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.

Monday, March 31, 2008

Even though your intent with respect to domicile is important, your actions are equally as important. To demonstrate that you intend a particular place to be your domicile, you should consider the following:

• Use the address for correspondence, particularly with respect to the IRS or estate tax authorities with whom you may have to argue your position;
• Register to vote there;
• Register and insure your vehicles there;
• Have your driver’s license and, if relevant, other licenses issued there; and
• License or register your pets there.

If you change your domicile, be sure to update your estate plan to reflect your new state as your state of...

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Friday, February 1, 2008

Parents often purchase or lease vehicles in their own name and allow their children to be the primary drivers of these vehicles. In addition, automakers offer attractive discounts to employees, vendors, and related parties. In order to take advantage of these discounts, the automobile needs to be purchased or leased in a qualifying name. Often the qualifying person will allow relatives or others to have the regular use of these vehicles; however, there are some major disadvantages to allowing your name to be on the lease or title of a car driven regularly by another person.

Under Michigan Law, the titleholder or lessee is liable for injuries arising out of the use of an automobile...

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Friday, February 1, 2008

Increasingly, identity theft has been a problem to individuals across the country. The following recommendations will limit the ability of anyone to steal your identity.

• Print only your initials, not your entire name, on your checks. Although the bank's signature card will confirm for the bank how you sign your checks, a thief will not know your signature requirements;

• If you are paying a bill for a credit card, only place the last four numbers of your account number on the memo line. Do not provide the entire credit card number. The credit card company will know the account number, but the number will be protected from others who handle your check as it passes through...

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Friday, January 25, 2008

The Penning Group advisors and attorneys offer a variety of asset protection services Services offered: We provide extensive advice to trustees in a wide variety of contexts, including revocable trusts, irrevocable trusts, charitable trusts, educational trusts, and others. It can be intimidating when you’re asked to be trustee of a trust, especially if the trust is to continue for any length of time. We routinely assist clients in carrying out their duties as trustees. We can be very “hands on” if you need close support, or we can simply work in the background, ready to give direction when you call on us. We also have many years of experience in...

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