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Llcs

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NYC Pied-à-Terre Tax Hindered by Hidden LLC Ownership
local2 days ago

NYC Pied-à-Terre Tax Hindered by Hidden LLC Ownership

New York City’s pied-à-terre tax rollout is hindered by owners masking property ownership behind LLCs and other entities, leaving the city with insufficient information to confirm primary residences for many of the roughly 17,000 notices issued. City lawyers say more than half of the properties are owned by trusts or non-natural entities, complicating enforcement and potentially reducing revenue (the city estimates about $500 million annually). The rollout has sparked a lawsuit, with exemptions already granted to thousands and an extension granted for exemption applications to Oct. 6; a court challenge continues to shape the policy’s implementation.

via Gothamist|
#llcs#local#new-york-city
NYC pied-à-terre tax backfires, pushing middle-income homeowners into estate planning
real-estate1 month ago

NYC pied-à-terre tax backfires, pushing middle-income homeowners into estate planning

New York City’s pied-à-terre surcharge, originally aimed at the wealthy, is prompting a broad swath of middle-class homeowners to consult lawyers and rethink ownership, often via trusts or LLCs to manage liability and privacy. However, a city look-through rule means transfers may not escape the tax, and public-property data exposure is accelerating private-wealth-style planning among non-wealthy homeowners as the city weighs possible fixes.

via finance.yahoo.com|
#estate-planning#llcs#new-york
Alec Bohm Files Lawsuit Claiming Parental Misuse of His Finances
sports5 months ago

Alec Bohm Files Lawsuit Claiming Parental Misuse of His Finances

Phillies infielder Alec Bohm filed a Philadelphia County lawsuit accusing his parents of mismanaging and misappropriating his funds through two LLCs they controlled, seeking $3 million and full accounting. The suit, which also cites two additional 2024 LLCs tied to Bohm’s Texas property and alleged use of funds for the parents’ personal expenses and the Alec Bohm Foundation, alleges transfers and lack of disclosure. Both sides’ representatives deny wrongdoing and say they’ll pursue/defend the matter through legal channels; Bohm, who has about $14 million in career earnings plus a $10.2 million salary for 2026, has not publicly commented beyond the case.

via The New York Times|
#alec-bohm#finances#lawsuit
real-estate3 years ago

The Rise of LLCs and Trusts in Bay Area Home Purchases.

Nearly 75% of home purchases in Atherton, California, one of the wealthiest areas in the US, were completed through trusts or LLCs, according to data from real estate website Redfin. The trend of using trusts or LLCs to buy homes is becoming increasingly popular among America's wealthiest homebuyers, as it simplifies the inheritance process and provides extra privacy. Using trusts or LLCs can also provide other protections when buying a home you intend to live in yourself and keep within your family.

via Yahoo Finance|
#atherton#home-purchases#llcs
The Rise of LLCs and Trusts in Bay Area Home Ownership.
real-estate3 years ago

The Rise of LLCs and Trusts in Bay Area Home Ownership.

Atherton, California, one of the wealthiest areas in the US, has seen a growing trend of wealthy Americans using trusts or LLCs to buy homes. About 72% of home purchases in the 94027 ZIP code, which encompasses most of Atherton, were completed last year through trusts or LLCs. Using trusts or LLCs can provide extra privacy and simplify the inheritance process. On one block in Atherton, just two of the 12 homes are actually owned by individual people, with the rest owned by trusts, LLCs, or other kinds of corporations.

via Business Insider|
#atherton#california#home-ownership
Turley exposes Biden family's complex web of LLCs and hidden assets.
politics3 years ago

Turley exposes Biden family's complex web of LLCs and hidden assets.

House Republicans have released new allegations about the Biden family's foreign business dealings, including details about several LLCs, which Fox News contributor Jonathan Turley argues confirm their worst expectations about the "family business." Bank records show that several Biden family members, including grandkids, received funds from foreign business dealings. The family business had dozens of LLCs and accounts that seemed designed to hide these payments. The House Oversight Committee panel believes President Biden "has been involved" in his family's foreign business dealings "from the very beginning." The White House has accused the investigation of being "evidence-free" and "politically-motivated."

via Fox News|
#biden-family#foreign-business-dealings#house-republicans