1. HOAs are common among planned communities.

Whether you decide to buy a home with an HOA will depend on what kind of community you want to live in. An HOA is basically a nonprofit membership organization that oversees maintenance and upkeep of a neighborhood’s communal areas. Condos, townhouses, and single-family home communities may all be subject to HOAs. Community members pay monthly fees to the HOA to cover things like upkeep of common resources (sidewalks, pools, tennis courts, security gates, lights, etc.) and enforcement of covenants, conditions, and restrictions (these are the rules that govern how the properties in a community can be used — they range from directives about house paint color to yard maintenance to number of vehicles parked in a driveway).

2. HOA fees range dramatically.

Nationally, the average monthly HOA fee is around $500. However, HOA fees can range dramatically depending on the kinds of amenities and perks a particular HOA offers. Generally, the higher the HOA fees, the more that’s covered. However, that is not always the case. Find out about the HOA fees that apply to a home before putting in an offer. In fact, the amount of an HOA fee may impact your ability to afford the house. That’s because a mortgage lender will include the monthly HOA fees when assessing the price of a house you can afford. Depending on your financial situation, an HOA may create a trade-off: a higher-priced house with a lower HOA fee OR a lower-priced house with a higher HOA fee.

3. There are some great benefits of living with an HOA.

Of course, there are some great benefits that come along with living in a community governed by an HOA. For starters, the mere presence of an HOA indicates community involvement and collective responsibility for shared spaces and amenities. It also likely means that there will be a certain standard of cleanliness and order enforced throughout the community. HOAs typically cover things like keeping flood lights on, keeping streets swept and orderly, and ensuring that each individual homeowner does his or her part to keep the neighborhood looking clean.

4. There are also some real drawbacks to buying a home subject to an HOA.

On the other hand, HOAs can present some problems for homeowners, especially if you don’t take the time to read all covenants, conditions, and restrictions. Different HOAs restrict different parts of neighborhood life. Some rules, like the limitation on leaving trash bins by the road, are there for the neighborhood’s safety and sanitation. Other rules, however, may be harder to swallow. If you have always wanted a home with a red door, or you plan to keep chickens, or you own an RV you need to park, check first with the HOA to avoid future conflict, fines, and possible litigation. Before moving into a community with an HOA, you need to know you can comply with the neighborhood’s standards.

5. Do your homework.

This is where doing your homework comes in. To ensure that a particular community’s HOA rules and restrictions are right for you, you need to know what they say! Your realtor can obtain a copy of the HOA’s bylaws and any covenants and restrictions placed on the community. Read them carefully and look out for restrictions that you don’t think you can live with. If all rules seem to work for you, then you might be on the right track!

When looking at HOA documents, make sure you look for:

• Fines for violations of the HOA rules and restrictions
• Whether the documents grant the HOA power to use foreclosure in the case of unpaid dues or fines
• Any language that may restrict or make it more difficult for you to rent out the property (if that’s something you are considering)

6. Ask the right questions of the right people.

One of the common things we see among homeowners who have problems with their HOA is that the homeowner didn’t know which questions to ask or who to talk to before buying their home. To help avoid some common issues we have seen with HOAs, make sure you attend a meeting of the HOA. Find out if the HOA is managed by community member volunteers or is professionally managed. Ask to speak to the board president. Walk around the neighborhood and knock on doors. Talk to neighbors about the HOA.

Here are some things to consider asking and finding out:

• What do neighbors think of the community and the HOA management?
• What financial condition is the HOA in? How much does it have in reserves? (You can even request balance sheets and dues histories. This will show you how the HOA spends funds, how much is in the reserve, and how often the HOA increases its dues.)
• Are there any major improvements or updates planned in the future? (Many HOAs cover improvements and updates out of the financial reserves. If reserves are lower, however, HOAs may levy special assessments against homeowners, which can be costly on top of your regular HOA dues. Ask whether any special assessments are planned and take a look at the HOA bylaws to see how/when additional funds can be levied from homeowners).

7. Look hard at the home you are thinking about buying. Does it comply with all HOA restrictions?

You may have fallen in love with the home you are considering buying, but that doesn’t mean it’s going to come to you in full compliance. When looking through the HOA rules and restrictions, take note of anything on the property you are considering that may not comply. Find out if the current homeowners have had any trouble with a particular aspect of the property remaining in compliance.

