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Most Recent Attorney’s Blog Posts
- How to Start Your Own Charity
I think most people dream of doing more charitable work and giving to others. It’s an amazing feeling to lift and bless another. For some, just donating some time and giving what they can financially is all they can do, and there is certainly nothing wrong with that. Oh, how the world would benefit if more of us could just do a little something more to help others in charitable ways. But for others, their dream is a little more grand. Some have the goal to start their own charity. Create their own 501(c)3 or charitable organization. A project that ... read more - Legal Tips for Wholesaling Real Estate
Many real estate investors regard wholesaling as a way to learn how to evaluate deals and develop your real estate network. It is also a method to profit from investing in real estate without requiring significant up front capital. Wholesaling is a strategy whereby the wholesaler enters into a purchase contract with a seller of real estate and then assigns the purchase contract to another third party who will typically rehab the property and flip it for a profit (at least that is the goal). Although most investors regard wholesaling as involving less risk than, for example, the flipper ... read more - Can Your SDIRA Own Bitcoin and Other Cryptocurrencies?
Can Your SDIRA Own Bitcoin and Other Cryptocurrencies? Yes, your IRA can invest and own bitcoin and other cryptocurrencies. Bitcoin is a form of virtual currency using blockchain technology, and can be exchanged between parties for goods and services, or for dollars. From 2011 to July 2017, the value of Bitcoin has risen from 30 cents per Bitcoin to $2,550 per Bitcoin. As a result, we’ve seen a significant increase in questions from investors asking whether their retirement account can invest in and own actual Bitcoin or other forms of cryptocurrency. Can Your IRA Own Bitcoin? Well, the short answer ... read more - Ask Your Attorney if a “Covfefe” Trademark Is Right for You
On May 31st, 2017, at 12:06 a.m. Eastern Time, President Donald Trump unleashed the following tweet: “Despite the constant negative press covfefe.” No one has been able to definitively crack the code (if there is one) as to what “covfefe” actually means. The President took down the tweet six hours later and replaced it with a tweet saying: “Who can figure out the true meaning of ‘covfefe’??? Enjoy!” Predictably, the word “covfefe” immediately went viral on social media, with several twitter users encouraging their followers to “ask your doctor if Covfefe is right for you” and others thinking it’s what ... read more - Self-Directed IRA Owner Wins Appeal and Avoids Account Distribution for Common Mistake
Every year, there is at least one case when the IRS attempts to distribute a self-directed IRA for failing to meet a single technical requirement. This common situation arises when an IRA owner uses their standard, non-self-directed IRA to purchase assets that only self-directed IRA custodians allow. This was the case of McGaugh v. Commissioner, as Mr. McGaugh owned a Merrill Lynch IRA, and requested Merrill Lynch acquire FPFC shares for his IRA. Merrill Lynch sent the funds for the purchase to FPFC, but unfortunately considered the purchase a distribution from Mr. McGaugh’s IRA, and sent him a 1099-R. TIP: ... read more - Bitcoin Basics: What is Cryptocurrency?
Questions about Bitcoin have increased dramatically as investors have seen the price of Bitcoin rise from 30 cents per Bitcoin in 2011 to $2,550 per Bitcoin in July 2017. This article answers basic questions about Bitcoin and we’ll have two follow-up articles addressing IRA ownership of Bitcoin and about accepting Bitcoin in your business. Needless to say, there’s a “bit” of uncertainty when it comes to whether or not one should invest in Bitcoin (sorry –bad pun) but here’s a breakdown of the basics. What Is Bitcoin And How Does it Work? Bitcoin is one type of digital currency ... read more - The Realities of Litigation
For most people involved in a dispute, declaring the words “See you in Court!!” can seem like the perfect threat or even feel therapeutic at the least. Some even presume that by stating “I’m going to sue you” is like declaring nuclear war against the other side and the person or company that wronged you will certainly want to ‘settle’ because you have scared them with a lawsuit. However, people who have actually been participants in litigation soon realize that there is no such thing as “inexpensive litigation,” and many individuals, fueled by the passion of a person scorned, ... read more - Self-Directed IRA Top Ten Frequently Asked Questions and Answers
It’s finally here. My self-directed IRA top ten list of frequently asked questions. Whether you’re just getting started or you’ve been investing with a self-directed account for decades, make sure you know the answers to these ten questions. In most instances, I’ve linked to more comprehensive articles and videos I have on the subject. And of course, you could always crack open the best-selling book on the subject for even more information and detail, The Self Directed IRA Handbook. 1. What is a self-directed IRA? A self directed IRA is an IRA (Roth, Traditional, SEP, Inherited IRA, SIMPLE) ... read more - How to Donate to Charity and Beat the Tax Man
I have a close relative who works in fund-raising for a fairly large university. While he loves receiving large charitable donations in the form of immediately available cash or other marketable assets (such as real estate and publicly-traded stock), he knows that such donations are often simply not possible or practical for the average person. This is why a huge buzzword in the world of fund-raising for non-profits is “Planned Giving.” What Is “Planned Giving”? Planned Giving is the present day legal commitment by a donor to give some assets or property to a charitable organization or institution at a ... read more - 6 Tax and Legal Tips When Investing in Real Estate
Sir Francis Bacon put it best when he said, “knowledge is power”. Not only does he have a great last name but he gives good advice that applies to all facets of life including investing in real estate. Whether you are new to real estate investing, or a seasoned investor, before you rush off to make your first/next real estate investment, consider the following tips all of which are to help you be strategic about investing in real estate the right way for your situation, i.e. knowledge is power. With that in mind, here are six tax and legal ... read more
