Free Republic

If Bravo is to be believed, all it takes to sell the world’s richest people the world’s most expensive homes is pulling up in your Lambo, shaking hands and opening a bottle of Krug. But there’s a dark side to the glamor of closing deals that you won’t see on TV, NYC brokers reveal. “We’re like a concierge service,” Peter Zaitzeff of Serhant told The Post. “People want restaurant reservations. They want to know where to take their kids. We scrub toilets.” A couple weeks ago, Brown Harris Stevens hotshot Lisa Simonsen had already wrapped her work for a client...

After the last major financial crisis, when scores of banks failed or took government bailouts while sporting seemingly pristine balance sheets, America’s accounting rule makers got working on a new system for reporting credit losses that was supposed to make lenders recognize them more quickly. That new set of rules has been in place for a little over four years. Investors could be forgiven for wondering if it is working any better than the former one. The old system was called the incurred-loss model. To book a loss, a lender had to conclude it was “probable” that one had already...

O.J. Simpson’s longtime lawyer and executor of his estate said Friday that he will fight to prevent the payout of a $33.5 million judgment awarded to the families of his ex-wife Nicole Brown Simpson and her friend Ron Goldman. Attorney Malcolm LaVergne, who had represented Simpson since 2009, told the Review-Journal in a phone interview that he specifically does not want the Goldman family seeing any money from Simpson’s estate. “It’s my hope that the Goldmans get zero, nothing,” LaVergne said. “Them specifically. And I will do everything in my capacity as the executor or personal representative to try and...

An elderly, single friend of mine had to quickly downsize due to some health issues and contracted with an estate liquidator, with my help. The liquidator was listed as a preferred servicer in some trusted real estate literature, so we thought it would be safe. It was an off-site sale since his home needed to be empty for listing (long story) and the liquidator said it would be 30 - 45 days for settlement of the sale. Contracted movers were very friendly, local, and vouched for the estate liquidator. More than six months later and dozens of calls, and the...

The total value of an inheritance is not just a dollar figure; what’s actually in an estate can matter significantly. Trillions of dollars will transfer from one generation to the next in the decades ahead, but not everyone will see their inheritance as a help; for some, it may actually be a headache.The fact is, some assets are better than others to leave behind. Others can cause arguments between family members, or may have hidden costs. Sometimes, let’s face it, your kids just don’t want your stuff.You can prevent issues from happening though with thoughtful estate planning. “A lot of...

The former home of the late Michael Nesmith, a member of the iconic made-for-TV band, The Monkees, is up for grabs. Nesmith, who died in 2021, lived in this three-bedroom, 3.5-bath home in Carmel Valley, CA, about 20 minutes from the coast. The house is listed for $3.5 million. The ranch-style pad is spread over 3,365 square feet, all tucked into a gated community called Sleepy Hollow. The dwelling sits on more than 6 acres, surrounded by majestic oaks and stunning vistas. The living room features a vaulted, beamed ceiling with large windows and a brick fireplace. This main room...

The estate of the late Gary Rossington, the last surviving founding member of Lynyrd Skynyrd who passed away in March, is on the market for $12 million.Listed by Cynthia Chandlee of Atlanta Fine Homes Sotheby’s International Realty, the property is located in Milton, Georgia, approximately 30 miles north of Atlanta, sitting on 80 acres of land.According to the home’s listing, the property features a main and guest house, two barns and a private lake complete with two boat docks.The main house is 7,516 square feet, with five bedrooms and five and one-half baths, a formal dining room, study, eat-in kitchen...

Americans should consider their tax strategies now ahead of potential changes at the end of 2025, experts warn. Trump-era legislation brought in by the Tax Cuts and Jobs Act in 2017 made sweeping changes to the tax landscape. This included lowering individual income tax rates, almost doubling the standard deduction and raising the federal estate tax exemption. Unless these rules are extended, they will expire on January 1, 2026, sparking major changes for millions of taxpayers across the US. Now is the time to plan ahead, experts warn, in order to be prepared for changes down the line - and...

A handwritten document found stuffed in Aretha Franklin’s couch cushions is at the crux of a dispute over her multi-million dollar estate — with a Michigan jury seated Monday in the case tasked with deciding whether it’s a valid will. The panel was chosen to oversee the Oakland County Probate trial between the Queen of Soul’s sons Kecalf and Edward Franklin — who believe the 2014 document is valid — and their brother, Ted White II, aka Teddy Richards, who wants a handwritten from 2010 to be honored instead. Both documents were found in the “Respect” singer’s suburban Detroit home...

