Expectant Parents: Financial and Legal Tips
Last fall my husband and I welcomed our first child, Jack, to our family. Jack is not only our first child, but he is the first grandchild and first nephew on both sides of the family. You can only...
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Uncapping Continued: “Guidance” from the State Tax Commission
As we have mentioned earlier on this blog, the Michigan Legislature recently enacted a law, Public Act 497 of 2012 (HR 4753), that prevents the uncapping of property taxes on certain transfers of...
View ArticleSupreme Court Rules on DOMA: How Does it Affect Estate Planning in Michigan?
With the recent decisions regarding the constitutionality of same-sex marriage issued by the U.S. Supreme Court in U.S. v Windsor and Hollingsworth v Perry, you may be wondering how, if at all, these...
View ArticleTax Free Income For Up to 14 Days Rental of Personal Residence
Planning a vacation this summer but don't know how to finance it? Consider renting out your personal residence while you are away and pocketing the rental income tax-free! An interesting tax break in...
View ArticleMinimizing the Legal and Financial Risks of Cottage Ownership
While cottage ownership comes with many rewards, it also comes with some financial and legal risks. Accidents and injuries that happen in the cottage, on the dock, or on surrounding waterfront...
View ArticleThis Land Is Your Land - I Better Keep Off
Contrary to Woody Guthrie's catchy tune, there are many good reasons to keep your property "private" and free from uninvited guests: the potential for property damage, theft, and liability for...
View ArticleTrespass and Nuisance: Preventative Measures
In our previous post, we discussed common problems for property owners regarding trespass and nuisance. While enforcing your legal rights is always a possibility, litigation is never a desired...
View ArticleMichigan State Tax Commission Issues Clarification on New Uncapping Statute
As discussed previously on our blog, on December 14, 2012, the Michigan legislature enacted a law, Public Act 497 of 2012 (HR 4753), to prevent the uncapping of property taxes on certain transfers of...
View ArticleRental Cottages and Limits on Federal Income Tax Deductions
It’s a dilemma that many cottage owners face: you want to earn extra money while away from your cottage but you are worried about the hassles that come with owning a rental property. It is well known...
View ArticleCottage Transfers of Ownership without Uncapping Property Tax Broadened Under...
On December 27, 2012, HR-4753 was signed into law by Michigan Gov. Rick Snyder. As discussed in our previous blog post, "HR-4753: An Early Christmas Gift for Michigan Cottage Owners!", this law...
View ArticleNew Law Effective in 2015 is an Important Win for Cottage Owners
On October 9, 2014, PA 310 of 2014 (HB 5552) was signed into law by Michigan Gov. Rick Snyder. As stated in our previous blog, "Cottage Transfers of Ownership without Uncapping Property Tax Broadened...
View ArticleCottage Owners, Relax: New Law Can Help Keep the Family Cottage in the Family
As Michigan's cottage season gets into full swing, it is a great time to celebrate a bit of good news for Michigan cottage owners. Recent changes in the law have made it significantly easier for...
View ArticleNew Uncapping Exemption for Ladybird Transfers
A new real estate uncapping exemption was enacted this week which formally exempts ladybird transfers to close family members from uncapping. It was signed by Governor Snyder on December 22, 2015 (PA...
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