A frequent question that arises in divorces is: Who gets the tax exemptions for the kids? The Internal Revenue Code governs allocation of dependency exemptions under Section 152, and state law follows the Federal IRC. In its briefest form, the parent who has custody of a child is automatically entitled to the exemption unless it …
Building a home on former farmland can be tricky. For one thing, you need to consider a “recapture tax” you might have to pay. If the property is subject to a Farmland and Open Space Preservation Agreement, called a PA 116 agreement, the land owner agrees not to develop the land for a while in …
Q: My wife and I signed a prenuptial agreement before we were married eleven years ago. At the time, I didn’t disclose all of my assets. Is the agreement still valid? A: Shame on you! Failure to disclose all of your assets may invalidate the agreement. Generally, prenuptial agreements are enforceable as long as the …
