she mused. 1155 E. GRANVIA VALMONTE - The last home designed by architect Donald Wexler—a minimalist steel & glass house in Palm Springs, built on a parcel of land that was once a part of the Frank Sinatra Estate—has hit the market. Making headlines in Palm Springs Life, the 2,550-square-foot home, represented by Rich Nolan, features a bright, open layout and classic minimalist interior design, with walls of windows, a galley kitchen and a signature reflecting pool set against a backdrop of the San Jacinto Mountains. 22313 CARBON MESA ROAD - Academy Award-winning actor and director Mel Gibson has listed his Malibu home, and it got lots of love from House Beautiful and MSN this month. Represented by Sandro Dazzan, the five-bedroom, old-world estate is situated in the canyons with panoramic ocean and mountain views. Set on nearly five-and-a-half park-like acres, rustic interiors include a soaring great room with exposed beams, a massive French country kitchen and ample outdoor space for entertaining.   April Hotlist: Properties, Places & Faces Making Headlines published first on https://real-estate-sg.weebly.com/

[davidoespailla]

One Year On, These Housing Markets Are the Winners and Losers of U.S. Tax Reform

Pola Damonte via Getty Images

The average luxury homeowner in Williamson County, Tennessee, part of greater Nashville, has watched the value of his or her house steadily rise more than 10% over the past year—outperforming the general U.S. housing market and due, in part, to federal tax reform enacted one year ago.

The Tax Cuts and Jobs Act of 2017, effective on Jan. 1, 2018, has drawn clear winners and losers among America’s luxury housing markets. The new rules are making states with no income tax, including Tennessee, Florida, Texas and Washington, attractive to affluent individuals who expect their tax liability to rise, while dampening sales and price growth in regions of the U.S. that levy high state and local taxes.

“At this point most people know the parameters of the tax plan,” said Danielle Hale, chief economist at Realtor.com. “The luxury data already reflects this, and it’s the first place where we expected see it.”

For most individuals, the full impact of the new rules will be felt for the first time when people file returns under the new rules this tax season. Armed with more clarity, affluent homebuyers will continue to drive the dichotomy between low- and high-tax markets in opposite directions in 2019.

The Winners

Low-tax Florida, which was already a bastion for retirees and ex-pro athletes, is one such winner.

Over the past year, counties across the Sunshine State have upended a list of the fastest-growing luxury markets compiled monthly by Realtor.com, replacing areas such as Brooklyn and Queens, New York, and California’s San Francisco’s Bay Area, which all dominated the luxury rankings only a year ago.

“South Florida along with the oceanside, starting with Miami and moving up the shore, remarkably are showing rising sales and rising prices,” said Jonathan Miller, a New York-based real estate appraiser who tracks a handful of key luxury U.S. markets. “I expect that is related to the tax law.”

Million-dollar-plus home sales have soared more than 20% since last year in six Florida counties, including Sarasota; Broward, which encompasses Fort Lauderdale; and Orange, which includes Orlando, according to data from Realtor.com, which, like Mansion Global, is part of News Corp.

Anecdotally, real estate agents have attributed the luxury boom to buyers from high-cost areas in the U.S. such as New York, Connecticut and even California flocking to Florida. “The Northeast is Florida’s new foreign buyer,” Mr. Miller said.

Other luxury markets riding high with help from the tax overhaul include Tarrant County, Texas, north of Dallas, where million-dollar-plus sales skyrocketed 47.2% in 2018, according to the latest data from Realtor. Luxury homeowners in Snohomish, Washington—which also boasts no state income tax—have seen prices rise 12.3% in the past year. Realtor defines luxury as the top 5% of sales.

The Losers

Rather than causing a mass exodus from the less advantageous locations, the tax changes are likely exaggerating a trend that was already underway. The scale of migration to low-tax areas like Fort Lauderdale and Nashville since the tax reform won’t be clear until late next year, when the Census Bureau releases 2018 state-to-state data, said Nicole Kaeding, federal projects director at the Tax Foundation, a think tank in Washington, D.C.