8. If all this legal legwork has you spinning in circles, ask for help!

We know, purchasing a home is a daunting experience. It can feel even more daunting when you’ve got to conduct relatively quick legal analysis about a particular property’s rules, covenants, and restrictions. That’s why hiring an experienced real estate attorney can be a huge help. Not only can a real estate attorney help guide you through purchase negotiations and closing, he or she can be helpful when assessing whether a particular HOA will work for you. If you are in the market and would like some support, give Brian M. Douglas & Associates a call at (770) 933-9009.

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Taking Steps to Protect Your Vacation Home Investment

If you are considering purchasing a vacation home, or if you’ve already made the investment, what steps have you taken to protect your property? Protecting a part-time residence, as opposed to your year-round home, can take a whole different approach. You may consider different kinds of insurance, different security, even holding title differently.

If you own a second home out of state, this becomes even more important. Out of state properties take extra care and attention to ensure that they remain safe and well-tended. They also need to be carefully managed before you pass. Why? Without properly planning for out of state property to pass to your loved ones, that gorgeous oceanview condo can quickly become more of a burden than an asset for your heirs.

The Risk of Ancillary Probate

Outside of the estate planning world, the term “ancillary probate” is not heard too often. However, in our day-to-day, it’s something we work hard to help our clients avoid. What is ancillary probate? Basically, it is the requirement that an out-of-state resident go through a second probate process in the state where real estate is located. It’s easiest to understand using an example.

Let’s say we are working with Tom, an Atlanta native and homeowner. Tom lives here in Atlanta full time, and all three of his children live at home with him. The two younger kids are in middle and high school, and his oldest is a sophomore in college out of state. When all three kids were young, Tom bought a beachfront condo in St. Petersburg, Florida. He and the kids have spent some incredible summers at the condo, enjoying the sunshine, riding bikes, and playing in the surf. To protect his children, Tom has a will in the State of Georgia that provides for his three kids, leaving them equal shares of everything, including their comfortable Atlanta townhome. When Tom passes suddenly, his sister (who is named personal representative in his will) steps in to care for the younger children at home and help guide his estate through the Georgia probate process. She gets a great lawyer, and she does a wonderful job caring for the kids’ needs. But,, probate is still pretty overwhelming. It takes a long time, she isn’t able to access any of Tom’s funds that he left behind to care for the kids until the proceedings are over, and she keeps having to take off of work to go down to the courthouse and meet with her lawyer. Then, on top of everything, the matter of the Florida condo comes up. Why? Because his out of state real estate can’t pass through Georgia probate. Any real estate held in a different state than the decedent’s residence will need to go through probate in that state. So, Tom’s sister has to fly back and forth to Florida. She has to hire a Florida probate attorney. The property gets held up. It takes a long time to move through the probate process before she can get access to be able to sell it. In short, it’s a mess. 

Including Your Vacation Home in Your Estate Plan

Tom’s story is a typical one of ancillary probate. As we think about Tom, there are a lot of things he could have done in his estate plan to ease the time, stress, and cost of probate on his sister and his kids. For now, though, let’s focus on the ancillary probate problem. At the very least, what could he have done to prevent his sister from having to travel repeatedly out of state and deal with the burden of ancillary probate?

Lucky for Tom, his sister, and the kids, the answer is relatively simple: A Revocable Living Trust. When a property is titled in a trust, no matter where that property is located, it passes in accordance with the trust instructions. We’ve explained the basics of Revocable Living Trusts elsewhere, but here, we see clearly one of the greatest benefits of this estate planning tool. Of course, you can choose to title all of your real estate (and the rest of your assets, too!) into an RLT, avoiding probate altogether (ancillary or otherwise). However, if you choose not to do so, an RLT can be used solely to transfer an out of state property easily and quickly. As with any trust, the instructions can also provide how the property should be treated and for whose benefit. For Tom, not only would an RLT have kept his sister from traveling to Florida and spending money on a second attorney, it also would have allowed her to quickly sell the property and use those assets for the benefit of Tom’s named beneficiaries. If his trust beneficiaries are his three children, Tom’s sister (assuming she is also named as trustee for the RLT) can take the proceeds of that Florida condo sale and immediately begin providing for the kids in accordance with Tom’s trust instructions.

