News & Resources

Late Tuesday night, news crossed the wire that the Senate passed the “Tax Increase Prevention Act of 2014” (the “Act”) by a supermajority-exceeding vote of 76-16. The Act, which is predicted to be signed into law by President Obama within the next few days, provides a wide-ranging extension of tax breaks for individuals and businesses.

If you are a business and discover that your computers or other records have been compromised with a security breach, you may have some responsibilities under Michigan’s Identity Theft Protection Act. This law requires notices be sent to customers if any of their sensitive data (such as Social Security numbers, bank account information or credit

Recently, the legislature again acted to change the exemptions to uncapping transfers. Property This time legislators amended the most recent provision (see previous article) to cause it to terminate on December 31, 2014. Then, beginning on January 1, 2015, a new provision specifies that transfers between certain specified relatives, as well as trusts of those

The legislature in Lansing, no doubt seeing the mess that the State Tax Commission (STC) had created, decided to pass a new law (codified at MCL 211.27a(7)(s)) that provided that transfers of “residential property” from one person to another person or persons who were related by “blood or affinity to the first degree” would be

Since the introduction of the Headley amendment (Proposition A) to Michigan’s property tax laws, the property tax assessment has been divided into a Taxable Value (TV) and a State Equalized Value (SEV). The TV is what taxes are actually based upon. The TV may not increase by greater than the COLI or 5% whichever is

If you plan to buy property, you really should get a survey. A mortgage report is not sufficient. If you buy property without a survey, you run the risk that the boundaries of the property are not where you thought. Your house may encroach onto your neighbor’s or theirs may encroach onto yours, or part

Medicaid is the government program that will help pay for care in a nursing home. The complicated rules and policies surrounding this program usually cause people to seek the advice of an elder law attorney. Historically, with the help of an attorney, a spouse could receive Medicaid benefits without having to spend down any assets.

In November 2013 the IRS announced new rules for up to $500 of unused amounts in a health Flexible Spending Account (FSA) that is part of a cafeteria plan. The old rule was that if you didn’t have medical expenses during a plan year that totally used up your FSA, you were permitted a “grace

We have all heard the radio advertisements: Set up a corporation or LLC for your business and you will protect your personal assets form company creditors. So after setting up the corporation or LLC, why am I sued personally? I have heard this question many times where the client set up a corporation or limited