It seems unlikely that taxpayers would uproot over a few thousand dollars, Ms. Kaeding said. Rather, it’s the marginal cases where the new rules hit wealthy individuals much harder.

Roughly 80% of all U.S. taxpayers got a tax cut under the new code, while 15% will see no meaningful change, Ms. Kaeding said.

Only 5% will see their taxes increase, a minority made up of filers whose income is over $500,000 per year and who pay significant sums in state and local income tax, also known as SALT, Ms. Kaeding said. The new tax code limits the SALT deduction to only $10,000, peanuts compared to the tens of thousands of dollars some in high-tax areas pay each year.

“This is someone like a New York attorney. If you’re a partner in a New York law firm, you have to pay income tax in every state where the firm works,” Ms. Kaeding said. Such a person might have written off over $100,000 in SALT under the old system. “Now the cap on the SALT deduction could mean you’re paying more in taxes.”

Even the average tax filer in Manhattan deducted a whopping $25,627 in SALT from their federal tax bill in 2016, according to the most recent data analyzed by the think tank. Californians living in Marin County, north of San Francisco, took an average deduction worth $19,334.

The new tax law also reduced the amount luxury home buyers can deduct in mortgage interest for loans taken out from 2018 onward. It’s not as huge a hit as the SALT deduction limits, but combined, the two tax changes effectively raised the cost of living and owning a home in places such as New York City, New Jersey (where residents pay some of the highest property taxes in the country), Connecticut, Washington, D.C., California and Illinois.

In all those places, home values are expected to fall as buyers and sellers adjust to the new cost of living.

Exacerbating the Slowdown

Coincidentally, President Donald Trump’s major legislative victory has deeply exacerbated the housing rout in his own hometown. Manhattan’s luxury housing market was already in the midst of a price correction when Congress passed the new tax code, which combined with rising interest rates, dramatically slowed the pace of sales in 2018—including at Trump Tower, where the president keeps a lavish triplex penthouse.

Sales of homes for $1 million or more in Manhattan have dropped 12.5% from a year ago, according to data from Realtor. In Brooklyn, such sales have slowed 8.6% during the same time period.

In Suffolk County, New York, home to the Hamptons’ posh beach towns, million-dollar-plus sales slid 16.3% since last year, as home buyers shift their vacation house hunts southward.

Manhattan-based realtor Donna Olshan, who publishes a weekly report on luxury transactions, said she expects sellers in the borough will have to discount their homes roughly another 10% to entice buyers off the sidelines.

Besides Manhattan, one need only map wealthy districts that voted out their incumbent Republican in November to find high-end housing markets feeling down on the tax reform.

Such areas include Chicago’s wealthy suburbs, where voters ousted two Republican representatives in favor of their rookie Democratic opponents.

While there’s certainly more at play in the Chicago suburbs than tax and housing woes, the correlation is undeniable. Lake County, Illinois, which includes portions of both congressional districts, has seen luxury home prices stagnate in 2018 and sales plummet. The number of houses sold for $1 million or more in Lake County fell by one-fifth in 2018, according to the Realtor data.

Fairfax County, Virginia, where both luxury home values and sales declined in 2018, voted overwhelming for the Democrat, underdog Jennifer Wexton, and helped unseat a Republican incumbent who voted for the tax reform.

Voters also flipped six house seats from high-tax, high-income California. Most notable was Orange County, a longtime Republican stronghold that helped unseat 15-term Republican incumbent Dana Rohrabacher.

“The tax reform has not been a positive thing for our market,” said John Stanaland, a leading real estate agent in Orange County, a wealthy coastal area that includes posh Laguna Beach. “It’s been a factor in the market slowing.”

There has been a significant drop-off in showings and sales, particularly for mid-range luxury homes priced between $2 million to $4 million, Mr. Stanaland said.

