Often when people make a purchase, over time it appreciates in value. When that item is sold, the government taxes on the increase in the value of the property. The tax that is assessed is called capital gains tax. Sometimes capital gains taxes discourage people from selling property as they don’t want to pay the capital gains tax. As a result of this, the government has a process that will sometimes allow for for capital gains taxes to be delayed.
Yearly Archives: 2016
Legal-Ease: What am I in for when I cosign a loan?
When Lee’s grandmother recently passed away, one of the greatest gifts she gave her family (in Lee’s mind) were the loan documents from when his grandparents married and bought their farm. On these documents, the cosigner of the loan was Lee’s great grandmother; it’s common for parents to cosign their children’s loans, especially student loans. Borrowers, cosigners and guarantors are all equally responsible for the debt of the loan.
Legal-Ease: How is marijuana use legal and illegal at the same time?
While the Federal Controlled Substances Act prohibits the production, possession and distribution throughout all of the United States of marijuana, some states have reduced or even eliminated state penalties relating to marijuana. When states decrease penalties in this manner, it’s referred to as “decriminalization.” Decriminalization typically means that society officially discourages this act, but that the penalties surrounding it are so small that the discouragement is minimal. “Legalization” removes all penalties surrounding an act, and decriminalization and legalization are different.
Legal-Ease: Two people to call before you call your lawyer
Often when people are facing challenges, they call their lawyer first. Advice and time from attorneys is often expensive, and Lee believes there are two other types of professionals to keep in mind before immediately contacting a lawyer when a situation gets difficult.
Legal-Ease: Two principles in business succession and estate planning
Business succession and estate planning are often difficult challenges as each situation is so unique to each family and business. To help clients, Lee has created two primary principles he’d like them to consider while they undertake business and estate planning.
First, Lee believes that mom and dad are always right. Second, he believes that family businesses can remain viable for generations while still treating non-business family members fairly.
Legal-Ease: Business divorce
Lee R. Schroeder is an Ohio licensed attorney with Schroeder Law LLC in Ottawa. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at lee@leeschroeder.com or at (419) 523-5523. This article is not intended to serve as legal advice, and specific advice should be […]
Legal-Ease: Dealing with debt
Most people have at least some debts in their life as much of our economy’s spending is based upon borrowed money. Usually our debt is manageable as those who lend us money typically won’t lend us more than we can afford to pay back. However, sometimes sicknesses, job losses and other unforeseen situations put in a financial position that won’t allow us to pay off our debt. So what happens when you can’t pay off your debts?
Legal-Ease: Snow and work
Lee R. Schroeder is an Ohio licensed attorney with Schroeder Law LLC in Ottawa. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at lee@leeschroeder.com or at (419) 523-5523. This article is not intended to serve as legal advice, and specific advice should be […]
Legal-Ease: Power of attorney explained
For some, power of attorney can be confusing. The people normally named in powers of attorney are often not even lawyers. In powers of attorneys, there is a principal who grants to someone else the ability to act on his or her behalf. There is also an agent in each power of attorney, and the agent is the “attorney in fact” who acts on behalf of the principal.
Legal-Ease: Real estate taxes and breaks
Whether or not you use or make money on real estate, you pay taxes on that real estate every year. Ohio has been taxing real estate based upon the value of the real estate since the year 1825. Government entities, churches and charities often do not have to pay real estate taxes. There are four main ways that businesses and people can get a bit of relief from real estate taxes.