The IRS recently placed a notice on its website indicating that interest on overpayments of 2019 income taxes reflected on individual tax returns (Form 1040) will run from April 15, 2020 until the IRS pays the tax refund...
Read More“Giving Tuesday,” which follows Black Friday and Cyber Monday, is a day set aside each year to remind us to contribute to organizations that are important to us. Please remember that you have until December 31 to make a...
Read MoreThe 2017 Tax Cuts and Jobs Act (the “2017 Act”) contains both incentives and disincentives for charitable giving. With the increase in the standard deduction, it is anticipated that fewer taxpayers will itemize their...
Read MoreBy: Judy Layne If you made a gift to one individual in excess of $14,000 during 2016 (or $28,000 if you are married and you and your spouse agreed to “gift split”), then you will likely be required to file a gift tax...
Read MoreBy: Judy Fertel Layne In late 2016, Michigan lawmakers passed a good deal of new legislation. One of the laws, the Qualified Dispositions in Trusts Act, enables an individual (the “settlor”) to create a...
Read MoreBy Judy Fertel Layne Do you have a life insurance policy with cash surrender value that you no longer need? Because of changes in the estate tax, changes in your family situation or other reasons, you may have a policy that you...
Read MoreBy Judy Layne If you own a family cottage or other residential real estate located in Michigan in a limited liability company, you may want to remove the cottage from the limited liability company in order to take advantage of a...
Read MoreBy Judy LayneIf you and your spouse created separate trusts at a time when the exemption from estate tax was low, you may want to consider revoking your old trusts and creating one joint trust. With the estate tax exemption now...
Read MoreBy Judy Fertel Layne Creating a donor advised fund at a local community foundation or like entity may be a desirable option for an individual with charitable intentions who would like to create a private foundation but does not...
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