In contrast to Florida, high state and local taxes in Orange County have dissuaded wealthy homebuyers from making the area their primary residence.

“We used to be about a 20% second-home market. I think we’re over 40% now,” Mr. Stanaland said. The new tax code “is not necessarily a hardship, but it really annoys people.”

The post One Year On, These Housing Markets Are the Winners and Losers of U.S. Tax Reform appeared first on Real Estate News & Insights | realtor.com®.

One Year On, These Housing Markets Are the Winners and Losers of U.S. Tax Reform

[gillespialfredoe01806ld]

One Year On, These Housing Markets Are the Winners and Losers of U.S. Tax Reform

Pola Damonte via Getty Images

The average luxury homeowner in Williamson County, Tennessee, part of greater Nashville, has watched the value of his or her house steadily rise more than 10% over the past year—outperforming the general U.S. housing market and due, in part, to federal tax reform enacted one year ago.

The Tax Cuts and Jobs Act of 2017, effective on Jan. 1, 2018, has drawn clear winners and losers among America’s luxury housing markets. The new rules are making states with no income tax, including Tennessee, Florida, Texas and Washington, attractive to affluent individuals who expect their tax liability to rise, while dampening sales and price growth in regions of the U.S. that levy high state and local taxes.

“At this point most people know the parameters of the tax plan,” said Danielle Hale, chief economist at Realtor.com. “The luxury data already reflects this, and it’s the first place where we expected see it.”

For most individuals, the full impact of the new rules will be felt for the first time when people file returns under the new rules this tax season. Armed with more clarity, affluent homebuyers will continue to drive the dichotomy between low- and high-tax markets in opposite directions in 2019.

The Winners

Low-tax Florida, which was already a bastion for retirees and ex-pro athletes, is one such winner.

Over the past year, counties across the Sunshine State have upended a list of the fastest-growing luxury markets compiled monthly by Realtor.com, replacing areas such as Brooklyn and Queens, New York, and California’s San Francisco’s Bay Area, which all dominated the luxury rankings only a year ago.

“South Florida along with the oceanside, starting with Miami and moving up the shore, remarkably are showing rising sales and rising prices,” said Jonathan Miller, a New York-based real estate appraiser who tracks a handful of key luxury U.S. markets. “I expect that is related to the tax law.”

Million-dollar-plus home sales have soared more than 20% since last year in six Florida counties, including Sarasota; Broward, which encompasses Fort Lauderdale; and Orange, which includes Orlando, according to data from Realtor.com, which, like Mansion Global, is part of News Corp.

Anecdotally, real estate agents have attributed the luxury boom to buyers from high-cost areas in the U.S. such as New York, Connecticut and even California flocking to Florida. “The Northeast is Florida’s new foreign buyer,” Mr. Miller said.

Other luxury markets riding high with help from the tax overhaul include Tarrant County, Texas, north of Dallas, where million-dollar-plus sales skyrocketed 47.2% in 2018, according to the latest data from Realtor. Luxury homeowners in Snohomish, Washington—which also boasts no state income tax—have seen prices rise 12.3% in the past year. Realtor defines luxury as the top 5% of sales.

The Losers

Rather than causing a mass exodus from the less advantageous locations, the tax changes are likely exaggerating a trend that was already underway. The scale of migration to low-tax areas like Fort Lauderdale and Nashville since the tax reform won’t be clear until late next year, when the Census Bureau releases 2018 state-to-state data, said Nicole Kaeding, federal projects director at the Tax Foundation, a think tank in Washington, D.C.

It seems unlikely that taxpayers would uproot over a few thousand dollars, Ms. Kaeding said. Rather, it’s the marginal cases where the new rules hit wealthy individuals much harder.

Roughly 80% of all U.S. taxpayers got a tax cut under the new code, while 15% will see no meaningful change, Ms. Kaeding said.

