Estate Planning Tax Update
By now you should have all heard that Congress narrowly averted the Country's fall over the "fiscal cliff" at the very last moment (well, actually after the very last moment, but retroactive to the...
View ArticleIRA Planning and Charitable Gifts
Congress extended through the end of 2013 the popular "charitable IRA transfer." This permits individuals who have reached age 70 1/2 to make income tax-free distributions up to $100,000 directly from...
View ArticleMichigan Legislation in 2012
Congress was not the only busy legislative body in December. Our state legislature also passed, and the Governor signed, several important bills which affect estate planning for Michigan residents. We...
View ArticleSenior Living Expert Panel Series: Planning Ahead
Together with Erin Santos, a social worker with HomeCare of Holland Home, Varnum estate planning attorney Linsey Aten will be presenting as part of Holland Home's Senior Living Expert Panel Series....
View ArticleSame-Sex Marriage and the Effect of Windsor and Hollingsworth Cases on Estate...
On June 26, 2013, the United States Supreme Court issued decisions in the cases of U.S. v. Windsor and Hollingsworth v. Perry, two highly anticipated decisions regarding the constitutionality of...
View ArticleDynasty Trusts and the Relevance of the Rule Against Perpetuities
As famously phrased by legal scholars of old, the Rule Against Perpetuities ("RAP") mandates that, "[n]o interest is good unless it must vest, if at all, not later than twenty-one years after some...
View ArticleThinking of Establishing Florida Residency?: What to Consider Before Changing...
Many clients whose family circumstances and employment situation permit them to spend in excess of six months every year in Florida may elect to become Florida residents. The biggest advantage,...
View ArticleFlorida Homestead Exemption: What You Need to Apply
If you elect to purchase a residence in Florida, as opposed to renting, the positive result of changing your residence to Florida is that you may claim the Florida homestead exemption. In Florida, the...
View ArticleHappy National Healthcare Decisions Day: Why an Advance Directive is a...
Today is a day that, until recently, I wasn't aware had any independent significance other than being April 16. However, April 16 is – and has been for the past seven years – National Healthcare...
View ArticleBill Would Change Post-Death Decision Making in Michigan
Michigan law currently permits any resident to designate a "patient advocate" during his or her lifetime. The patient advocate is tasked with making health care decisions – often including the ability...
View Article“Ladybird Deed” Language Removed from Michigan Tax Guidelines
Many people have heard of a "Ladybird Deed," but few understand how Ladybird Deeds work. In essence, this type of deed allows property to pass automatically upon an individual's death without the need...
View ArticleShould You Transfer Unused Gift and Estate Tax Exemptions to a Surviving...
The word "portability" in an estate tax context refers to the ability to transfer a deceased spouse's unused gift and estate tax "exemption" (technically known as the "basic exclusion amount" or the...
View ArticleShould You Transfer Unused Gift and Estate Tax Exemptions to a Surviving...
In our previous post, we discussed the advantages of portability as an estate planning tool. However, there are some non-tax reasons why a couple might not opt for planning of this type. Almost all...
View ArticleKids and Money: Once a Millionaire, Always a Millionaire?
This column was originally published in the Grand Rapids Business Journal on June 12, 2015. Former NBA star Shaquille O'Neal once spoke at an NCAA convention, where he discussed how he spent his first...
View ArticleA Nationwide Right: Same-Sex Marriage Legalized in a Monumental Decision and...
June 26, 2015. A date that will undoubtedly be added to our history books and remembered for generations. This is because on this day, the Supreme Court of the United States guaranteed the right to...
View ArticleNew Regulations Expected this Fall May Limit Valuation Discounts in Certain...
For high-net worth individuals – particularly those whose assets include closely-held business interests or family investment entities – anticipated changes in the valuation of those assets for estate...
View ArticleJust the Two of Us: Estate Planning for the Childless Dual-Income Household
If you've had the privilege of hanging around a group of excited estate planners, at one point or another the abbreviation "DINK" may have been thrown into the conversation. For those who are not...
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New IRS Form Required for Estate Basis Reporting Due Feb. 29
On January 29, 2016, just as tax season is heating up, the IRS released the final version of Form 8971 "Information Regarding Beneficiaries Acquiring Property From a Decedent," and its instructions....
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Valuation Discounts to Family-Controlled Entities in Peril Under Proposed IRS...
On August 4, the Internal Revenue Service finally issued much anticipated proposed regulations under Section 2704 of the Internal Revenue Code, which regulations are intended to significantly limit...
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