If You Own Property Out of State, It’s Time to Take Control

As an estate planning attorney, I often meet with clients who say, “I don’t need much. My life is pretty simple. I just need a basic will.” For some people, that may be true. However, owning real estate out of state is one of the most prominent triggers that says to me, this is not a basic will situation. This family needs a more comprehensive estate plan. If you own, or are considering buying, real estate out of state, let’s talk. Give Brian M. Douglas & Associates a call at (770) 933-9009.

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Don’t Just Throw it in the Trash

Although your annual Property Tax Assessment Notice is not a bill (not yet!), it provides you with some pretty meaningful information. It’s important to take a close look as soon as you receive the Notice because, if you disagree with the assessment, there is a short window during which you can take action.

Every year, properties throughout Georgia are assessed to determine the Current Year Value of that property. This value is then used to calculate the annual property taxes due. For the majority of Georgia homeowners, the property value assessment will not come as too much of a surprise. However, if the assessment just doesn’t look right to you, there is recourse available if you act fast.

You have 45 Days to File an Appeal

If you have your Property Tax Notice on hand, take a look at it. On the face of the assessment, you should see an appeal deadline date. An appeal must be filed with the Tax Commissioner of Assessor’s Office within 45 days from receipt of the Notice. Appeals sent after the filing deadline will not be accepted. Depending on your county, you may be able to file an appeal online. Of course, an online appeal is faster and easier than delivering an appeal form by mail or in person.

An Appeal Isn’t an Excuse to Not Pay Your Taxes

It is important to note that filing an appeal for your annual property value assessment does not change your tax payment obligations. Make note of all deadlines and ensure that you pay all taxes on time to avoid penalties and fees. If you end up paying your property taxes while your appeal is still pending, don’t worry. If your appeal is accepted and your tax liability changes as a result, the Tax Commissioner’s office will recalculate your final bill.

Make Sure You are Clear on the Process

Depending on your county in Georgia, the office to contact with questions is different. Although all Georgia counties do issue annual property tax assessments in May, the appeals process may be slightly different for each county. If you have any questions about the property tax assessment appeals process, your particular county’s rules, or anything else related to the legal maintenance of your home, feel free to reach out to the team of experienced real estate lawyers at Brian M. Douglas & Associates. Our office number is (770) 933-9009. We are always happy to help!

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Wholesalers buy properties in need of repairs and then quickly sell them to investors who will flip the property for an even greater profit. Essentially, wholesalers assign the contract to purchase to the ultimate purchaser. Wholesalers make their $5,000-$20,000 on assigning the contract and then exit the deal. When wholesaling is done right, everybody wins: the property seller, the wholesaler, and the investor.

Many real estate investment companies advertise wholesaling as a quick, easy, and safe way to earn money. While wholesaling can be less costly than other real estate investments, it is important to know what exactly is involved in growing your wholesaling business. As with any real estate transaction, wholesaling can be risky. However, with the help of an experienced Atlanta real estate attorney, you can minimize that risk and maximize your profits.

What is the Difference Between Wholesaling and Flipping?

Many people think wholesaling real estate is the same as flipping property. While wholesaling and flipping are similar — and wholesalers often work hand-in-hand with property flippers — there are some significant differences between the two. Wholesalers will buy a property with the intention of selling it very quickly (or assigning the contract before closing) to an investor. Often, that investor may be a property flipper. People who flip properties will purchase the home, make needed repairs, and then sell the newly renovated property to a private buyer for profit. The goal of flipping is to actually fix up a distressed property and then sell it to an individual buyer. When wholesaling, on the other hand, the goal is to purchase a property and then quickly sell it to another investor.

Going about Purchasing Property for Wholesale

Purchasing your first real estate property can be exciting and a little intimidating. Wholesalers have a number of strategic options to choose from when purchasing property. Some wholesalers will buy a property outright for a low cost and then sell it at a profit to an investor. Many wholesalers, especially first-time wholesalers, may not have the capital to do that. Instead, they will go through with a dry closing that allows them to delay the disbursement of funds until after the closing date. Other wholesalers will pursue a back-to-back or double closing where they simultaneously close on the property and then sell it to an investor. To learn more about dry closings, double closings, and the mythical “double dry closing,” check out our blog post.