Only 5% will see their taxes increase, a minority made up of filers whose income is over $500,000 per year and who pay significant sums in state and local income tax, also known as SALT, Ms. Kaeding said. The new tax code limits the SALT deduction to only $10,000, peanuts compared to the tens of thousands of dollars some in high-tax areas pay each year.

“This is someone like a New York attorney. If you’re a partner in a New York law firm, you have to pay income tax in every state where the firm works,” Ms. Kaeding said. Such a person might have written off over $100,000 in SALT under the old system. “Now the cap on the SALT deduction could mean you’re paying more in taxes.”

Even the average tax filer in Manhattan deducted a whopping $25,627 in SALT from their federal tax bill in 2016, according to the most recent data analyzed by the think tank. Californians living in Marin County, north of San Francisco, took an average deduction worth $19,334.

The new tax law also reduced the amount luxury home buyers can deduct in mortgage interest for loans taken out from 2018 onward. It’s not as huge a hit as the SALT deduction limits, but combined, the two tax changes effectively raised the cost of living and owning a home in places such as New York City, New Jersey (where residents pay some of the highest property taxes in the country), Connecticut, Washington, D.C., California and Illinois.

In all those places, home values are expected to fall as buyers and sellers adjust to the new cost of living.

Exacerbating the Slowdown

Coincidentally, President Donald Trump’s major legislative victory has deeply exacerbated the housing rout in his own hometown. Manhattan’s luxury housing market was already in the midst of a price correction when Congress passed the new tax code, which combined with rising interest rates, dramatically slowed the pace of sales in 2018—including at Trump Tower, where the president keeps a lavish triplex penthouse.

Sales of homes for $1 million or more in Manhattan have dropped 12.5% from a year ago, according to data from Realtor. In Brooklyn, such sales have slowed 8.6% during the same time period.

In Suffolk County, New York, home to the Hamptons’ posh beach towns, million-dollar-plus sales slid 16.3% since last year, as home buyers shift their vacation house hunts southward.

Manhattan-based realtor Donna Olshan, who publishes a weekly report on luxury transactions, said she expects sellers in the borough will have to discount their homes roughly another 10% to entice buyers off the sidelines.

Besides Manhattan, one need only map wealthy districts that voted out their incumbent Republican in November to find high-end housing markets feeling down on the tax reform.

Such areas include Chicago’s wealthy suburbs, where voters ousted two Republican representatives in favor of their rookie Democratic opponents.

While there’s certainly more at play in the Chicago suburbs than tax and housing woes, the correlation is undeniable. Lake County, Illinois, which includes portions of both congressional districts, has seen luxury home prices stagnate in 2018 and sales plummet. The number of houses sold for $1 million or more in Lake County fell by one-fifth in 2018, according to the Realtor data.

Fairfax County, Virginia, where both luxury home values and sales declined in 2018, voted overwhelming for the Democrat, underdog Jennifer Wexton, and helped unseat a Republican incumbent who voted for the tax reform.

Voters also flipped six house seats from high-tax, high-income California. Most notable was Orange County, a longtime Republican stronghold that helped unseat 15-term Republican incumbent Dana Rohrabacher.

“The tax reform has not been a positive thing for our market,” said John Stanaland, a leading real estate agent in Orange County, a wealthy coastal area that includes posh Laguna Beach. “It’s been a factor in the market slowing.”

There has been a significant drop-off in showings and sales, particularly for mid-range luxury homes priced between $2 million to $4 million, Mr. Stanaland said.

In contrast to Florida, high state and local taxes in Orange County have dissuaded wealthy homebuyers from making the area their primary residence.

“We used to be about a 20% second-home market. I think we’re over 40% now,” Mr. Stanaland said. The new tax code “is not necessarily a hardship, but it really annoys people.”

The post One Year On, These Housing Markets Are the Winners and Losers of U.S. Tax Reform appeared first on Real Estate News & Insights | realtor.com®.

from DIYS http://bit.ly/2QfZPyA

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Conrad Fort Lauderdale Beach partners are in court over $41M dispute

Conrad Fort Lauderdale Beach

Seven months after finally opening Conrad Fort Lauderdale Beach, its developers are embroiled in a nasty legal fight for control of the long-delayed, financially troubled condo-hotel project.

