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Estate and Gift Tax Changes
What are the Estate and Gift Tax Changes in 2023? Estate and gift taxes are imposed on property transfers made during a person's lifetime and at death. Such levies are collected by the federal government and many individual states, although Michigan does not, and the...
What to Know About Michigan Planning Law
When the term "estate planning" comes up, the first thing that comes to mind is a Last Will and Testament. It is the most commonly known document in estate planning. However, estate planning extends beyond just having a Will in place. Your real estate holdings,...
I have unpaid taxes — Should I Still File This Year?
Filing your taxes and paying them on time is vital. However, people’s life situations sometimes change suddenly, or a one-time event disrupts their entire financial plans for the year. And if any of those result in unpaid taxes, you may be wondering if you should file...
Reopening Your Business
As of this writing, all of Michigan is subject to Governor Whitmer’s latest stay-home order, which is set to expire on May 28, 2020. The latest order has given some businesses the go-ahead to resume operations, while others eagerly await their turn. Here are some...
Cares Act Highlights to Know
The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was signed into law by President Trump on March 27, 2020. The CARES Act is the largest economic stimulus package in U.S. history. In light of its overwhelming size and scope, the following are a...
Marital Deduction Trusts
Marital deduction trusts used to be a very popular estate planning tool for married couples whose gross estate would potentially be subject to federal estate tax. Such trusts allowed married persons to effectively double the federal estate tax exclusion. Being subject...
Business and Personal Income Taxes
The “Tax Cuts and Jobs Act” was approved by Congress and went into effect on January 1, 2018 making significant changes to business tax and personal income tax starting with the 2018 tax year. For businesses, the maximum corporate tax rate for C corporations was cut...
Prenuptial Agreements in Michigan
For many years now Michigan has respected the right of marital partners to waive the statutory rights that are conferred upon them upon the death of a spouse. For example, if a spouse dies and leaves by their Will all of their assets to their children, the surviving...
Can A Child be Disinherited
In a letter to Ann Landers a writer from Manasota, Florida wrote to deliver a message to children and grandchildren: "YOUR INHERITANCE IS NOT AUTOMATIC. IT'S A GIFT." When it comes to estate planning, many people feel this way, and they have their reasons. But can you...