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Gerber Law

Questions? Call Us (228) 374-2313


Will The New Tax Law Affect My Mortgage Interest Deduction?

The Tax Cuts and Jobs Act was signed into law by President Trump on December 22, 2017. The new law reduces the limit on deductible mortgage debt to $750,000.00 for new loans taken out after December 14, 2017. Current loans of up to $1,000,000.00 are grandfathered and are not subject to the new $750,000.00 cap. Neither limit is indexed for inflation. Homeowners may refinance mortgage debts existing on December 14, 2017, up to $1,000,000.00 and still deduct the interest so long as the new loan does not exceed the amount of the mortgage being refinanced. The final bill repeals the ...

March 22, 2018|Real Estate Law|

Corporate Disputes Often Involve Fiduciary Duty

For many years, a trustee has been required to serve their beneficiaries loyally with the same regard for the beneficiary’s interests as they would their own. And a trustee must also surrender any gain to the beneficiary when the trustee has made a profit by serving their own needs while in the service to the beneficiary.  This duty of loyalty has been adapted by the courts to other relationships under the title of fiduciary duty. There are many instances of litigation where the member of a corporation is accused of a breach of fiduciary duty when this loyalty has been ...

March 17, 2018|Fiduciary Duty|

Estate Planning and the New Tax Law

Estate Planning Tax Law The new tax law promises many sweeping changes including a decrease in taxes for most Americans. It is also going to make changes in estate taxes which may have some people worried as they have made plans based on an old law. One step that many have taken in the past to reduce estate taxes might be a problem due to the nature of that strategy.  That strategy is the irrevocable life insurance trust. Irrevocably rearranging this type of trust to mesh with a new law will be impossible. However, in most cases, that still won’t ...

March 10, 2018|Estate Planning|

What Is The Origin Of The Federal Income Tax?

In the early years of the United States of America, there were very few taxes. Up until 1802, the nation was mainly supported by taxes on goods (such as tobacco, carriages, sugar and spirits). During the War of 1812, a sales tax was introduced to offset the high cost of war. The origin of the income tax on individuals is generally recognized to be the passage of the 16th Amendment by Congress on July 2, 1909, and ratified on February 3, 1913. However, its history actually goes back even further. During the Civil War, Congress passed the Revenue Act of ...

March 7, 2018|General|

Commercial Litigation for Services Rendered

When a contractor or subcontractor wins a bid to improve a commercial property, they make plans to fulfill that contract to the best of their ability. However, during the work, a problem may arise in the financial well-being of the company that awarded the contract. When this happens, payment for services rendered may not be made on time to the contractor who cannot make payment to his subcontractors. The contractor can then file a mechanic’s lien on the property. What is a Mechanic’s Lien? A mechanic's lien, otherwise known as a construction lien, is a guarantee of payment to contractors ...

March 3, 2018|Commercial Litigation|

Business Law and Contracts

When it comes to practicing business law, contracts between two people or entities can be the source of many litigations and therefore the wording of the contract must be carefully considered if both parties are to attain their goals. The Mississippi Bar Association defines a contract as a binding promise between two competent parties that is enforceable by law. It must also include the exchange of something of value between these two parties. What Makes Up a Contract? There are two basic parts to a contract –  the offer and the acceptance. The offer to do something for a fee ...

February 24, 2018|Business Law and Contracts|

How Long Should You Keep Tax Records?

The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep records that support an item of income, deduction, or credit shown on your tax return until the period of limitations for that tax return runs out. The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or the IRS can assess additional tax. The information below reflects the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer ...

February 20, 2018|General|

What Is The Sherman Antitrust Act and How Does It Apply To Foreclosure Sales?

The Sherman Antitrust Act was enacted in 1890 to curb concentrations of power that interfere with trade and reduce economic competition. It was named for U.S. Senator John Sherman of Ohio, who was an expert on the regulation of commerce. Economic Competition One of the act's main provisions outlaws all combinations that restrain trade between states or with foreign nations. This prohibition applies to any agreement to fix prices, limit industrial output, share markets, or exclude competition. Price fixing, bid rigging, and market allocation are violations and often are prosecuted criminally, but there is also civil liability for such actions. ...

February 19, 2018|Real Estate Law|

Knowing When Accounting Malpractice Occurred Is Important

In the state of Mississippi, the statute of limitations for filing a suit against a professional for breach of contract or negligence is three years. That means any action must be filed within three years from the time the wrongdoing occurs or accrues. Certain mistakes an accounting professional has made due to negligence, such as a poorly performing audit that led to a payment of back taxes that were not owed, will hopefully come to light within this time frame. If there are some questions about your accountant’s performance, consulting with an accounting malpractice attorney should take place to help ...

February 17, 2018|Accounting Malpractice, Legal Malpractice|

It’s Time to Review Your Wills, Trusts & Other Estate Planning Documents

Estate Plan Review Estate planning is an important process that should be reviewed periodically. Wills, trusts, and other documents should be reviewed at least annually. This allows you to ensure that your plans are still in line with your wishes and makes any necessary changes. It is also a good time to review beneficiaries. Have you done your annual estate planning review? When reviewing estate plans, individuals should consider these questions Do the provisions still accomplish your goals? Have your documents been updated to take advantage of changes to tax laws? Do your documents contain provisions that provide asset protection ...

February 1, 2018|Estate Planning|

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