Between February and March, the developers — JJN FLB LLC and CFLB Partnership — filed dueling lawsuits against each other in Miami-Dade Circuit Court. The suits allege breaches of contract, self-dealing arrangements and delaying a $40.9 million sale of the property at 551 North Fort Lauderdale Beach Boulevard.

JJN FLB, an entity controlled by Pierre Heafey and the Pegula family, became a 51 percent owner in the Conrad Fort Lauderdale Beach in December 2016, according to its Feb. 15 suit. Heafey is president and founder of Canada-based Heafey Group, and the Pegula family owns the NFL’s Buffalo Bills.

CFLB is an an affiliate of Conrad FLB that is managed by South Florida developers Jose and Joseph Cabanas. Four entities controlled by the Cabanas, including CFLB, own 49 percent of the Conrad Fort Lauderdale.

The Cabanas’ partnership sold 232 units plus commercial and common space to the Heafey-Pegula company and other Heafey-affiliated companies in four separate transactions totaling $100 million. The Heafey affiliates also assumed a $236.5 million mortgage from Ladder Capital Finance.

Their partnership has long since soured.

The Heafey-Pegula company alleges that the Cabanas partership has refused to execute part of the agreement that allows the Heafey-Pegula company to buy 20 percent of the condo-hotel units. The lawsuit claims the Cabanas partnership initially agreed to consummate the deal after Heafey and Pegula raised their offer from $37.5 million to $40.9 million last October, when the Conrad Fort Lauderdale Beach opened for business.

Attorneys for both sides did not respond to phone messages and emails requesting comment.

On March 14, the Cabanas-managed partnership sued Heafey and Pegula’s company, accusing the company of “profound breaches of the operating agreements and several instances of gross self-dealing.”

Among them, Heafey-Pegula executed a sales and marketing agreement with Cervera Real Estate — which is not party to the suit — that provided the Heafey-Pegula partnership with an allegedly illegal 1.75 percent marketing fee calculated on the purchase price. That was done in connection with sales of certain condo-hotel units, the Cabanas-managed entity’s complaint alleges.

The Cabanas entity claims it did not authorize Heafey-Pegula to collect the 1.75 percent fee and that its partners made misleading statement about the Cervera agreement.

Heafey-Pegula also awarded the Pegula family an overly lucrative agreement to operate an oceanside restaurant on the Conrad property despite strenuous objections by the Cabanas entity, the lawsuit states. The Cabanas wanted to bring in the owners of Yolo and Tarpon Bend and claimed the Pegulas do not have any experience managing South Florida restaurants.

The 24-story condo-hotel has 290 units including studios, suites with one to three bedrooms, and three penthouses that come equipped with galley kitchens with touch-screen stove tops, marble bath tubs and rainfall showers. Amenities include a 4,000-square-foot spa, a 20,000-square foot sky deck with a heated pool on the sixth floor and 10,000 square feet of meeting space. One night at the Conrad Fort Laurderdale Beach starts at $339.

The project has been marred by setbacks and funding issues since it was conceived in 2004 as the Trump International Hotel & Tower. Developer Roy Stillman’s SB Hotel Associates had obtained a licensing agreement with the Trump Organization, but litigation between buyers and SB resulted in the builder running out of money. That project ultimately failed.

The Cabanas entered the picture as part of an investment group led by hotel developer Orchestra Hotels + Resorts that bought the project in 2013 for $115 million. They had planned to spend $40 million to finish the Conrad as a 290-unit tower with 109 condos and 181 condo-hotel units. However the budget soared by at least $70 million and the completion date was pushed back several times.

from The Real Deal Miami https://therealdeal.com/miami/2018/05/02/conrad-fort-lauderdale-beach-partners-are-back-in-court-over-41m-dispute/ via IFTTT

[alfredrserrano]

Conrad Fort Lauderdale Beach partners are back in court over $41M dispute

Conrad Fort Lauderdale Beach

Seven months after finally opening Conrad Fort Lauderdale Beach, its developers are back in court in a nasty fight for control of the long-delayed, financially troubled condo-hotel project.