Regardless of the type of purchase, wholesalers depend on contracts to make these deals happen. The type of closing will dictate whether a wholesaler needs to have contingencies in the contract regarding transactional funding or other clauses that can protect them from risk. Purchasing a property is the first step toward having a profitable wholesaling business.

Working with Brokers and Buyers

Wholesalers rely on being able to quickly buy and sell properties so that their capital doesn’t remain tied into a single property for too long. It is very important to create your own network of investors and buyers who are willing and able to work with you. Often, first-time wholesalers try to work solely with real estate brokers because they think brokers bring a level of much-needed expertise to the deal. However, many brokers do not want to work with wholesalers because of the number of contracts they have to write before a deal actually goes through. If you depend solely on brokers, you may be waiting a long time to sell the property you purchased. The good news is that you don’t have to depend on brokers to grow your wholesaling business. There are better partners out there for you! Building your own network of investors and private buyers is key to having a profitable wholesaling business.

Tapping into your network, instead of relying on a broker, gives you more control over your business. You get to choose the partners you work with, instead of having to trust the broker in finding the best investors out there. Having your own stockpile of cash buyers (private investors and developers) means that you can have a buyer on hand to quickly purchase a property or to assign the sale contract to. Additionally, building and maintaining your own network of investors will help you learn about your market faster because you’re working directly with your own customers. Your investor network can also give you a better sense of what deals are actually worth, which is usually less than as advertised by the seller. As the market shifts, your investors can also tell you directly what they’re looking for in a property, so you can better tailor your deals to meet their needs.

How a Real Estate Attorney Can Help You

Wholesaling is a business that depends on contracts. Wholesalers need to have contracts with property sellers and with their investors to grow their businesses. It is vital that your contracts are tailored to your needs as a wholesaler. Many wholesalers depend on contingency clauses in purchase contracts that will allow them to avoid closing if their transactional funding falls through. Having strong, clear contingency clauses in your contract can really protect you and your capital. Tailoring your contract is just one way a real estate lawyer can help you. Your attorney can also guide you through other potential legal pitfalls, provide you with actionable advice on growing your wholesaling business, and save you time so that you can focus on your profits.

Many first-time wholesalers don’t realize how many contracts they have to write before getting their first offer from an investor. Wholesaling can be profitable, but it can also take a lot of work to build your investor network and complete your first deal. This process can be both daunting and exhausting, but you don’t have to go through it alone. Brian M. Douglas & Associates has experienced real estate and business attorneys who can guide you through the process and help you mitigate risk while growing your real estate business. Give our office a call at (770) 933-9009.

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Depending on how you look at the year, we are either one-third of the way through the tax year (four months since you last filed taxes in April 2018), or we are in the last third of the calendar year (only four months until 2019!). No matter how you count it, the end of the summer is a great time to take a look at your taxes. In 2018, this is especially important because of the sweeping tax reform that went into effect this year. Whether you realize it or not, your tax situation is likely very different than it has been in previous years. Have you checked in with a tax professional about how the new tax law will impact you?

No Surprises in 2019

Taking the time to review your tax situation now will help avoid being caught off guard in 2019. Under the new tax law, many taxpayers will owe less than previous years, but some will end up owing more. If there have been any big changes in your life in 2018, it is essential that you get the full picture of how your life changes and how the new tax law will impact your finances.

In 2018, if you

• Got a raise or changed jobs
• Got married or divorced
• Had a baby or a child turn 17
• Sent a kid off to college
• Retired
• Turned 70.5 in age,  

it is definitely time to take a break and sit down with your taxes. At this mid-year point, there is still time to correct any unfavorable consequences that may be caused by life events. If you wait until April 2019, it may be too late.

A change in marital status will likely change whether you file your taxes individually or jointly, and this status can dramatically change your tax liability. Under the new tax law, the dependent exemptions have been eliminated; however, the Child Tax Credit has doubled. There are a number of tax credits available to those paying college tuition. If you are planning to retire this year or have retired in the past eight months, you may be trying to decide the details of your retirement income sources. Receiving retirement income from different sources will have varying impacts on your tax liability, so it is best to consult with a professional before you start receiving distributions.

