Take-Away: In a recent survey among millionaires, 70% of the respondents expressed anxiety over leaving too much money to their heirs. Background: The Motley Fool recently conducted a survey of 2,000 individuals with a net worth over $1.0 million about their attitudes towards inheritances. One of the top concerns reported by 67% of these high […]

Take-Away: A trustee that assists an individual in asset protection strategies needs to protect itself against potential future claims of the individual’s creditors as ‘aiding and abetting’ the voidable transaction. Anyone who works with a debtor should seriously consider obtaining an affidavit of solvency from the debtor, as protection more for the service provider than […]

Take-Away: Unlike several other states, Michigan does not have a statute that formally recognizes the right of publicity. However, there is recognized a common law right of publicity by courts. Background: As a generalization, the right of publicity arises from the right of privacy. As one Tax Court Judge recently described it in the highly […]

Take-Away: A bill has been filed in the Senate that would permit employees to fund accounts, thus reducing their taxable income, from which to make charitable gifts. Background: Senator Ben Sasses of Nebraska introduced in November a bill to encourage philanthropy. [Senate Bill 3191.] That bill, called the Everyday Philanthropist Act, has been referred to […]

Take-Away: On December 8, 2021, FinCEN published 114 pages of proposed Regulations to require certain entities, but not irrevocable trusts (so far), to file reports with FinCEN that identify two categories of individuals: (i) beneficial owners of an entity; and (ii) individuals who have filed the application with specified governmental authorities to form the entity […]

Take-Away: It may be possible, through an LLC Operating Agreement, to direct who inherits a deceased Member’s interest in the LLC. Background: The use of LLCs has grown dramatically over the years by families with closely held business interests and investments, including commercial real estate. The LLC is a popular form of entity to hold […]

Take-Away: As time passes, more and more individuals and their estates may hold investments in cannabis-related businesses. Interesting estate planning questions arise at the federal level if a decedent’s estate holds an investment in cannabis license or a cannabis-related business. Background: Over 40 states and the District of Columbia have legalized cannabis sales in some […]

Take-Away: In a recent case from Rhode Island, the notary to a Will’s execution by the testator was treated by its Supreme Court as a subscribing witness, thus satisfying that state’s requirement that a Will must be attested by two subscribing witnesses. Background: Like most states that have adopted the Uniform Probate Code, Michigan requires […]

Take-Away:  At the end of each calendar year there is normally a last-minute scurry in Congress to extend sections of the Tax Code to provide relief to a handful of taxpayers. This year there does not seem to be much effort to extend and continue some tax breaks to businesses and individuals. Background: Several tax […]

Take-Away: While pursing a backdoor Roth IRA contribution is still ‘legal’ you may want to think twice before engaging in that type of planning transaction. Background: A backdoor Roth IRA strategy permits an individual to make an indirect Roth IRA contribution if the individual’s income is too high to qualify for a direct contribution to […]