Between February and March, JJN FLB LLC and CFLB Partnership filed dueling lawsuits against one another in Miami-Dade Circuit Court that allege contract breaches, self-dealing arrangements and the stalling of a $40.9 million sale of the property at 551 North Fort Lauderdale Beach Boulevard.

JJN FLB, an entity controlled by Pierre Heafey — president and founder of Quebec, Canada-based Heafey Group — and the Pegula family — which owns the NFL’s Buffalo Bills — became a 51 percent owner in the Conrad Fort Lauderdale Beach in December 2016, according to the entity’s Feb. 15 lawsuit.

CFLB Partnership LLC, an affiliate of Conrad FLB LLC that is managed by South Florida developers Jose and Joseph Cabanas, sold 232 units plus commercial and common space to JJN FLB and other Heafey-affiliated companies in four separate transactions totaling $100 million. The Heafey affiliates also assumed a $236.5 million mortgage from Ladder Capital Finance.

Four entities controlled by the Cabanas, including CFLB, own 49 percent of the project. It appears both sides have soured on the deal, based on the suits. JJN alleges that CFLB has refused to execute part of the agreement that allows the Heafey-Pegula company to buy 20 percent of the condo-hotel units. The lawsuit claims CFLB initially agreed to consummate the deal after JJN raised its offer from $37.5 million to $40.9 million in October of last year, when the Conrad Fort Lauderdale Beach opened for business.

Attorneys for JJN and CFLB did not respond to phone messages and emails requesting comment.

On March 14, CFLB sued JJN, accusing Heafey-Pegula company of “profound breaches of the operating agreements and several instances of gross self-dealing.” Among them, JJN executed a sales and marketing agreement with Cervera Real Estate that provided the Heafey-Pegula partnership with an illegal 1.75 percent marketing fee calculated on the purchase price in connection with sales of certain condo-hotel units, the CFLB complaint alleges.

CFLB claims it did not authorize JJN to collect the 1.75 percent fee and that its partners made misleading statement about the Cervera agreement. JJN also awarded the Pegula family an overly lucrative agreement to operate an oceanside restaurant on the Conrad property despite strenuous objections by CFLB, the lawsuit states. CFLB wanted to bring in the owners of Yolo and Tarpon Bend and claimed the Pegulas don’t have any experience managing South Florida restaurants.

The 24-story condo hotel has 290 units including studios, suites with one to three bedrooms, and three penthouses that come equipped with galley kitchens with touch-screen stove tops, marble bath tubs and rainfall showers. Amenities include a 4,000-square-foot spa, a 20,000-square foot sky deck with a heated pool on the sixth floor and 10,000 square feet of meeting space. One night at the Conrad Fort Laurderdale Beach starts at $339.

The project has been marred by setbacks and funding issues since it was originally conceived in 2004 as the Trump International Hotel & Tower. Developer Roy Stillman’s SB Hotel Associates had obtained a licensing agreement with the Trump Organization, but litigation between buyers and SB resulted in the builder running out of money. That project ultimately failed.

The Cabanas entered the picture as part of an investment group led by hotel developer Orchestra Hotels + Resorts that bought the project in 2013 for $115 million. They had planned to spend $40 million to finish the Conrad as a 290-unit tower with 109 condos and 181 condo-hotel units. However the budget soared by at least $70 million and the completion date was pushed back several times.

from The Real Deal Miami https://therealdeal.com/miami/2018/05/02/conrad-fort-lauderdale-beach-partners-are-back-in-court-over-41m-dispute/ via IFTTT

[petebuonocore]

L.A.’s New Playa Vista Neighborhood Is Where Silicon Valley Meets Southern California

 The Los Angeles district of Playa Vista is home to Facebook and Microsoft offices, and a growing number of residents seeking an urban lifestyle. (ORIGINALLY PUBLISHED ON APRIL 12, 2018|THE WALL STREET JOURNAL). 

