As you may be aware, we recently decided to start a new firm, The Penning Group. We 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.
Going, Going, Gone!
As we counsel clients during the preparation of their estate plans, one concern is usually very evident - parents are worried that their children will squander the funds and assets that they worked very hard to accumulate. This concern can be addressed in many ways, but usually, parents request specific provisions in their estate planning documents that control an heir's access to distributions based upon age, accomplishments, and certain life choices.
It doesn't matter what time of day you arrive, everything always looks the same. Granted, the trees are taller and wildflowers seem to be growing everywhere. But your family cottage is the same to you today as it's always been.
Cubby holes filled with trinkets and treasures
As families begin contemplating vacations up north or weekend getaways to one of Michigan's many inland lakes, water access points deserve careful consideration as they have become sources of lawsuits regarding the public's right to access the surface of the water from public roads adjacent to the water.
The Practical Effect of Michigan Supreme Court’s Decision in the case of Klooster v City of Charlevoix
A problematic trend seems to be emerging with banks failing to properly discharge liens of previous property owners. Recently when I've been assisting clients in the sale of both commercial and residential real estate we've encountered significant problems caused by banks that failed to properly discharge liens of previous owners after my clients purchased the property.
Virtually any newscast or newspaper continues to talk about the "tax increases" that will become effective January 1, 2011. While the general concept is widely reported there seems to be little attention being given to the specific taxes that will increase if no action is taken by the lame duck congress by the end of the year.
Recently, many of my estate planning clients have asked questions about Lady Bird Deeds and when it is appropriate to use these instruments in estate planning. Like any planning tool, a Lady Bird Deed can be helpful in some situations, but is not appropriate in all cases. The use of a Lady Bird Deed in the wrong situation can lead to unintended or negative results.
What is a Deed?
Oil and Gas Leases: What Northern Michigan Landowners Should Know Recently, many of my firm's clients who own multiple acres of land in northern Michigan have been contacted by petroleum company representatives and offered oil and gas rights leases for their land.