Missives

Take-Away: When we talk about valuing an individual’s interest in a business, the question often arises if there will be valuation discounts applied to that business interest. Existing buy-sell agreements may, or may not, indicate if a valuation discount is to be applied when an individual owner’s interest is the subject of a buyout. Background: […]

Take-Away: A recent Michigan Court of Appeals decision acts as a good reminder of how valuable a trust can be to prevent a commingling of a gift or an inheritance to avoid a family business falling into an ex-spouse’s hands. Had premarital stock owned by the husband, received from his father’s trust, continued to be […]

Take-Away: Using retirement assets to satisfy an individual’s philanthropic objectives can be done in a tax-efficient way manner. Especially with a qualified charitable distribution (QCD.) However, you just have to know the rules. Background: It is that time in the calendar year when individuals start to think about charitable giving, and/or reducing their income tax […]

Take-Away: Michigan has yet to update its laws to address assisted reproductive technology (AR), although a bill on this topic has been languishing in Lansing for several years now. Background: With advances in medical technology, a child can be conceived with stored genetic material after the death of one or both genetic parents. Intestacy statutes, […]

Take-Away: An effort is underway to amend Michigan’s version of the Uniform Voidable Transaction Act in order to preserve the effectiveness of the Michigan Qualified Dispositions in Trust Act, i.e. Michigan’s version of a self-settled domestic asset protection trust, or DAPT. Background: Much of estate planning involves the efficient transfer of assets. One obvious transfer […]

Take Away: Don’t forget the above-the-line charitable donation deduction of $300 before the end of 2021 and cash gifts to charities. Background: To respond to the pandemic and the impact that it had on charities, the CARES Act of 2020 created the opportunity for an individual to gift $300. 00 to a charity and take […]

Take-Away: While the owner of a foreign bank account is supposed to disclose the existence of that account, some owners play the ‘audit game’ and fail to report their account(s) or they think the law does not apply to them. That failure to disclose a foreign financial account does not disappear just because the account […]

Take-Away: An effort is underway to amend Michigan’s version of the Uniform Voidable Transaction Act in order to preserve the effectiveness of the Michigan Qualified Dispositions in Trust Act, i.e. Michigan’s version of a self-settled domestic asset protection trust, or DAPT. Background: Much of estate planning involves the efficient transfer of assets. One obvious transfer […]

Take-Away: Michigan has yet to update its laws to address assisted reproductive technology (AR), although a bill on this topic has been languishing in Lansing for several years now. Background: With advances in medical technology, a child can be conceived with stored genetic material after the death of one or both genetic parents. Intestacy statutes, […]

Take-Away: Using retirement assets to satisfy an individual’s philanthopic objectives can be done in a tax-efficient way manner. Especially with a qualified charitable distribution (QCD.) However, you just have to know the rules. Background: It is that time in the calendar year when individuals start to think about charitable giving, and/or reducing their income tax […]