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.

Wednesday, September 9, 2015

Life Insurance as Part of Your Estate Plan

Even if you have a relatively modest estate, life insurance can be an important part of your estate planning for the obvious reason that it can substantially increase the estate’s value. In the case where there’s a premature death and a young family is in need of support, life insurance may be the primary means for that family's financial survival.

For larger estates, life insurance can be useful by providing the liquidity necessary to pay...

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Tuesday, September 8, 2015

Life Happens Life insurance has evolved to keep up with changing consumer demands

The following guest blog is written by Ted Kotsakis, Chief Executive Officer of PLUS Financial Network. He has been in the insurance business since 1985 and has held managerial positions with Prudential and AIG Life prior to creating PLUS Financial Network.

Ted is a current member of NAILBA, NAIFA and AALU and is a past President of NAIFA of Greater Detroit. Ted's unique experience and...

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Tuesday, August 18, 2015

Sale of Business Interests Can Trigger Surprise Tax Results

Did you know that if more than 50% of the interests in a partnership or LLC are transferred within a 12-month period, the business technically ceases to exist under federal tax law?

That is true even if the business continues to operate as normal for all other intents and purposes.

This "technical termination rule" isn't the end of the world, but it is something you need to be aware of. For one thing, a special tax...

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Tuesday, August 18, 2015

How to Avoid Common Trust Mistakes

A trust is oftentimes the foundation of a solid estate plan. It is important to remember that you just can't set up a trust and forget about it. It is a good idea to periodically review how your trust is working to make sure you and your family are getting the full benefit of the trust document and its terms. Not doing so can sometimes lead to unintended results. 

Here are just a few things to consider and some common mistakes to avoid:

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Tuesday, August 18, 2015

Common Questions on Storm Damage Insurance

A few weeks ago, an incredibly powerful series of thunderstorms, including what was believed to be a tornado, went through Leelanau County, Michigan, where my Northern Michigan office is located, as well as most of Grand Traverse County. There was an incredible amount of destruction to both residential and commercial property, as well as damage done to various crops, including grapes, which support our local winery businesses. The following are some common...

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