The goal of cottage succession planning is to set up legal ground rules that provide the best chance to keep a cottage in the family for future generations. A cottage plan usually addresses concerns through the creative use of a limited liability … [Read more...]
Ten Reasons Why You May Want to Consider a Family Cottage Succession Plan
A Sad Story From a Client – A Lake House Lost…
One of our clients, Joe, told us the sad story of how his friend’s family lost their lake house recently. The family raised their children at the wife’s parents' lake house. The wife’s brother was managing mom's affairs after her father passed … [Read more...]
Incorrect 2017 Notice of Assessment?
Notices of Assessment need to be sent by Townships to homeowners by March 1. PLEASE NOTE, if you believe that your taxable and/or assessed value is incorrect, you may protest to the Local Board of Review, but you have a VERY limited time in which to … [Read more...]
MI Uncapping Laws-Legislative Update January, 2017
The subject of property taxes on Michigan real estate, particularly vacation property, has received a great deal of attention lately. Because of recent changes in the property tax system in Michigan, it is now possible to transfer ownership of … [Read more...]
CLIENTS–NEW PROPOSED LEGISLATION ON UNCAPPING-ACTION NEEDED!
Cottage Law Clients and Friends: Many of you have contacted me in the past and expressed interest in any new or potentially new legislation in Michigan regarding “uncapping” of property values for property tax purposes. As many of you know, the law … [Read more...]
PUBLIC ACT 310 NOW EFFECTIVE!
PUBLIC ACT 310 NOW EFFECTIVE! Public Act 310 of 2014 (HB 5552) was passed and signed by Governor Snyder in October, 2014. This new law created another exemption from the “uncapping” of property values for property tax purposes on transfers of … [Read more...]
PUBLIC ACT 497 NOW EFFECTIVE!
Public Act (PA) 497 was passed and signed by Governor Snyder in December, 2012, and created an exemption from “uncapping” of property values for property tax purposes on transfers of ownership of residential property (including vacation property) if … [Read more...]
UPDATE ON PUBLIC ACT 497 OF 2012-UNCAPPING TRANSFERS OF PROPERTY
On December 16, 2013, the Michigan State Tax Commission issued Bulletin 23 which deals with transfers of ownership of real property and the impact on taxes assessed on transferred property. The State Tax Commission is a 3 member agency appointed by … [Read more...]
Public Act 497 of 2012 – Transfer of Ownership Update on Real Property Taxes in Michigan
On December 28, 2012, Michigan Governor Richard Snyder signed new legislation which will have a significant impact on the way Michigan residential property (including vacation property) is assessed for property taxes [Public Act (“P.A.”) 497]. This … [Read more...]
State of MI LARA Notice
All of our clients who have formed a Michigan LLC should be aware that a non-governmental entity called "Corporate Records Service" is trying to collect a $125 fee to prepare corporate records. The misleading solicitation implies that Michigan … [Read more...]
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