Traverse City, Michigan, and the surrounding areas are witnessing an unprecedented rise in property values. This surge poses unique challenges for estate planning, particularly in preserving property tax caps during the transfer of ownership. This blog post aims to guide property owners through incorporating property tax considerations into their estate plans, ensuring their legacies enrich…
Tag: 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.
Estate Planning Checklist for Michigan Residents: Plan Your Future When it comes to starting your Michigan Estate Planning, there’s no better time than the present. Everyone, no matter their age or financial status, needs to plan for the future. Obviously, there is no guarantee what tomorrow may hold, but everyone is eventually going to die….
When a loved one dies, the property they leave behind, from real estate to bank accounts, needs to be dispersed to those who are supposed to inherit it. The role of Probate Court in Michigan is to make sure that property is legally distributed according to the wishes of the deceased. Unfortunately, probate disputes happen…
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…
Author: Benjamin W. BryantJ.D., University of Michigan Law School On June 26, 2015, the U.S. Supreme Court issued its opinion in Obergefell v. Hodges, holding that the Fourteenth Amendment requires a state to license a marriage between two people of the same sex and to recognize a marriage between two people of the same sex…
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…