Recent
Tens of millions of individuals, estates, trusts, and businesses may now be eligible for significant refunds of penalties and interest they paid to or were assessed by the IRS during the COVID-19 pandemic. The time to act is short, however.
Under Michigan law, a lender wanting to receive compound interest upon default must specifically provide as such in the note’s terms; otherwise, it will be calculated as simple interest.
Establishing a trust is one thing; transferring assets into it is another. And if you don’t do the latter, the former won’t be worth the paper it’s printed on, as a recent case shows.
If you want to escape Michigan income taxes and Michigan winters, you need to establish residency in your new home state. That takes more than simply having a new home.
Large non-cash charitable contributions can result in significant deductions, but the IRS may not reward your generosity if you fail to support your claim with a qualified appraisal.
Given the threat to a business posed by a stalemate between owners, clear deadlock provisions should be included in their governing documents.