Look for Ways to Cut Down on Taxable Income

A mid-year check in can do more than reveal unexpected tax liabilities; it can also be a useful tool to reflect on how you can minimize your tax liabilities while putting more of your income to personal use. For example, you may be able to contribute more to a tax-advantaged account. In 2018, you are entitled to contribute up to $18,500 to your 401(k), 457, or 403(b). Taxpayers 50 and older can also make “catch up” contributions of up to $6,000, which allows them to contribute up to $24,500 into a 401(k) in 2018. IRA limits for 2018 are $5,500 per qualified taxpayer and $6,500 for those 50 and older.

If you have a health savings account, this is also a great way to reduce your taxable income and save on qualified medical expenses in the future. In 2018, you can contribute $3,450 for single coverage into a high deductible health plan (HDHP) and up to $6,900 for family coverage. If you are over the age of 55, you can make “catch up” contributions of an additional $1,000.

Examine Your Withholding

When the new law tax went into effect in January 2018, almost all taxpayers moved into a lower tax bracket, which should have resulted in bigger paychecks in the new year. If you have not seen a larger paycheck so far this year, you may need to adjust your withholding on your W-4. At the beginning of the year, there was a fair amount of confusion over the new tax law and employee withholding, so the IRS released a revised W-4 and new withholding tables. With ongoing confusion over the status of withholdings, it is important that you review yours to make sure that you will not end up with taxes owed or a large refund in April 2019.

Determine What You Will be Deducting This Year

Under the new tax law, the standard deduction increased to $12,000 for individuals and $24,000 for joint filers. With these higher thresholds, many taxpayers will choose not to itemize deductions, even if they have done so in the past.

A number of common deductions have also been restricted or removed in 2018. Write offs for state and local income and sales and property taxes are capped at $10,000. Home equity debt interest is no longer deductible, and the miscellaneous deductions have been removed.

Take a Closer Look at Your Charitable Giving

Along with the higher standard deduction comes a shift in how charitable giving will be treated in 2018 tax filings. Because fewer people will be itemizing their deductions, charitable giving of less than the standard deduction will have no impact on income taxes. However, taxpayers may choose to group annual giving to continue to tax advantage of deductions. For example, instead of giving $10,000 in each of the next three years, you could choose to place $30,000 into a donor-advised fund in one year, take the deduction, and then distribute those funds over each of the next three years.

Medical Expenses

If you have had significant medical expenses in 2018, or if you plan on having medical expenses in the near future, this is an important fact to raise with a tax professional. Under the 2018 tax law, the medical expenses deduction remained intact, but the threshold dropped to 7.5% of adjusted gross income. The threshold with rise again in 2019, so make sure you are planning for these changes as much as you can.

Another point to consider for older Americans is the possibility of Medicare Premium Surcharges. If modified gross income exceeds $85,000 (single filers) or $170,000 (joint filers), there will be additional surcharges in 2020, when this year’s income impacts Medicare costs. A mid-year check in can let you know if you are getting close to a threshold and try to suspend some income for the following year.

Work with an Experienced Estate Planning Attorney

With four months left in the year, there is still time to correct any unintended impacts that your current tax status may create in the next tax season. For a mid-year check up, get in touch with your tax professional and an experienced estate planning attorney. At Brian M. Douglas & Associates, we can help guide you through your mid-year checkup and help you reorganize your assets to create the best result for you and your family. Give us a call at 770-933-9009 to learn more.

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A person’s life can be turned upside down if they have been injured in an accident. They are subject to mental anguish and distress. Some of the symptoms of emotional and mental anguish experienced by a car accident victim are:

• Anxiety
• Mood swings
• Fits of Anger
• Feelings of Fear
• Feelings of Humiliation
• Crying
• Sleep issues and nightmares
• Losing appetite
• Loss of interest in daily activities

These symptoms have the potential to severely interrupt an individual’s life causing difficulty in working, attending school, or even getting out of bed in the morning. Some people may develop paranoia about getting into another accident if they drive, which prevents them from attending any appointments for treatment or other obligations that they might have. The emotional pain and anguish may be relatively short-lived for most people, however such feelings and interruptions can persist for some people especially if they are reminded of the incident by their injuries or any other factors. The trauma associated with a car accident can cause severe debilitation and extremely interrupt that person’s life. The most common condition that victims of car accidents suffer from is PTSD (Post-Traumatic Stress Disorder). This condition is generally associated with veterans of combat situations, however it can develop as a consequence of any traumatizing event that a person undergoes in their lifetime.

