Penning Group Blog

The Penning Group blog is written and edited by the advisors and attorneys of The Penning Group, providing practical business, personal, and legal information. To view blog posts by category, choose a topic area from the sidebar menu.

Tuesday, February 7, 2017

The Danger of Waiting Too Long to Do Estate Planning

Some people never get around to retaining a lawyer to prepare their Will, Living Trust or other important estate planning documents. It is not uncommon for the families, including beneficiaries, of those individuals to wind up in my office to address the consequences for their lack of planning once they have passed away.

The common excuses that are related to me or that I...

Read More...
Tuesday, February 7, 2017

Michigan Adopts New Asset Protection Trust Law

A few months ago, the Michigan legislature passed a new law that authorizes the establishment of Trusts which is a complete contradiction to various common law principles, in Michigan and most states, regarding creditor protection and Trust assets.

The Act is called the "Qualified Disposition and Trust Act" and limits its application and use to the following:

  • The...
Read More...
Thursday, December 15, 2016

Recent Law Allows for Waiver/Refund of State Real Estate Transfer Taxes for Sellers

I was recently discussing residential real estate issues with a colleague, Traverse City real estate broker Jack Lane (www.jacklane.realestateone.com), and he mentioned a recent law that has largely flown under the radar of many real estate professionals, attorneys and...

Read More...
Monday, October 31, 2016

Have You Funded Your Living Trust?

Once a living trust is in place, it is important to fund the trust in order minimize future risk and expense. "Funding" a trust means changing the way the person who made the trust – called a grantor – holds title to his or her assets from the grantor's name individually, to the person named as trustee of the living trust (the grantor and the trustee who administer the living trust are often the same person). Types...

Read More...
Monday, October 31, 2016

Charitable Donations from Your IRA Could Save Taxes

Congress has revived a law that lets you make charitable donations directly from your IRA that provides an opportunity for older adults to achieve significant tax advantages. The "IRA Charitable Rollover" was discontinued at the end of 2014; however, Congress has now resurrected it, made it permanent and made it retroactive to the beginning of 2015.

If you are over the age of...

Read More...