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Scams can be big and bold, small and pesky, or anything in between. Here are a couple that probably qualify as small and pesky, yet are of interest because they target us here in Michigan: The Principal Residence Exemption (PRE), which gives Michigan…
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We can each gift unlimited wealth to our spouses without having to pay gift tax. In addition, we can each make lifetime gifts totaling $11,400,000 to people other than our spouses before gift tax kicks in. This number is indexed for inflation, so it…
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Occasionally, clients will bring us legal documents that they created using an online service. It happened again a couple of weeks ago when long-time clients of mine came in for a trust review. I learned when we met that they had used a popular onlin…
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I always impress upon estate planning clients the importance of updating their homeowners’ insurance after conveying real estate to a trust, even if the transfer is via a “ladybird deed” that doesn’t take effect until the client is deceased.…
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In Michigan, any document that says who gets what after one’s death and that meets specific requirements constitutes a valid will. There are exceptions to this general rule, however, allowing certain less formal documents to also qualify as wills.…
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Most people know that if they marry or divorce and begin using a different last name, they must obtain a new Social Security card. What seems to be less-widely known is that a new Social Security card must also be obtained for each dependent child wh…
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I have a client who recently moved from his own home into assisted living. He’s not likely to return home to live, yet he does not want to sell. This is not an uncommon situation in my practice. One of the concerns for my clients who find themselve…
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We’ve experienced a noticeable uptick of interest in security protocols for locations considered to be “soft targets” for individuals bent on doing violence. These are scary times; and, while none of us wants to be intimidated into cowering at…
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(To Report Cash Transactions) I once facilitated a closing in which my clients sold a very modest home to a young couple for $10,000. What made this transaction interesting was that the couple paid for the house with cash, all in small bills. I still…
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One aspect of my practice that I really enjoy is helping nonprofit organizations achieve exemption from federal income tax. The exemption process involves the filing of an application with the IRS and a review process that can take months. A question…
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