Property/Assets/Rights

Tax-Saving AB Trusts and New Estate Tax Rules

"Under the old tax laws, each spouse had an estate tax exemption, but typically, the first spouse to die didn't use his or her exemption. That's because most spouses left everything to the survivor and bequests to a surviving spouse aren't subject to estate tax. But the surviving spouse then owned all the couple's assets; estate tax would be owed when the second spouse died. The portability provision (which became effective in 2011) lets the surviving spouse use any part of the total exemption -- $10.24 million for deaths in 2012 -- that isn't used by the first spouse to die. So for most couples, there's no need for an AB trust." Continue reading →

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How the Vatican built a secret property empire using Mussolini’s millions

"Behind a disguised offshore company structure, the church's international portfolio has been built up over the years, using cash originally handed over by Mussolini in return for papal recognition of the Italian fascist regime in 1929. Since then the international value of Mussolini's nest-egg has mounted until it now exceeds £500m. In 2006, at the height of the recent property bubble, the Vatican spent £15m of those funds to buy 30 St James's Square. Other UK properties are at 168 New Bond Street and in the city of Coventry. It also owns blocks of flats in Paris and Switzerland." Continue reading →

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How the CIA Helped Disney Conquer Florida

"Starting in the mid-1960s when Disney set out to establish the Disney World Theme Park, they were determined to get land at below market prices and Disney operatives engaged in a far-ranging conspiracy to make sure sellers had no idea who was buying their Central Florida property. By resorting to such tactics Disney acquired more than 40 square miles of land for less than $200 an acre, but how to maintain control once Disney's empire had been acquired? The solution turned out to be cartoon-simple, thanks to the CIA." Continue reading →

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Chesapeake Energy drops legal fight over natural gas leases in New York state

"Landowners in Broome and Tioga counties, who had leased acreage to Chesapeake over the past decade, had battled the pioneering oil driller in court to prevent it from extending the leases under their original terms, many of which were agreed to long before a boom in hydraulic fracturing swept the United States. 'I can renegotiate with other companies now,' said Frank Laskowski, who owns land in Broome County. 'Before that we were tied up with Chesapeake at $3 an acre and 12.5 percent. Most people are getting much more than that.' One landowner in Broome County said he now hoped to secure up to $3,000 an acre." Continue reading →

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Taken: The Use And Abuse Of Civil Forfeiture

"Hundreds of state and federal laws authorize forfeiture for cockfighting, drag racing, basement gambling, endangered-fish poaching, securities fraud, and countless other misdeeds. In general, you needn’t be found guilty to have your assets claimed by law enforcement; in some states, suspicion on a par with 'probable cause' is sufficient. Nor must you be charged with a crime, or even be accused of one. Unlike criminal forfeiture, which requires that a person be convicted of an offense before his or her property is confiscated, civil forfeiture amounts to a lawsuit filed directly against a possession, regardless of its owner’s guilt or innocence." Continue reading →

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‘Asset forfeiture’ laws designed to strip criminals of assets target innocent homeowners

"Over the last two decades, forfeitures have evolved into a booming business for police agencies across the country, from the federal Drug Enforcement Administration to small-town sheriff’s offices. In 2000, officials racked up $500 million in forfeitures. By 2012, that amount rose to $4.2 billion, an eightfold increase. Often the victims are minorities like Bing without the financial resources or legal know-how to protect their assets. And prosecutors typically prevail. Of nearly 2,000 cases filed against Philadelphia houses from 2008 through 2012, records show that only 30 ended with a judge rejecting the attempt to seize the property." Continue reading →

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Which Cities will Survive/Thrive?

"I doubt that anyone in 1968 predicted Detroit would lose most of its industrial base and half its population over the next 40 years (1970 - 2010). Such a forecast was beyond even the most prescient futurist. Four decades is not that long a time period, and our inability to predict large-scale trends over that time frame reveals intrinsic limitations in forecasting. Nonetheless, the dramatic decline of Detroit and other industrial cities makes me wonder if there are dynamics that we can identify that could enable us to predict which cities will thrive and which will decay." Continue reading →

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If I Bribe City Hall, Can I Reduce My Mortgage?

"Richmond, California, sent the securities and real estate industries into a tizzy this week. The city said it is moving ahead with plans to use its power of eminent domain to seize home mortgages and restructure them for residents who owe more money than their homes are worth. This would be a first in the U.S. Normally when governments do things that upset Wall Street millionaires it’s a sign they’re going down the right path. There are exceptions, of course. Cities usually use eminent domain to seize land and buildings. If they’re going to start seizing home mortgages, why stop there?" Continue reading →

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Defiant nuns and monks refuse to give up Kentucky land for gas pipeline

"Two Kentucky Catholic religious orders that collectively own more than 3,000 acres of historic farmland are refusing to give up portions of their lands for a proposed natural-gas pipeline that would channel millions of gallons of pressurized, highly flammable natural-gas liquids through the area. The nuns of the Sisters of Loretto and the monks of the Abbey of Gethsemani have denied surveyors permission to survey the land ahead of the pipeline project and say that they have no interest in helping it along. 'We’ve been on this property since 1824,' said Sister Maria Visse. 'We feel entrusted with this (land). It’s a gift. It’s not a commodity.'" Continue reading →

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The True Value of Bitcoin

"As a digital asset, the first widely adopted use of bitcoin was as a safe and secure store and transfer mechanism for fiat currency value. This is how most people think of and use Bitcoin today, as a substitute for money, but it is an inadequate classification. Bitcoin replaces the traditional chain of title in property law. The bitcoin protocol secures a party’s interest in an asset in an identifiable and secure manner, and provides a transparent set of rules and enforcement mechanisms so that all parties are held equally accountable. It does all this without any reliance on financial, regulatory, or judicial authorities. Truly, bitcoin is code as law." Continue reading →

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