The IRS announced that the federal gift and estate tax exemption, which increases annually with inflation, will be $5.6 million per individual in 2018 (or $11.2 million for a married couple), a $110,000 increase from the 2017 exemption level of $5.49 million. The increase also applies automatically to the generation-skipping transfer tax exemption. In addition, the…
Year: 2017
The Dingeman & Dancer Blog consists of articles, news, and press releases written and edited by the attorneys and legal professionals at our firm, providing updates on both recent legal developments and established advice and guidance. Choose from the various topics listed in the sidebar menu to narrow in on a particular focus.
In September 2016, Michigan Governor Rick Snyder signed three Medical Marijuana laws (Acts 281, 282, and 283), providing for lawful operation and licensing of medical marijuana facilities in Michigan. The permitted facilities will be licensed and highly regulated by the State (governed by Acts 281 and 283) under the purview of the State’s Licensing and…
Author: George E. Powell Michigan, on the heels of economic hardship, recently amended the 2008 Medical Marihuana Act. The legislature sought to establish a framework for a responsible medical marihuana marketplace—as well as to expand tax revenue opportunity and promote job growth. Estimates have shown that that the state could generate between $44.3 million to…
What Are Dower Rights? Dating back centuries, dower rights existed to give women (who couldn’t own property when the rights were first employed) the right to one-third of their deceased husband’s real estate. The original intent behind dower rights was to ensure married women had the means to support themselves and any children after the…
Effective January 1, 2017, the Michigan minimum wage increased from $8.50 to $8.90 per hour. This change is the third of four scheduled increases that are part of the 2014 legislation to raise the state’s wage floor for most adults working in hourly positions (excluding tipped positions) in places with two or more employees age…
Michigan has just taken a big step toward modernizing its trust laws. With the recent passage of the Qualified Dispositions in Trusts Act, Michigan is now one of a small group of states that allows individuals to create what is known as a “domestic asset protection trust” (DAPT), which is a flexible tool for transferring and…