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New Miami Blog Insights and Commentary on the Gateway City's Expanding Global Significance

Mildred Gomez

Posts by Mildred Gomez

No Good Deed Goes Untaxed – The IRS May Recharacterize Loans as Gifts

Entrepreneurs in Miami and elsewhere are familiar with making and receiving loans as commonplace tools in the management of their businesses.  One need look no further than the growth of Miami’s skyline through debt-financed development to understand how other people’s money can be leveraged to create new wealth for investors. Managing Intra-Family Loans It is… Continue Reading

Florida Residency Required for Homestead Protection

One of the top reasons for moving to Florida, aside from the year-round sunny weather and the multitude of exciting things to do, is the homestead protection afforded to Florida residents. Article X, §4(a) of the Florida Constitution protects Florida homestead property from levy and execution by an owner’s creditors during the owner’s lifetime. Under… Continue Reading

Expiration of the Current Estate Tax Exemption Amount

Under current governing law, every individual has a $5,120,000 lifetime gift tax exemption, which amounts to a $10,240,000 combined lifetime exemption for married couples.  But the current lifetime gift tax exemption amount is scheduled to revert back to $1,000,000 in 2013.  That makes the remaining months of 2012 a prime time for Miami residents to… Continue Reading