Blog — Asset Protection

Saturday, May 20, 2017

Michigan’s New Asset Protection Trust

Based on new Michigan law, as an individual, you can now create a "Self-Settled Asset Protection Trust." This new law was signed into effect in December of 2016.

Although an Asset Protection Trust under the new law may be very beneficial for certain individuals, it doesn't mean that this type of planning is right for everyone. There are limits. One limit is that transfers of property from individuals to...

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Saturday, May 20, 2017

Dower Interest for Spouses Is Repealed

If you have ever participated in a real estate transaction, you might have noticed that a male individual who is transferring property by deed must indicate his marital status. The reason that this identification previously was required was based on the legal principle of "Dower." Dower dates back to English common law and was adopted in Michigan as law in 1846. The law of "Dower" provides that a woman, solely as a...

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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...

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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...
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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...

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