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Talking to a parent about their finances and estate planning can be a difficult discussion to start. It’s important to convey that you respect their privacy and are not prying for the wrong reasons. Here are a few discussion points if you are able to start the conversation: • Durable Power of Attorney for Health […]

So your neighbor just had his land surveyed, and you see stakes on what you thought was your property. Now he’s telling you that you need to move your fence off “his” land. Now what?   Long-held lines of occupation will prevail over a survey, even assuming the survey is accurate. Imagine the chaos if

I don’t usually comment on estate planning matters but a recent Court of Appeals decision on involving an estate planning trust caught my interest. The bank obtained a judgment against an individual based on a personal guaranty. The bank garnished an account that the individual held as trustee under a trust agreement. First, it appears

Due to a new law that took effect on December 31, 2013, it’s now possible to pass residential property to certain relatives without increasing the tax burden on them. This law essentially allows property to be kept in a family longer because the future generation will pay the same level of property tax that the

Buying a house is one thing. Buying land to build a house on is even more complex. Among the issues you need to consider if you plan to buy land to build on: The seller’s title, supported by title insurance A staked survey showing the property boundaries and any easements Zoning as it affects what

A lot of what I do as an estate planner involves helping people to have the most efficient (read: “inexpensive”) method of transferring their estates to their loved ones, or designated charities. One of the most inexpensive ways of transferring assets upon death is with a beneficiary designation. Life insurance, annuities and Individual Retirement Accounts

Transferring a liquor license in the state of Michigan involves three parties: the seller, the buyer and the state. While the state does not take any ownership of the license, it certainly plays a role. Any agreement between the buyer and seller will be scrutinized and ultimately approved or denied by the Michigan Liquor Control

We have seen a few recent developments in condominium association operations. 1. The first is a change in the Condominium Act. An amendment that went into effect in January 2014 requires condominium associations whose annual receipts exceed $20,000 to have an annual audit by a CPA. This requirement applies to existing condominium associations, not just

If you have considered buying a timeshare to escape the winter blahs in a sunnier clime, you may want to think again. Often, timeshares turn out to be poor investments. Timeshare units are often hard to sell and they have high annual fees ($200 to $1,000 per year, with several hundred dollars typical) used to

Having assets increase in value is very beneficial, but it does not come without its challenges. For most assets, the increased value is subject to either individual income tax or capital gain. Simply put, income tax is generated from your “own efforts” while capital gain results from your :investments.” The amount of individual income tax