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The law is constantly evolving. Along with the codes passed by legislative bodies and administrative agencies, we adhere to principles derived from our common law tradition. In our common law system, established principles have significant weight, but they are not necessarily binding. This is, in

A trust is a legally recognized arrangement in which property is held by one party (referred to as the trustee) for the benefit of a different party (referred to as the beneficiary). Trusts are frequently established in wills in order to ensure that property is adequately managed and controlled

No one buys a home believing they'll default on the loan; it's always a possibility -- and indeed, anyone who's lived through the housing crisis in the last decade, knows it's a very real possibility -- but it's a nebulous considering it only happens when a confluence of factors occur: loss of job,

For most of its history, the United States has recognized the difference between direct and indirect taxes, and this distinction informed the law prior to the creation of the 16th amendment. After the 16th amendment, congress was no longer bound to ensure that direct taxes follow the rule of

Nearly every legal concept presently in use in these United States has an established pedigree. Very few of our concepts are recent inventions. This observation holds true not just in one or two areas of law but for quite literally our entire legal edifice. Section 1031 is no exception to this

Most aspiring homeowners understand owning property involves a great deal of responsibility. When you own property, all of the maintenance and liabilities which would otherwise be taken care of by a landlord are taken on by you. A leaky faucet, faulty appliances, or an unstable foundation is no

One of the things which makes tax law such a fascinating field is that it forces you to formally analyze many terms which are casually – and often carelessly – used in everyday conversation. In common parlance, terms such as “income,” “gain” and “property” are understood intuitively and require

In early June of 1794, Congress passed a “carriage tax” aimed at carriages used for business purposes. The tax was to be collected annually for as long as the person in question owned the carriage. The original constitution of the U.S. recognized a distinction between direct taxes and indirect