Pinellas Property Valuations

Jim from Valuation Services has provided the following to update us on the Pinellas Commercial Update.

The underlying premise of our newsletters is that the market will function more efficiently with informed buyers, sellers, Realtors, and lenders. Our first newsletter provided a historical perspective for the current real estate market by reviewing data back to 2003 showing the rise and fall of the real estate market, including the fact that residential prices in the 4th quarter of 2009 were consistent with those in 2003 and 2004, information that provided a statistical basis to demonstrate where the real estate market was at the end of 2009. This and future issues will include more details on recent history in relation to the current market providing an indication of the near-term direction of the market. At some point in the future an increase in the volume of sales and higher prices will provide an indication that the market is on the road to recovery.

To see the full newsletter please click here

Business Partnerships

Buy Sell Agreements
One business and estate-planning tool that can protect your family and your partners in business is a buy-sell agreement. The buy-sell gives business owners the first opportunity to buy an interest in the business if another owner wants to retire, becomes mentally incapacitated or dies. The best time to enter into a buy sell is at the start of one’s business; however, a buy sell agreement can be entered into at any time.
Do not wait too long. If you die without a buy sell agreement, it may be difficult for your heirs to know what to do and the lapse in time while they are trying to understand what to do may have a negative impact on your business’ value. The time to prevent disputes is before they happen. What follows are just a few of the questions that should be addressed to see where you may need assistance from your business and estate-planning attorney to prevent or lessen the severity of problems:

• Should the agreement apply only to the current owners or should it be binding on all owners throughout the life of the business entity?
• Should the agreement be reviewed annually, especially to determine if the price to purchase a partner’s interest should be changed?
• Should the buy-sell agreement be structured to require the seller to sell and the buyer to buy, or should it give the buyer an option to require the seller to sell?
• Should the agreement provide that a buyout be funded by life insurance or some other method such as an installment sale?

If you would like detailed information on any of the above resolutions, please call Attorney Howard Stross.

STROSS LAW FIRM, P. A.
REAL ESTATE LAW • TITLE INSURANCE • BUSINESS & ESTATE PLANNING
Howard C. Stross *†‡ hstross@strosslaw.com
Dwayne F. Jotch djotch@strosslaw.com
1801 Pepper Tree Drive, Oldsmar, FL 34677
Phone: 813-852-6500 Fax: 813-852-6450
Or visit www.strosslaw.com

*Also admitted in Michigan and District of Columbia
†Board Certified Real Estate Attorney (Florida)
‡Member, National Network of Estate Planning Attorneys

From the Stross Law Firm- BUSINESS & PERSONAL PLANNING RESOLUTIONS

We asked attorney Howard C. Stross to share with you some insight that business owners need to know. Enjoy…

TEN BUSINESS & PERSONAL PLANNING RESOLUTIONS For 2009

1. Resolve to confer on an ongoing basis with your attorney and CPA to assure that your business is structured to lawfully protect your personal assets from business creditors.

2. Resolve that you will hold regular shareholder, member, partner or board of directors’ meetings for your business and you will preserve written minutes of those meetings.

3. Resolve that you and your business partners, members or shareholders will have an up to date buy-sell agreement that is funded or has a formula for installment payments.

4. Resolve that you will plan for your family business succession. (Possibly junior prefers to be an astronaut and not run the family business.)

5. Resolve that you will retain the ongoing services of a CPA to consider the income tax and accounting aspects of your personal, investment and business decisions.

6. Resolve that you and your spouse will take advantage of both of your estate tax exemption amounts. (Both spouses for 2009 each have an exemption amount of $3 1/2 million. In effect, if correctly planned and implemented, the exemptions total $7 million for a married couple for 2009.)

7. Resolve to name currently available successor agents, health care surrogates, personal representatives and trustees in your estate and disability planning documents. (You do have an estate and disability plan that considers your business and personal interests don’t you?)

8. Resolve that you will have up to date beneficiary designations for retirement plans and IRA accounts.

9. Resolve to include provisions in your trust agreement for your beneficiaries’ asset protection purposes, i.e. to lawfully protect your beneficiaries from predators and creditors.

10. Resolve to obtain long term care insurance or to implement a plan to finance your long-term care needs.

If you would like detailed information on any of the above resolutions, please call Attorney Howard Stross.

STROSS LAW FIRM, P. A.
REAL ESTATE LAW • TITLE INSURANCE • BUSINESS & ESTATE PLANNING
Howard C. Stross *†‡ hstross@strosslaw.com
Dwayne F. Jotch djotch@strosslaw.com
1801 Pepper Tree Drive, Oldsmar, FL 34677
Phone: 813-852-6500 Fax: 813-852-6450
Or visit www.strosslaw.com

*Also admitted in Michigan and District of Columbia
†Board Certified Real Estate Attorney (Florida)
‡Member, National Network of Estate Planning Attorneys

Tampa SBDC wins national accreditation

Good news for Florida and the Tampa Bay Area as SBDC has received national accreditation.  The SBDC at USF has helped over 168,000 entrepreneurs realize their dreams.  Click below for the rest of the story.

Tampa SBDC wins national accreditation – Tampa Bay Business Journal

Valuation Services Newsletter

Take a look at the Valuation Services Newsletter for May.  There is some great information in this and gives a great snapshot of Pinellas County commercial real estate.

VSI Newsletter

Welcome to TampaBayCommercial.com

Hello and welcome to our new website. Over the next few weeks we will be adding information about the local real estate market!