Monthly Archives: November 2010

Time to give your kids the house?

WASHINGTON – Nov. 8, 2010 – Anyone who’s thinking about bequeathing a home or other property to someone other than his or her spouse or a charity might consider making the gift this year when there is no estate tax.

After Jan. 1, 2011, the estate tax rate will be 55 percent (60 percent in some cases) on all but the first $1 million, unless Congress changes the law.

If the original owner wants to keep using the property he gives away, he will have to pay fair-market rent to the person or trust that has become the owner. It might seem awkward, but it is an excellent tax strategy.

There are several strategies that help the giver avoid gift taxes as well, but they are rather complex. In general, all of these transfers require advice from an attorney, a tax expert or both.

Source: The New York Times, Deborah L. Jacobs (10/21/2010)

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Related Topics: Taxes

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© 2010 Florida Realtors®

change your clocks!

Sunday November 7th is the end of Daylight Savings Time, so remember to set your clocks back one hour. And if you think your current real estate situation is about to fall back, give me a call. I can find the perfect home to fit your needs and budget just in time for the holidays!

Visit me on the web at TeamScherer.com

Realtors claim victory with Amendment 4 defeat

ORLANDO, Fla. – Nov. 3, 2010 – For nearly seven years, Realtors across the state campaigned against an amendment that would drastically change Florida’s growth management system. By 9 p.m. on Election Day – just hours after the polls closed and with less than half the votes counted – Amendment 4 was clearly headed for defeat.

Within minutes of announcing the outcome on Florida Realtors®’ Facebook (http://www.facebook.com/pages/Orlando-FL/Florida-Association-of-Realtors/33396628429) page, Realtors “liked” the post – a clear indication they were pleased with the vote.

“I volunteered at a poll in Pinellas County to hold a sign for two hours opposing this amendment, wearing my Realtor pin. I am so glad I did,” wrote Jenny Brogan, a sales associate with Richard Doyle Real Estate in Clearwater.

Brogan’s efforts, and those of thousands of Realtors across the state who campaigned against Amendment 4, paid off. The measure, which would have required voter approval for all city and county growth management plan changes, was soundly rejected by more than two-thirds of voters.

“We thank Florida voters for taking action to protect the future of our great state,” says 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville. “Along with more than 300 diverse organizations, Realtors spread the word about the dangerous consequences of Amendment 4. Clearly, Floridians are committed to protecting jobs, preserving personal property rights and protecting our economy.”

Unlike most ballot initiatives, Floridians have been debating Amendment 4 for the better part of a decade – since it was first drafted in 2003. A number of business, labor, civic and planning groups, including Florida Realtors, banded together to oppose Amendment 4 and form the coalition, Citizens for Lower Taxes and a Stronger Economy.

“Voters overwhelmingly agree that one of Florida’s most important economic sectors should not be held hostage,” notes Ryan Houck, executive director of Citizens for Lower Taxes and a Stronger Economy. “Floridians saw through the rhetoric and recognized Amendment 4 for what it was – a dangerous, costly and job-killing anti-growth measure that would have driven our state deeper into recession.”

A study conducted by The Washington Economics Group found that Amendment 4 would have reduced Florida’s economic output by $34 billion annually and likely cost Florida 267,247 jobs.

“I have never seen our members so engaged to defeat an issue – they were passionately committed to educating their fellow citizens about the negative impact Amendment 4 would have had on our economy,” says John Sebree, Florida Realtors vice president of public policy. “Florida Realtors were unified in their opposition to Amendment 4 unlike anything I have ever witnessed. The grassroots power of Realtors is well known across Florida and across the country, but Realtors went above and beyond in this campaign.”

Florida Realtors also opposed Amendments 5 and 6, two redistricting measures, for their potential to bog down the redistricting process and lead to a stalemate in the Florida Legislature. If that happens, redistricting then goes to the state Supreme Court, which is not immune to partisan politics, as seen by the 2000 presidential election. However, Amendments 5 and 6 passed with 62 percent and 63 percent of votes, respectively.

In other amendment news, 78 percent of voters approved Amendment 2, which will provide additional homestead tax exemptions to deployed military personnel. Florida Realtors supported the measure.

© 2010 Florida Realtors®

Related Topics: Florida Legislature

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