Estate Planning

Jessica Arends | Holland Attorney

Protecting Your Children: The Importance of Having a Power of Attorney

The high school class of 2023 has officially graduated, and parents are getting ready to send their children off into the real world—whether that be to work, college, or a different adventure. Many young adults will be moving out of their parent’s homes for the first time, as they attempt to navigate adulthood. Parents want to …

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Haans Mulder | Holland Attorney

Family Ownership Succession: Which Option is Best for You?

Family ownership succession can happen between a number of different people or groups. Parents may transfer ownership to one or more of their children. Siblings may transfer ownership to each other or the next generation (i.e. nieces and nephews). Grandparents may even skip a generation and transfer ownership to a grandchild if their children aren’t …

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Family Business Succession and Estate Tax Planning: The Window May Be Closing

In the recent bills to change the tax code, there’s an effort to prohibit planning that’s very beneficial to passing a family business to the next generation. This planning has become known as an installment sale to a grantor trust. This is how it works. G1 (the current owners of the family business) form one …

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The Train Is At the Station: Changes to the Estate and Gift Tax Introduced in Congress

Since the Georgia Senate election and Democrats gaining enough votes to pass tax legislation on their own, it’s been anticipated that changes will be coming to the estate/gift tax. Vermont Senator Bernie Sanders has now introduced a bill that would do just that and make significant changes to these laws. The bill would lower the …

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Keeping The Family Cottage Affordable For The Next Generation

One of the biggest barriers to passing a cottage to your children is affordability and more specifically property taxes. If transferring a cottage isn’t done in certain ways, the property taxes will be adjusted to the current value (or “uncapped” as we call it). This could result in a small change, but it more often …

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