Monthly Archives: July 2006
BBC&B Tax Update
For 1997, the IRS raised the standard mileage rate for business use of an automobile to 31.5 cents per mile, up from 31 cents per mile in 1996. Employers may use this rate to value employee personal use of a company provided vehicle in 1997.… Continue reading
The Value of a Gift
Many people do not realize that gifts can be subject to tax – the federal gift tax – which levies a tax on the donor (not the recipient) based upon the fair value of the property which is given. There are exclusions and credits available… Continue reading
Latin Lovers II
In a lawsuit over a written contract, the opposing lawyer invokes the doctrine of contra proferentem. What is he getting at? Put simply, this Latin term stands for the notion that a written agreement will be interpreted against the party who drafted it in the… Continue reading
Is the “Living Trust” A Dead Issue?
It was not too long ago that those of us who do estate planning first heard of the term “living trust”. Perhaps it was an article in Money, Kiplinger’s, or AARP’s monthly magazine; or, perhaps most likely, something overheard sitting by the pool.Quite simply, a… Continue reading
A Summary of Recent Tax Legislation
0ver the course of 1996, Congress passed and President Clinton signed into law several important pieces of tax legislation. In many cases, the changes are favorable to individual taxpayers; in some cases the changes are not so favorable. Here is a summary: Individual Retirement Accounts.… Continue reading
Get That Remodeling Contract in Writing!
A recent news story indicated that complaints by homeowners against remodeling contractors were on the top ten list of most frequent consumer complaints. Our experience confirms this. Having been involved in many lawsuits between homeowners and contractors, we cannot overemphasize the financial and emotional difficulties… Continue reading
What is Title Insurance ?
When you drive an automobile in Pennsylvania, you must have car insurance. Upon starting a family, life insurance becomes an important consideration. Homeowner’s insurance protects your home and possessions against perils like fire, theft and natural disaster. But what is title insurance – and who… Continue reading
The ABC’s of DUI and ARD
No, this is not our foreign language edition – just a peek at what happens to first time offenders caught driving under the influence of alcohol or a controlled substance.In Pennsylvania, if you are convicted of driving with a blood alcohol level of .10% or… Continue reading
Wither the State Store?
Since the end of Prohibition in the early 1930’s, Pennsylvanians have been able to purchase liquor and wines only in the State Stores (more recently, the “Wine and Spirit Shoppes”). The State has created a monopoly which has as its original purpose the regulation and… Continue reading
Call Your Lawyer Before You Sign that Agreement!
In any negotiation each side has certain leverage which enhances its ability to negotiate favorable terms; however, once an agreement of sale is fully executed, terms are set, and most leverage disappears.As the title of this article suggests, if you elect to have an agreement… Continue reading