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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

You may have read about the 10 Year Probate Case in my last post. Here are the methods we use to help clients avoid probate and save time, expense, and stress for all. • Add beneficiaries or joint owners to your real estate. There are several things you must consider when deciding how to avoid

Seems like every day I get something across my screen or desk that is warning about a new scam. The Michigan Department of Licensing and Regulatory Affairs (LARA), which is in charge of all things relating to business organizations in Michigan, recently enclosed a flyer with each Michigan Annual Report form warning that there is

Everyone makes mistakes. Unfortunately, for certain people if the mistake resulted in a criminal conviction then the consequences can be harsh when it comes to finding employment. Indeed, many people find in their pursuit of a job their resume was tossed aside as soon as a criminal background check was run and revealed a conviction.

If you plan to buy property, the best time to talk to an attorney is before you sign a purchase agreement. The purchase agreement—sometimes called a buy-sell agreement—normally is a binding contract that sets the framework for closing. For example, the agreement controls the purchase price, inspection rights, use of a particular form of land

For Michiganders, some of their fondest memories are times spent “up north” at the family cottage. Beyond their enjoyment of a cottage, many cottage owners are just as concerned with making sure future generations are able to have the same experiences. While this is a laudable goal, it is often unattainable without planning. Fortunately, vacation

I recently had a client with a desire to distribute their property upon their deaths to their children in equal shares, but they wanted to give their house to one of their children and to give to the other children other assets of equal value. The client had plenty of assets to accomplish their equal

It’s important to remember that along with the typical rights and responsibilities we associate with turning 18, there are other consequences of adulthood that require action by parents to protect their adult children. Once a child turns 18 and attains legal adulthood, the relationship between parent and child becomes drastically different. The Health Insurance Portability