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…
Category: Estate Planning
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.
Many people have or will lend money to other people in their lifetimes. Parents and grandparents frequently make loans to family members to enable them to buy a home, start a business, or enjoy some of the comforts of life. Sometimes friends lend money to friends. There are many contexts in which one person loans…
Continuing the upward trend, charitable giving in the United States increased to $373.25 billion in 2015 (2.1% of GDP). Over the past two years alone, total giving to charitable organizations has increased over 10%. This increase and the overall size of charitable contributions is a testament to the integral role charities play in our society, a role which…
Author: Benjamin W. Bryant J.D., University of Michigan Law School What are two things that most retirement-aged individuals value? Charitable donations and tax breaks! Well, maybe not everyone shares the same enthusiasm for philanthropy and avoidance of the Internal Revenue Code, but for those of you who are interested in these exciting topics, it’s time…
Effective on June 27, 2016, Public Act 57 of 2016 amends Michigan law to enable an individual to designate a funeral representative to handle disposition of his or her bodily remains after death and make post-death decisions regarding funeral arrangements. Under prior law, when an individual died in Michigan, decisions regarding funeral arrangements and final…
We recently posted an article that outlined new exemptions for residential real estate owners to transfer property to relatives without triggering an “uncapping” of the property taxes. Following that recent change in Michigan law, there was some debate within the legal community regarding the continued viability of transfers via one popular estate planning tool—the ladybird…
A recent change in Michigan law offers important new planning opportunities for owners of cottages and other residential family property. The change has made it significantly easier to transfer residential real estate (including recreational lands) from one generation to the next without unfavorable tax consequences. Specifically, the recently enacted law provides new exemptions for residential…