The longtime Palm Beach, Fla., home of the late conservative commentator Rush Limbaugh has sold for $155 million, according to property records. The roughly 2.7-acre waterfront property was quietly on the market last year, asking $150 million to $175 million, The Wall Street Journal reported. The sale is a record deal for Palm Beach, according to property records and real-estate appraisal firm Miller Samuel. In 2013, hedge-funder Ken Griffin paid $129.6 million for four parcels. Last year, Oracle Corp. co-founder and chairman Larry Ellison purchased a $173 million home in nearby Manalapan, Fla., setting a record for that area. Located...

Heche’s son Homer Heche Laffoon made the request in Los Angeles County Court this week to control his mother’s fortune, according to the filing obtained by The Post. Laffoon, who is 20, wrote Heche’s personal property and annual income were “unknown.” The “Six Days Seven Nights” actress died as the result of a car crash that occurred Aug. 5 in Los Angeles. She was ruled brain dead before she was taken off life support days later once her organs were matched with a recipient.

BANGOR, ME — Stephen King fans have long been perplexed as to how the man who wrote The Shining, the Dark Tower series, and Misery could possibly be the same guy who logs onto Twitter and tweets like a 7-year-old chimpanzee with anger issues. Well, you can consider this mystery solved: the King estate confirmed today that the famed author actually died when he got hit by that van back in 1999, and they've just been releasing manuscripts they found stuffed in his dresser drawer since then. But what about the insane rants posted on his Twitter account? Enter this...

Asking any lawyers /attorneys or paralegals, or anyone with some knowledge of legal affairs. This is in MD, so of course can be dependent on exact laws. Please see the post.

Under the Biden administration’s tax proposal, an appreciated real estate asset owned at death could result in income taxes due that exceed the net proceeds from sale of the asset after paying existing debt. Yes, having an asset where the fair market value of the asset is greater than the debt could result in taxes at death that exceed the net value of the real estate. Currently, an individual must have net assets in excess of $11.7 million to be subject to zero estate taxes. The proposed Biden capital gains tax at death proposal would subject individuals with net assets...

Singer Chloe Bailey put out a rendition of Nina Simone’s famous song “Feeling Good” for Juneteenth.It caused some controversy, because some thought it overly sexualized the song in the video. But, Simone’s granddaughter, RéAnna Simone Kelly, came to Bailey’s defense, saying her grandmother would have loved the rendition.thank you so much. your grandmother!! what a legacy!!! i will forever x always love Ms. Simone. she has always inspired me 🖤🤎 https://t.co/kfANrRy1ZX— Chlöe (@ChloeBailey) June 19, 2021But, there was a surprising reaction from Simone’s granddaughter in the back and forth about her grandmother on Twitter. Someone asked about who was behind...

Figueroa recently sold her house here, and the experience was incredible: "We had over 150 people walk through in two days, which is pretty mind-blowing. We had nine offers, half of those for cash. And I'm still here, because the buyer is allowing me to live here for five months rent-free"!"Are you willing to share how much more than the listing price it finally went for?" asked Pogue."It was around $65,000 more than asking price," Figueroa said,

This week, President Biden proposed taxing capital gains at death at a tax rate of 39.6 percent plus the 3.8 percent investment tax. He proposed a $1 million exemption. For an individual with less than $11.8 million in net worth, this would create a new death tax from whole cloth. President Biden’s new death tax would result in estates that currently are not remotely close to having sufficient net worth to pay a death tax paying a death tax. It can be named a ‘capital gains tax at death’; it is a new death tax. For a long-term real estate...

"Asking For A Friend"....Asking for opinion....preferably from an attorney, but all are welcome to comment. An older gentleman passed away recently from complications of battling cancer. The question has to do with his will. Originally his will was written to leave his estate, which included several pieces of unimproved land an IRA and Annuity to his niece and sister. He was married only once for a very short period, just a few months, then divorced. Never married again. He also befriended a woman with young children and felt some sympathy for here and helped her monetarily buying her a house...

Private equity firms hold an estimated $328 billion in dry powder for real estate deployment.The world’s biggest real estate investors are sitting on piles of cash, preparing for once-in-a-lifetime opportunities created by the pandemic. With economies around the world sputtering, commercial real estate prices are expected to come down. How much they’ll fall is the key question. Sellers are currently willing to concede discounts of around 5%, while bidders are hoping for about 20% off pre-pandemic prices, said Charles Hewlett, managing director at Rclco Real Estate Advisors. That estimated gap, which is likely wider in specific cases, has put a...

What is really happening with real estate sales right now? Any stories out there? Seems to be one of the best kept secrets right now. Anyone have any truthful information?