News & Resources
Olive Judd’s real estate team has been recognized by the Daily Business Review, for its work on an $87M real estate transaction, handled in April of this year. A copy of the article may be accessed by clicking this link (Opens as a PDF Document).
On August 18, 2015, the City of Fort Lauderdale’s Commission adopted Ordinance Article X, Chapter 15 (the “Ordinance”) in order to mitigate the effects of short-term vacation rentals in an attempt to make them safer and more compatible with existing neighborhoods. The new ordinance became effective on November 1, 2015. It allows vacation rental home owners to apply for a “Certificate of Compliance” from the City Manager’s Office for the purposes of offering rental services within the City of Fort Lauderdale’s residentially zoned areas. The Ordinance defines “Vacation Rentals” as: Any unit or group of units in a condominium or […]
Disclaimer: This article does not constitute an advertisement or legal advice and does not create an attorney/client relationship. The comments herein should not be relied upon by anyone who reads them. When a judgment creditor obtains a judgment against an individual who is the sole member of a non-party limited liability company (“LLC”), the judgment creditor may seek a charging order, which is a court-supervised alternative for the process of execution on a judgment by the sheriff. A charging order is a lien that attaches to the judgment debtor’s or his assignee’s right to receive any distribution that the judgment […]
Under Florida law, a surviving spouse is entitled to certain rights upon the death of the first spouse regardless of what the estate planning documents say. One of these statutory rights is the surviving spouse’s right to a portion of the deceased spouse’s estate, also known as the elective share. Unless waived through a valid prenuptial or postnuptial Agreement, a surviving spouse’s elective share amount is equal to 30% of the deceased spouse’s net elective estate. Though this is a statutory right, the surviving spouse must file a timely election with the probate court in order to collect the elective […]
On Tuesday, May 17, 2016, Olive Judd’s real estate team represented buyer Maurice Mann in the closing of an $87,600,000 commercial real estate transaction. Mr. Mann purchased a 352 unit apartment complex known as “Barcelona at Jupiter” and effectuated a 1031 tax deferred exchange by using sale proceeds from an apartment building that he recently sold in New York. The transaction was handled by Steve Hoffman, Kristy Armada, and Nicole Villaroel. Please see the article linked below for more information. “New apartment complex sold for $88 million,” South Florida Business Journal, http://www.bizjournals.com/southflorida/news/2016/05/18/new-apartment-complex-sold-for-88-million.html.
When a lawsuit between parties involves real property, such as a real estate transaction or asset sale, sometimes the purchaser will file a lis pendens in the litigation. The term “lis pendens” literally means a pending suit. In Florida it is defined as the jurisdiction, power, or control which courts acquire over property involved in a pending suit. By filing a lis pendens and recording it in the public record, the filing party creates a cloud on the title that effectively prevents the owner from selling his property to a third party until the litigation is resolved. For example, if […]
The requirements for an enforceable proposal for settlement under Section 768.79, Florida Statutes, continuously shift and evolve as Courts grapple with new factual scenarios and revisions to relevant laws and rules. Issues regarding proposals that involve multiple parties are particularly complex, and Florida’s courts have issued several rulings over the past year addressing matters that must be considered when preparing such proposals. Florida generally follows the “American Rule,” which requires each party in a lawsuit to pay its own attorneys’ fees unless a specific contract or law provides otherwise. Section 768.79 provides one potential basis for the recovery of attorneys’ […]
On August 18, 2015, the City of Fort Lauderdale’s Commission adopted an ordinance regulating vacation rentals. Prior to developing and adopting the ordinance the City lost its effort to prohibit single-family homes from being used as short-term vacation rentals. In 2010, the owner of a home used as a vacation rental appealed a code enforcement decision to the Florida Circuit Court after a special magistrate ruled that she had violated city codes by using her single family home as a short term rental. On the appeal to the 17th Judicial Circuit, the Circuit Court Judge, Judge Dale Ross, ruled that the […]
Disclaimer: This article does not constitute an advertisement or legal advice and does not create an attorney/client relationship. The comments herein should not be relied upon by anyone who reads them. Limited liability companies (“LLCs”) have become one of the most popular types of entities used by businesses in Florida. Like a corporation, one of the primary purposes of the LLC is to shield the personal assets of members and limit liability for corporate debts and obligations to the assets of the company. However, the protection from personal liability is not absolute. For instance, an individual member is not shielded […]
Selling your Business through a Charitable Remainder Trust – a Win-Win for Taxpayers and Charities – Part 2
As discussed last month, Husband and Wife created a Charitable Remainder Trust (“CRT”), contributed their corporate stock valued at $5,000,000 to the CRT and the Trustee later sold the stock. No capital gains tax was paid because the CRT is a tax-exempt entity. Once Husband and Wife contribute their stock to the CRT, they are entitled to a current charitable income tax deduction against other income. But their contribution was valued at $5,000,000, so why is their deduction only $500,100? Why can’t they deduct the entire $5,000,000 value? The charitable deduction is limited because Husband and Wife opted to receive […]