The tax consequences with regard to transfers to charitable remainder trusts are very tricky and detailed. If those rules are not carefully followed by the donor, the penalty can be very high income taxes, interest and penalties.

Federal stealth taxes should be kept in mind if there is a chance assets might be gifted or inherited from a person who was a non-resident alien or a one-time Green Card holder.

Ten recommendations to follow for planning distributions for retirement benefits under the SECURE Act were recently identified by an expert.

The IRS’s Proposed Regulations which are intended prohibit an estate tax deduction of some ‘concocted or contrived’ estate expenses, are so broad as to threaten some common estate plan steps where the estate’s illiquidity is a result of non-tax reasons.

Individuals need to fully understand the consequences when they use the short-hand terms per stirpes, per capita, or by representation in their Wills, Trusts, and beneficiary designations.

Michigan does not legally recognize common law marriage under Michigan law, but it will respect a common law marriage that occurred in another jurisdiction.

The tax benefits from holding and selling qualified small business stock are extraordinary. The Tax Code even provides an opportunity to retain those tax benefits if the small business stock is sold.

Non-dependent children up to age 26 can contribute to a health savings plan if they are covered under their parents’ high deductible health insurance plan.

As we learn more about trust directors and their promised utility, it is important to remember that a trust director in Michigan serves as a fiduciary, along with all of the duties that are normally associated with a fiduciary’s role. Other states leave it up to the trust’s settlor to decide if a trust director is to act as a fiduciary.

Health and Education Exclusion Trusts (HEETs) are an effective way to pay for tuition and medical expenses while avoiding the generation skipping transfer tax (GSTT.)