Wills, Trusts, Business, Real Estate, and Probate Blog
What's new in estate planning, business, and real estate law.
I finally had an opportunity to read the actual “Fiscal Cliff” bill which is H.R.8 “American Tax Payer Relief Act of 2012”. As I write this blog, the Act has not yet been signed by the President, however, he has promised to do so. It does many things; however, I will limit this brief article to the affect on wills, trusts, and estate taxes. We must first start with 2001, when President Bush signed the Economic Growth and Tax Relief Reconciliation Act of 2001. That Act did much for reducing taxes and, eventually, eliminating estate tax, however it had a sunset provision, causing it to expire at the end of 2010. In 2010, in the eleventh hour, Congress dealt with the sunset provision, extending it until the end of 2012. The
Even if you haven’t thought about your estate plan today, I am certain that you have checked your email, made an online bill payment, or logged into your Facebook, Twitter, or LinkedIn account. That’s just how the world works these days. But would it surprise you to learn that new legislation is making these “digital assets” a part of your Probate Estate, too? Digital assets are defined as any online accounts that you own, or any file that you store on your computer or in a cloud drive. While many of these assets have no monetary value whatsoever, they often have sentimental value to family members. And lawmakers across the nation are increasingly coming together to hold that the family of a deceased person has just as much
Early versions of Obama-Care had older folks making end-of-life decisions with a government-payed counselor on the way into a medical facility. The time to make decisions concerning Patient Advocates and Advance Directives is not on your way into a hospital but rather when you are of a sound, clear thinking mind without the numerous stresses that occur while being admitted into a medical facility. In addition, by waiting too long you allow yourself to be manipulated by family members, accountants and lawyers. Take the case of Heiress Huguette Clark. At 98 and with $400 million she finally prepared her first Will, naming her nieces and nephews as the primary beneficiaries. Amazingly, within only 6 weeks, she prepared a new
Over the last four years, the State of Michigan, in general, and the communities of Mid Michigan, in particular, have been hard hit by the ongoing national recession. In addition to high unemployment and a shrinking economy, we experienced unprecedented reductions in real estate property values. As a result of the recession, municipalities and assessors are placed in a unique and unfamiliar position. Rather than raising assessments and property taxes to correspond with historical increases in property values, assessors are being forced to decrease assessments. These changes in the real estate market have reduced municipal budgets and require a change in the way municipal assessors conduct business. Many property owners
How many people do you know who have been injured in an auto accident to the extent their long-term income has been negatively affected? In Michigan, you're required to buy automobile liability insurance to protect others if you screw up and seriously hurt someone seriously. Because it's required, you cannot legally avoid the cost of that coverage although other optional auto related protection is available at an additional cost. Despite Michigan’s no-fault law, any long-term protection of my earnings if I become disabled to the extent I cannot work, comes from liability coverage. Michigan law only requires each driver to buy at least $20,000 per person/ $40,000 per accident of Public Liability coverage should they be found