Estate planning is in part about having peace of mind that “you’re all set.” In other words, you’ve put together a plan that will play out the way you intended upon your disability or death.If you’ve done an estate plan, you should still ask whether “you’re all set” every once and a while. Getting a […]
A profits interest isn’t a new concept. But, it’s becoming increasingly more important for business owners. A profits interest is an interest in an LLC (that’s taxed as a partnership) and provides someone with a share of the company’ s profits going forward. Said another way, it’s an interest in the future profits of the
Is a Profits Interest Right for Your Company? Read More »
Losing a spouse can be devastating. It creates a void in many aspects of life. In situations like these, it’s also important to review your estate plan and determine what should be done. If your spouse has passed, these are the most common estate planning issues to consider: Talk with your family. Hopefully families or
Estate Planning For Surviving Spouses Read More »
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
Protecting Your Children: The Importance of Having a Power of Attorney Read More »
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
Family Ownership Succession: Which Option is Best for You? Read More »
Married couples have oftentimes had two separate trusts. In other words, one spouse would have a trust and the other spouse would too. This planning was typically done to minimize or avoid the estate tax at their passing. Over the last decade though, the estate tax laws have changed so much that having two separate
Separate to Joint Trusts: Three Traps to Avoid Read More »
If you have named two or more of your children as your successor co-trustees or have real estate that is important to your family, you should continue reading. A recent Michigan Court of Appeals case provides a cautionary tale for naming co-trustees and family real estate. In this case, both parents passed and they had
Estate Planning: A Cautionary Tale Read More »
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
Family Business Succession and Estate Tax Planning: The Window May Be Closing Read More »
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
The Train Is At the Station: Changes to the Estate and Gift Tax Introduced in Congress Read More »
What happens when a person dies with a vehicle titled in their name with no surviving co-owner? Some states allow vehicle owners to name a beneficiary to take title upon an owner’s death. Michigan is not one of those states. But it is fairly simple to take care of this situation without the dreaded trip
Transferring a Vehicle Upon Death of a Family Member Read More »
Fill in the form below to reserve your spot today for each person attending. If you have any questions, please call the office at 616.392.1821.
Fill in the form below to reserve your spot today for each person attending. If you have any questions, please call the office at 616.392.1821.
Fill in the form below to reserve your spot today for each person attending. If you have any questions, please call the office at 616.392.1821.