Some of the common symptoms associated with PTSD in a car accident victim are:

• Involuntary recurring memories of the accident
• Flashbacks and blackouts
• Nightmares
• Avoiding anything that reminds someone of their accident
• Intense emotional and physical distress
• Depression and isolation
• Self-harm

Prolonged therapy is often required in order to cope with PTSD in an accident victim. Medications and other aids are also necessary to help them return to daily life. Treatment for such mental conditions brought about due to a car accident can be and typically are even more expensive than the treatment costs for physical injuries. If you or someone you love has been the victim of a motor vehicle accident in Georgia, you deserve to fully recover for any physical, emotional, and mental injuries that you suffered. Contact The Angell Law Firm today in order to receive the most favorable outcome possible in your case.

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Division of Assets

Moreover, the state of Florida will be the one to decide where the assets would be going, and you can be sure since the beginning that no matter what happens, those assets will not be ending up with the unmarried couple. For good or worse, all these laws were made during the older times, running since centuries and strongly favor individuals who are married legally or are blood relatives.

If the decedent is not married in the state of Florida, their assets will automatically be transferred to their blood relative closest to them. While you strongly believe that your assets should be gone to your unmarried couple, your family does not share the same sentiments and views at all.

The same applies for medical care. If you are unfit and injured to make legal decisions for medical purposes, you will be cut off from the process, and blood relatives would take over. So hire a public adjuster and plan ahead, in order to be specific and to avoid such situations.

Making a Will

Fortunately, planning ahead can prevent any such circumstances. If you have assets and you wish that they go to your other half, then make sure you draft a will, so the state ends up where you desire it to. Writing a will is very important if you have a child as well. In the event that is untimely such as death, you will be the one to decide who the next guardian in line should be. In such a situation where both the parents die, it will be your collective decision to pick a different guardian. A Miami public adjuster comes in hand in such a situation. For, every individual was not born with all the required knowledge and a public adjuster would help in all the procedures step by step.

They would tell you about all the actions that need to be taken necessarily. For instance if you are not the legal parent of your child, you need to make sure that your partner is your child’s guardian in the will. You may also leave a legal trust for your partner which will avoid a probate. Talk to your experienced and knowledgeable public adjuster to know whether a will or trust is the right option for you.

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Following are these important questions.

1. Ask your tax preparer whether he/she possess PTIN (preparer tax identification number)

This is the most important and very first question. You must ask your preparer about his/her preparer tax identification number. Without this number, he/she is not allowed to prepare your return. That’s why this is the very first thing to be asked by you from your tax preparer.

2. Ask about the background of your tax preparer.

A lot of letters and certificates are not the things on which you should rely and trust about his credibility and expertise. If someone shows you some letters, then you must ask about their relevance to the field of tax. Here is a guide for you to sort it out in advance.

A certified financial planner is a designation for the financial planners offered by the certified financial planner board of standards. In order to acquire this designation, certain exams and experience are required. Similarly, certified public accounts is certified by the state to act as a public accountant. In order to certify in this field, candidates are required to qualify this exam. Not only these, but some other degrees and certificates are also required to know about the credibility of the tax preparer. Moreover, those who have not formal credential they may be competent enough to prepare your return, therefore you must overlook them. Ask about their competency and expertise.

3. Ask about his/her previous record.

There are as many variations of taxes as there are schedules and forms. There is a wide scope of this field. Therefore, nobody can do it all and you should not trust anyone who tells you otherwise. Therefore, you must inquire about their fields and expertise thoroughly and know about their background.

4. Who will sign my return?

You must remember that your preparer must have a PTIN. The PTIN and the preparer’s signature must appear on your tax return. Don’t trust a preparer who does not agree to sign a return. Last but not least, be wary of any tax preparer or service who would not tell you in advance who will actually be preparing the return.

5. When will I receive a copy of my return?

It’s not irrational to leave your preparer’s office without a copy of your finished return. However, you should obtain a complete copy of your return within a reasonable amount of time following your appointment. If your tax preparer can’t offer a window of time to expect the copy, it might be indicative of a time management problem.

Smart CPA and it’s staff is dedicated to delivering only premium quality and comprehensive financial services.  This is one of the highest priorities of our company.

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