Articles by Irving Hymson
Good News from Congress? Really? Tax Relief for some
Jan 20, 2015
For those who have had mortgage debt forgiven in 2014 either by agreement with the lender or pursuant to the provisions of the Arizona anti-deficiency statutes there were worries that there may be income tax consequences on the forgiven debt because the Mortgage Debt Reduction Act
Where There is a Will There is a Way (To Pass on Our Values)
Jan 20, 2015
We are privileged to help many of our friends and clients prepare their last will and testament, testamentary and living trusts and associated paperwork regarding the disposition of their money and assets according to their wishes and law. We spend a lot of time to suggest lawful methods for significant planning and savings
Jun 19, 2012
It has been 11 years since my father passed. While his physical presence has denied me, I am reminded, literally every day, that he is not truly gone. His wisdom, advice and jokes are with me still.
Rental Properties Alert
Feb 17, 2012
Arizona law effective on 01/01/12 that is addressed at property owners who are renting out residential property but not properly classifying the residence as a rental with the appropriate County Assessor. With the next mailing of valuation notices to property owners [usually in February], there will be an affidavit attached requiring property owners to (i) attest that they or a family member are occupying the property as their primary residence and (ii) return the affidavit to the county. If the affidavit is not filed within 60 days, the property will be classified as a rental property and the property taxes could increase. This procedure will be repeated every other even-numbered year.
Feb 9, 2012
In the ugly environment of foreclosures, short sales, strategic defaults and taxes on forgiveness of debt so much has been written and published in the media., You would think that we would have a clear path to the answers. Apparently this is not so.
In a recent court decision, the Arizona Court of Appeals expanded the anti-deficiency protection of Arizona law to the shock and chagrin of the Arizona lending community.
Smelling the Roses
Apr 7, 2011
Some of my most enjoyable moments come from spending time with my grandchildren and some of their day to day lives that I just didn’t do, or do enough of, when I was in the parenting mode. I guess I was too busy, or thought I was, or thought that I had plenty of time but never got around to it.
Dreams Come True – Let the Adventure Begin
Jun 18, 2010
When I was a boy and later in my life as well, I collected postage stamps. I spent too many hours to count in devotion to my hobby. This was in the days before electronic toys and games (indeed, before anyone knew the word electronic). It provided me with many rewarding experiences. I examined each stamp from all of the different countries and learned not only the geography and history but also the culture, important people, and the flora and fauna indigenous to each place.
Registered Stat Agent
Apr 22, 2010
Want to know the price of having a good registered agent? Try $1.26 Billion. In a recent lawsuit filed against PepsiCo, the Judge awarded a plaintiff $1.26 Billion when PepsiCo defaulted due to its registered agent not notifying PepsiCo of the lawsuit. The article enclosed discusses the lawsuit against PepsiCo in more detail.
Your Will or Theirs?
Jun 30, 2009
The school year is over and it is time to prepare for the family vacation. For us, it means we will be receiving last-minute requests to update or set up a new estate plan. But rushing through the estate-planning process is not a good idea.
The estate planning process includes preparing wills, living trusts and the probate process. Although it requires careful thought, preparing your estate plan ahead of time brings you peace of mind and spares your loved ones unnecessary expenses and anxiety after you’re gone.
Stop Sucking and Live a Life of Abundance
May 23, 2009
Uncharacteristically unable to sleep one very early weekend morning, I decided to grab a book and sit outside and read in the early morning cool and quiet. While reading the book The Last Lecture, a quick and inspirational read, it referenced the website Stop Sucking and Live a Life of Abundance. Unwilling to abandon the morning calm, I took my laptop outside and followed the link. I am glad I did.
Apr 30, 2009
I love April. Baseball season starts and I am hopeful about my two favorite teams and looking forward to many hours of baseball in person, on TV and, yes, radio. Spring in the valley is always a great time for us photographers and even weather in the 90’s is welcomed because it is still a treat to have sunshine and warmth. Holy days bring family together. This year my two sons came home for the holiday. We enjoyed sharing our tradition with Muslim family friends and a Christian friend at our Passover table. Our holiday service is a very old one passed on for many generations since at least (as far as we know) the 15th century! It was incumbent for me to pass on the tradition to my sons (promised grandpa on his deathbed that I would) and my obligation was fulfilled this year when they both showed their ability to conduct the service in the ‘old way’. I feel like a weight has been taken off my back.
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