Blog — Family Business

Thursday, February 23, 2012

Estate Planning for Digital AssetsEstate planning for a client's digital assets is an area of law that is still fairly new. However, I have experienced increasing demand by clients for services in this area as we continue to run full speed into the digital age.

This article will briefly identify some of the issues involving digital assets and steps that you can take to protect your digital assets as part of your estate planning efforts.

What Are Digital Assets?

The two main classes of...

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Monday, February 20, 2012

Advisor AlertAfter much debate and political wrangling, Congress voted to extend a 2% Social Security payroll tax cut and to renew long term unemployment benefits for the rest of 2012. The tax cut effectively reduces the amount of wages withheld by your employer for payment/contribution to social security resulting in higher net income to you. It has been reported this tax cut results in an average $45.00 more in disposable income per week for an average middle class family.

Both provisions had been set to expire in two weeks, on February 29th, after having been...

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Thursday, February 16, 2012

Planning For CollegeRecently I celebrated my birthday with my family on a great Saturday evening. It was one of those rare evenings that we were all together, including my wife, our oldest son who is a sophomore at the University of Michigan and our twin 17 year old sons who are juniors in high school.During our dinner and in between me feeling the brunt of bold and old age jokes, it struck me like a ton of bricks, in a little over a year we will have not just one, but three college students in the family.While we have done our best to plan financially for this event,...

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Wednesday, February 8, 2012

As you may be aware, we recently decided to start a new firm, The Penning Group. The Penning Group Advisors and AttorneysWe have two offices, one in Detroit (Farmington Hills) and another office in the Traverse City (Suttons Bay) area, serving clients across Michigan, the U.S. and abroad.
Starting today, you can visit and learn more about us at our website, www.PenningGroup.com. But before you do, we want to share a bit about The Penning Group.
Over the past few years...

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Tuesday, December 6, 2011

Credit card debt after deathYou can't take it with you, but do credit card bills follow you into the grave? Does the debt die with you? Or, can it come back and haunt those you leave behind?

General Rule:
The general rule is that any debt of a deceased person, including credit cards and medical bills, are solely the responsibility of the decedent or the decedent's estate. The general rule assumes that no other person was the signer or joint...

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