APOLOGY-LATEST EMAIL UPDATE

Our sincere apologies to our subscribers who received an email last Friday with an outdated blog post from our website.  Our blog uses a computer program to send out news items to subscribers, and that program was automatically activated last week, for reasons which no one can explain, and a random old post was sent out.  We are working to change our current system to a different system over which we will have more control.

Michigan uncapping laws remain a topic of concern for our clients and our January 13, 2017 legislative update blog post remains the most current news on this topic.  There have been several changes since the September 19, 2013 post you received on Friday, and the information in that 2013 post should be disregarded.

Presently, we are working with Michigan Senator Tonya Schuitmaker to introduce new legislation that will include transfers of LLC Membership Interests to close family members in the exemptions from uncapping.  To date, this legislation has not been introduced and if you would like to contact Senator Schuitmaker to show your support for such legislation, it would be greatly appreciated.  Her mailing address is P.O. Box 30036, Lansing, MI 48909-7536.  We have found that actual letters are more effective than sending emails.  The limited liability company remains an effective tool for managing family owned property, but cottage trusts can similarly be used when uncapping (and increased property taxes) is a primary concern. Under the current law, transfers between certain family members of a beneficial interest in a trust are exempt from uncapping.

Please do not hesitate to contact our office if you desire further information on uncapping, or would like our assistance in your cottage succession planning efforts.

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