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, March 25, 2015

Tax Filing Requirements for 2014 Gifts of Real Property

On December 31, 2013, new law went into effect in Michigan allowing parents to gift their real estate to children during the parents' lifetimes without uncapping the taxable value of the property. As a result, several families took advantage of the new law, and parents actually transferred ownership of their homes to their children. However, preparing, signing and recording a deed transferring the ownership is not all that is...

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Monday, February 23, 2015

Elements of a Worry-Free Estate Plan

Individuals sometime assume estate plans only deal with future concerns like planning for retirement, providing an inheritance for loved ones, specifying long-term care provisions, avoiding estate taxes and appointing guardians for minor children … all the "someday" or "what if" stuff.

While the statements above are true, your estate plan also eliminates (or at the very least reduces) issues that are usually present now – namely, stress...

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Wednesday, October 29, 2014

Elements of a Worry-Free Estate Plan

In the month of August of this year and even early September, many areas in Michigan saw historic flooding and sewer backups after quick and intense storms blanketed various areas of the state. Based on several conversations I have had with clients regarding their homeowners insurance policies, many have learned the hard way about storm insurance coverage. Because many of the lessons learned were unfortunate for my clients, I feel it is important to...

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Wednesday, October 29, 2014

Planning to Plan Is Not a Plan

I recently represented a client who was appointed as successor trustee of his father’s trust. The father, just prior to his death, held a “family meeting” to announce his intentions to change certain distribution of asset provisions in the trust that would apply after his death. The family meeting was held, the changes were announced but nothing was done to actually amend the father’s trust.

Upon the father’s death, my client’s brother, whose share...

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Tuesday, September 23, 2014

Succession Planning with Life Insurance for the Family Business, Cottage or Farm

In my experience assisting families with succession planning for legacy assets such as their family business, cottage or farm, the biggest challenge I’ve found is making sure there is enough money to pay for the immediate obligations after the current owner’s death. These obligations can be in the form of taxes, possible interruptions to business operations, and revenue and debt service. The...

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