Playa Vista, a newly built neighborhood on the west side of Los Angeles, lacks much of what locals consider luxury. There are no estates, sweeping views or movie-star enclaves. Yet houses are selling for over $4 million, and rents are eye-watering.

That is because Playa Vista is in the final stages of its reinvention, providing office space for the biggest names in tech as well as dense, urban-style living for residents. In the fall, Alphabet Inc.’s Google unit will begin moving employees into a 319,000-square-foot office space, adjacent to 12 acres of land the company purchased in 2014. Yahoo, Microsoft, IMAX, Electronic Arts and Alphabet’s YouTube are already there; Facebook leases a 50,000-square-foot space across the street, the company said.

Between 5,000 to 6,000 people work at Playa Vista today—a number that is expected to double in the next few years, said Adrian Foley, president and chief operating officer of Brookfield Residential, the company that is implementing the master plan.

Playa Vista sits roughly between the oceanside neighborhood of Marina del Rey and Culver City. Immediately to the west of the community are the Ballona Wetlands, a 600-acre preserve visited by hundreds of species of birds, including Great Blue Herons, ducks and egrets. The development backs up to the Westchester Bluffs, giving some residents a grassy hillside view.

The community includes a dense collection of modern buildings and houses; 29 parklike areas; two outdoor concert areas and three areas with retail and restaurants. The newest shopping area, called Runway, has a Whole Foods Market, a multiplex movie theater, 11 restaurants and about 15 retail outlets, including places to take Pilates, yoga and spinning classes.

Home values are on the rise. Randy Schwab, a 54-year-old chief executive of a nonprofit and his wife, Laurie Dworsky, a 56-year-old graphic designer, were planning on selling their Playa Vista four-bedroom unit—until they learned how much it could generate in rent.

So instead of selling, the couple bought another unit for $1.95 million in 2016 to live in and were able to rent their $1.45 million condo for a handsome $9,000 a month to NBA player Jamal Crawford. At the time, he played for the Clippers, which has a training facility on the Playa Vista grounds. After Mr. Crawford moved out in August, the couple was able to rent the unit to another person for $8,500 a month, Mr. Schwab said.

In 2003, then-law student Marc Bauer bought a two-bedroom condo for roughly $530,000.

Today, Mr. Bauer is a 38-year-old municipal-bond attorney with a wife, Lacey, and a child on the way. His unit would likely sell for about $1.1 million, said Tami Humphrey, an agent with Palm Realty Boutique who lives in Playa Vista and has sold 115 homes there.

(PHOTO COURTESY OF BROOKFIELD RESIDENTIAL) For decades, Playa Vista was known for two things: Howard Hughes and red tape. The 460-acre plot where the billionaire once housed his aviation firm sat unused for decades, as various developers struggled with environmental concerns and bureaucracy.

In 2012, Brookfield Residential bought the area’s master plan for $265 million. Brookfield predicted that tech companies would run out of space to expand in other parts of Los Angeles due to lack of space, building restrictions and high prices and turn to Playa Vista, said Mr. Foley. Today, the term “Silicon Beach,” originally referencing Santa Monica and Venice to indicate a Southern California outpost of Silicon Valley, also includes Playa Vista. Currently, the Google office is being built within the “Spruce Goose” airplane hangar where Mr. Hughes built his wooden airbus, said Mr. Foley.

READ THE FULL ARTICLE, WRITTEN BY KATY MCLAUGHIN, HERE: https://www.wsj.com/articles/l-a-s-new-playa-vista-neighborhood-is-where-silicon-valley-meets-southern-california-1523541600