Counselor’s Corner
Practical Legal Discussion of Taxes, Estate Planning and Business Issues
What’s the most common question I hear about a Will?
Is it valid from one state to the next? Let’s say you have had enough of those Michigan winters and one day you happen to see the headline – North Carolina is ranked #1 among places to retire. A year later you’ve just arrived in your new NC home and you’ve ordered a...
Does your LLC need Vitameatavegemin?
Hopefully many of you remember Vitameatavegemin from the classic “I Love Lucy” show. How in the world does this relate to a limited liability company (LLC) you say? Well is your LLC tired, run down, listless? Has it fallen out of good standing and is it failing to...
How many of you drive around without a spare tire?
OK, I’m not talking about an actual spare tire – I’m talking about a Power of Attorney. Yes, a Power of Attorney is just like a spare tire; I’ll let that analogy sink in for a few moments. The term “Power of Attorney” is not foreign to most people, but how many of...
Personal guarantees are all the rage these days!
Now that we are in recovery (hopefully) from the great banking flu of 2008-2009, it has become clear that doing business with banks has changed quite a bit. Gone are the days of quick loan approvals and business loans secured only by the underlying business. Even...
Don’t make that gift of real estate without asking first!
Gifts of your real estate can be a bad idea for taxes. What?????? Many of you have probably heard that you should give real estate to your kids to help minimize estate taxes….yes that is still true….but that is only applicable if you have a large estate that will be...
Real Estate in an LLC is not always the best option.
Many of you have heard about the benefits of owning real estate in a limited liability company (LLC) to provide protection from liability arising out of your ownership of the real property. See my June 2009 newsletter for further discussion. This is pretty standard...
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