Missives

As we learn more about the OB3, or how the IRS intends to interpret the OB3 and its provisions, the more surprises can be expected.

Sometimes, though, we tend to forget that the present interest requirement can frustrate what otherwise looks like a transfer that will qualify for the federal gift tax annual exclusion, especially when ‘hidden’ restrictions or limitations accompany the asset that is the subject of the gift

Electing out of the automatic allocation of a donor’s generations skipping transfer tax (GST) exemption is anything but easy, which is probably Congress’s intent since the purpose behind the automatic allocation of the donor’s exemption is to help his/her to avoid wasting his/her GST exemption.

Not all trusts will qualify as an undisclosed trust under Michigan’s Trust Code, nor should they. New definitions and several limitations best describe Michigan’s relatively new undisclosed trust.

Income taxes might be avoidable if a surviving spouse is not named as the designated beneficiary of his/her deceased spouse’s IRA, but it might require the cost of a private letter ruling to get to that income tax result.

The failure to comply with the Tax Code’s requirements for the charity’s contemporaneous written acknowledgment of the gift will result in the donor not being able to deduct his/her gift to the charity.

There are two different ways that litigation can be initiated in a Michigan probate court. It is either by filing a proceeding or a civil action, which can often lead to confusion.

As the American workforce continues to age and live longer, and employees continue to save for their retirement with 401(k) account contributions, there is a growing urgency to find funds needed to pay for long-term care insurance.

On July 1, 2026, the Department of Treasury identified the initial default investments for a Trump Account. Initial contributions to a Trump Account (TA) will be invested in State Street SPDR Portfolio S&P 500 ETF.

Charitable giving through a qualified charitable distribution (QCD) is almost always the most tax efficient way for the donor to carry out his/her philanthropy.