Charitable Remainder Annuity Trusts (also known as CRATs) have been blessed by IRS since 1970. So why is the IRS now proposing to make CRATs reportable with your individual tax return with hefty penalties for not reporting? The short answer is due to the abuse of this income tax and estate tax planning tool. The long answer is a bit more complicated.
With the commercial real estate market in flux because of the post-COVID-19 economy and changes in work patterns, owners of leased commercial buildings, such as office buildings and industrial warehouses, are considering how to make their properties and their investments in them more attractive. We have seen a good number of commercial properties being repurposed for residential use, either by reusing the existing structure of the commercial building and creating residential spaces in them, or by tearing down these structures and redeveloping them into residential uses.
As you probably know, March is Women’s History Month. Recognized in the United States since 1987, this month is an opportunity to reflect upon the historical achievements and countless contributions women have made to our society. What you may not know is that McMillan Metro Faerber was co-founded in 1994 by such a woman, Donna M. McMillan, an exceptional attorney in the field of commercial real estate. Having reached a high level of personal and professional success, she sought to create a firm where other talented attorneys could thrive while serving the legal needs of the community.
