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Michigan Real Estate Tax – New Transfer of Ownership Rules

Posted on February 22, 2014
Oct. 2014 Update – Michigan has passed a new law expanding the categories of persons who can take advantage of this uncapping exemption. Michigan added a new real estate tax law beginning in 2014 that says a transfer of residential real property is not a transfer of ownership for purposes of real estate tax uncapping if the buyer ... CONTINUE READING

Michigan Real Estate Tax Exemption for Disabled Veterans

Posted on December 10, 2013
Update 8/26//14 – The Michigan State Tax Commission has published a new document titled P.A. 161 of 2013: Disabled Veterans Exemption – Frequently Asked Questions, which is a comprehensive guide to the timing of when disabled veteran’s are allowed to claim the exemption.   The State of Michigan recently passed a law allowing for disabled veterans who ... CONTINUE READING

IRS Announces 2014 Retirement Plan Limitations

Posted on November 4, 2013
The IRS has announced the 2014 cost-of-living adjustments for retirement plan related limitations, with some of the most watched figures staying the same from 2013 and some increasing slightly.  The 401(k) deferral limitation remains at $17,500 (the additional catch-up contribution limit for those over 50 remains at $5,500), the annual defined contribution plan maximum limit has increased ... CONTINUE READING

Attorney Adam Zuwerink Named Michigan 2013 Super Lawyers Rising Star

Posted on September 5, 2013
West Michigan Law, P.C. is proud to announce that Adam Zuwerink has been selected for inclusion in the 2013 Michigan Super Lawyers Rising Stars list in the practice area of Real Estate. Only 2.5% of Michigan attorneys under age 40 are chosen for the Rising Stars list each year. Super Lawyers selects Rising Stars based ... CONTINUE READING

Michigan Pet Trusts Lawyer

Posted on August 31, 2013
What will happen to your beloved pets when you pass? It is becoming more and more common that special arrangements be made for our four-legged friends before we die. Known as a pet care trust or animal trust, this legal document provides for continued care and maintenance of domesticated pets in the event of an owner’s ... CONTINUE READING

What Is A Gun Trust? The Legal Alternative

Posted on August 1, 2013
UPDATE (January 15, 2016): The federal government issued a final rule today, to be effective in July, 2016, that modifies the below analysis. Trustees and responsible persons of a gun trust will now have to submit fingerprints and be subject to a background check when submitting an application to the ATF, but CLEO approval is ... CONTINUE READING

Land Contract vs. Lease with Option to Purchase: Which is better for the Buyer?

Posted on July 24, 2013
Last month we took the perspective of the seller to discuss the pros and cons of a land contract versus lease with option to purchase. When everything goes according to plan, land contracts can be a win-win for both the seller and the buyer. But if the buyer stops making payments, a lease with option ... CONTINUE READING

Rollover As Business Startup and IRS Prohibited Transactions

Posted on July 8, 2013
In 2010, I wrote an article for the Michigan Business Law Journal called “Using Retirement Plan Assets to Fund a Startup Company.” A copy of the article can be found here, and it discusses many of the potential pitfalls that come with rolling over tax-qualified retirement plan assets to a new startup business that you ... CONTINUE READING

Changes to Redemption Period Rights in Michigan Foreclosure Law

Posted on July 5, 2013
February 21, 2014 Update: Our office has been fielding a number of calls about the changes to the redemption rights in Michigan’s foreclosure laws described below, which became effective on January 10, 2014. Despite Governor Snyder’s letter to the legislature asking for follow up clarifying legislation, nothing has been changed as of late February. It ... CONTINUE READING

Michigan Land Contract vs. Lease with Option to Purchase: Which is better for the Seller?

Posted on June 24, 2013
Land contracts are a very popular way to transfer property, with 397 land contracts recorded in Muskegon County during 2012.  The most common use for a land contract is providing short term seller financing when a potential buyer is unable to obtain traditional bank financing. A land contract commonly provides for a down payment around ... CONTINUE READING