topical-news

The Joint Ownership Exception to the Transfer of Ownership Under Michigan Property Tax Law

A common concern among parents wishing to transfer ownership of cottages and other legacy-type residences to their children is the "uncapping" of real estate taxes that occurs upon transfer of ownership. The general rule is that as long as someone owns real estate, the "taxable value" of the real estate remains "capped" and increases only incrementally against a statutory capped amount on an annual basis.

New Michigan Law Expands Exemptions from Uncapping Property Tax Values for Transfers Between Parents and Children

The Michigan legislature recently added an exemption to the definition of "Transfer of Ownership" under the uncapping provisions of the General Property Tax Act. The new law provides that beginning December 31, 2013, transfers of residential real property from a transferor to a transferee who is related by blood or affinity to the first degree are not "transfers of ownership" and do not "uncap" the taxable value of the property provided that the use of the property does not change following the transfer. (MCL 211.77(a)(7)(s))

Think twice before leaning on a legal self-help site

While they have their uses, there are problems with relying on legal self-help websites in place of expert advice, writes Peter I. Minton, founder and president of Minton Law Group. These sites aren't able to provide specific advice about your company and they won't be able to point out ongoing legal problems, he explains. And many people who try to save money by avoiding lawyers often face difficulties later.

Be Aware of the "Rules of the Water"

Boating goes wrongAll states, and in certain circumstances the federal government, regulate the  use and enjoyment of watercrafts of all kinds on water located within or contiguous to any particular state.

News & Views: Relief for Families with Autistic Children

As many of you are aware, one of my twin 17-year old sons, Casey, is autistic.  Casey was first diagnosed with his condition 13 years ago at the age of 4.  Since that time, children suffering from autism have been diagnosed at record rates across the country.

News + Views: Are YOU a Pirate?

 

What Everyone Should Know Regarding Software Piracy Laws.

image of a pirate flag with a red xIn my practice, I have encountered many situations both with individual and business clients where they received notices from software companies alleging my clients had violated software piracy laws.  These notices are no joke and not for the circular file.

News + Views: The Penning Group opens NEW Grand Rapids office and relocates Detroit-area office

The Penning Group is pleased to announce the opening of its new Grand Rapids, Michigan office located at:

Penning Group's new Grand Rapids office250 Monroe NW, Suite 400
Grand Rapids, MI 49503
Telephone: 616.717.5746
Fax: 616.717.5701

News + Views: Avoid the Pitfalls of Joint Accounts with a Durable Power of Attorney and Living Trust

Avoid the Pitfalls of Joint Accounts with a Durable Power of Attorney and Living TrustMany people employ the use of joint financial accounts as a matter of convenience, such as an elderly parent placing a child's name on the parent's checking account so that checks and deposits can continue if the parent is travelling or incapacitated.

News + Views: Treat Your LLC Like a Business to Protect Your Assets

Treat Your LLC Like a Business to Protect Your AssetsMany business owners form several types of business entities to hold their assets and operate different aspects of their businesses. A common strategy is to form limited liability companies to hold real estate. The operating entity, such as a manufacturing entity, pays monthly rent to the real estate LLC and this can work to keep liability of the operating entity separate from the real estate LLC.

News + Views: Perils of Unprotected Business Credit Cards

The Hazards of Company Credit CardsWith all the publicity of the new protections afforded consumers with the passing of the Credit CARD Act of 2009, business owners can be surprised to learn that the business credit card in their wallet is not covered by the CARD Act.