Stephen Luckett

When settling the affairs of your loved ones that have passed, great care needs to be taken to insure that all aspects of the estate are handled properly from opening probate to the final settlement and probate closing. We will always strive to meet every need of our clients' estate settlements, we have developed a strong team to get the job done in a quick and efficient manner.

But, what about a loved one that must be put into a nursing home, long term care or hospice? What needs to be done then to protect the assets of the loved one from falling into the hands of the facility. It is of critical importance that you have the assets of your loved properly placed-via deed, title, ownership or disbursement records-so that all assests will not be granted completely to the nursing facility.

I am not an attorney, so I will not try to tell you how all of this has to be done, but I can tell you that many times-under new laws-that the family is still entitled to a portion of the assets instead of having to sign everything over to medicaid!

You must get strong legal advice-even if your loved one is already in a nursing home-because you may be entitled to receive a portion of the estate before any assets are liquidated to pay the facility care. I highly advise that you get legal counsel in the area of Elder Law before assigning any asset to a facility.

In Maryland, I can Confidently recommend Michael Hodes of Hodes, Pessin & Katz, P.A. After just a few minutes, you will understand how valuable a resource he is concerning any area of elder law!

After your discussion, then pick up the phone and call Steve 443-912-4866 to insure that the entire process can be handled flawlessly when it comes to the sale of the real estate.

Are you , a friend, or a family member struggling in this economy? Are you trying to get your finances together for your new home purchase?

I have counseled and taught debt management and money saving techniques for years, but have never taken it to the level (nor do I have the formal education) of one whom I consider to be the greatest in the area of Debt Management.

Are you ready to get out of debt? Are you in good condition to buy your first, or next , new home? Do you want to find out for sure that you are making the right choice where money is concerned?

Please follow me to meet my friend, whom I consider my mentor when it comes to keeping my finances under control!

Just thought I would pass the below information along. It was emailed to me by my attorney concerning transfer tax and recordation on short sales in Maryland.

Its a quick read but just goes to show that the "Powers that be" are always looking for a way to squeeze another dollar out of the taxpayer. I would expect other States to follow the example set by Maryland.

"As if life were not difficult enough when you are asked to handle a short sale, there is a hot new issue that will make some people scream. Our local governments have decided to collect recordation and transfer taxes on an unprecedented amount-the seller's loan balance. Because this is by definition higher than the purchase price in a short sale, the amount collected will also be higher than anticipated by anyone, and frankly, mostly unknown by anyone until the lender discloses the amounts due.

When a buyer comes along and makes an offer on property, the first thing they know is how difficult it will be to work with the short selling lender and how long it will take. Once the offer is accepted and the closing is set, you should be finished, right? Not so any more.

The recordation and transfer taxes have been traditionally calculated based upon the contract price. This makes sense because that is how the statute describes the calculation. However, now the Clerk's offices have been instructed to refuse deeds unless the taxes are calculated on the total amount of the Seller's loans outstanding! So much for the "short" sale. After weeks of calculating exact amounts, after all parties have toiled through to get the deal to closing, now there is going to be more money due in order to get the deed on record. This could run hundreds or even thousands of dollars. What do you think the buyer, seller and short sale lender are going to say to that?

The rationale being used is that the total amount of the loan is something the seller is "getting", so the tax should be based upon that amount. The statute does not say that, but even still, most short sale lenders are not letting the seller walk away from the obligation to pay. Therefore the seller is not "getting" anything.

The Maryland Association of Realtors is aware of this problem and is working closely with the Maryland State Bar Association and the Maryland Land Title Association to come to some resolution. In fact, just this week Montgomery County decided to suspend collection of taxes based on the seller's loan balance until further review. In the meantime, I would strongly recommend that in any contract related to a short sale, you assure that your clients understand this issue, and perhaps even draft the contract to reflect who will be paying these additional sums. For our part, we will be calling the Clerk's office on every one of our short sales to get a confirmation before we send out draft HUD-1's!"

For more information or a great closing attorney contact:

Kevin E. Sniffen, Esq.
Covenant Title Corporation
1623 York Road, Suite 101
Lutherville, MD 21093

Office: 410-280-9700
Direct Line: 443-949-3746
Fax: 410-280-9796
Cell: 410-409-9979

It is always great to have an attorney that keeps on top of what occurs in the legislature that will effect the real estate market. That is one reason I recommend Covenant Title to everyone.

Check out what this means in dollars and cents to our buyers!

As most have probably already heard: The First Time Home Buyer Tax Credit of $8000 has been extended until April 2010! Did you also hear that an addition was made to the progam to include current homeowners to receive a $6500 tax credit when purchasing a new home?! Get ready to claim your bailout money----check the table below for the new credits.

How would you like to take advantage of the new tax credit by purchasing a new home and not have to put ANY money out of pocket? Are you a veteran of the US Military? Are you active duty getting transferred due to BRAC, but want to set your roots for your family? Check out the Home Loan qualifications to see if you are eligible for a 100% VA loan.

Utilizing this program and asking the seller to pay your closing costs could get you in a new home valued up to $417,000. Of course you must currently qualify for the new loan, but you get your new home with no money down, closing costs paid, and get a check back from the Government for $6500 or $8000!

Contact a lender of your choice-or if you don't know a good lender, give me a call-and you could start the ball rolling to get in your new home by the end of the year!

Gray Manor and Northshire Community Association is growing and becoming a stronger advocate for citizens in the communities. Last nights monthly meeting showed a great turnout of concerned citizens for what is happening, or should happen, within the Communities.

Officer Shipley's community crime report show detailed our low crime statistics, while explaining that what crimes were committed were mostly minor infractions and misdemeanors. This is one of the great benefits of living in these communities.

Ideas exchanged last evening with the board to aid in Community cleanup, traffic control, safety concerns and the general welfare of the citizenry were discussed. Two new committees were formed to investigate and discuss opportunities for traffic control/slowing devices and One-Way streets.

The Traffic control commitee will be headed by Board Treasurer, Stephen Luckett. This committee will look into possibilities of speed humps, limiters, slowing devices and new traffic signals at currently dangerous intersections like Trappe Rd and Page Dr. The amount of School traffic on Trappe Rd along with the amount of vehicles disobeying speed laws has made Trappe at Page Dr a very serious concern.

The One-Way streets committee will be headed by Board President, Linda Gossman. This commitee will work with the County on their street direction proposals and what would work best within our communities. Over the course of the last year, this has been a heated topic of debate, but the Board has committed to address this issue for the safety of our residents and their children.

If you are a resident of the Gray Manor or Northshire Communities, please join us for our next monthly meeting on Tuesday November 10th 2009. We meet the second Tuesday of each month (except July and December) at 6:30PM at the Gray Manor Luthern Church 212 Oakwood Rd Dundalk, MD 21222. You can check out new information, upcoming meeting, or ways you can help at our website www.graymanor.org.