Recently, the Michigan Supreme Court, in Resort Properties Co-Operative v. Township of Waterloo, clarified when transfers of ownership of an entity results in an uncapping of the taxable value of real property owned by the...more
4/2/2026
/ Appeals ,
Appellate Courts ,
Change in Ownership ,
Change of Ownership ,
Corporate Entities ,
County Assessors ,
Estate Planning ,
MI Supreme Court ,
Property Ownership ,
Property Tax ,
Property Valuation ,
Real Estate Holding Companies ,
Real Estate Transactions ,
Real Estate Transfers ,
Revaluation ,
State and Local Government ,
State Taxes ,
Statutory Interpretation ,
Tax Liability ,
Taxation ,
Transfer of Interest
On July 4, 2025, President Trump signed the "One Big Beautiful Bill" Act (OBBBA) introducing major changes affecting high-net-worth individuals, family businesses and family offices. The bill impacted a variety of tax areas,...more
4/2/2026
/ Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Family Offices ,
Generation-Skipping Transfer ,
Gift Tax ,
Gift-Tax Exemption ,
High Net-Worth ,
Income Taxes ,
New Legislation ,
One Big Beautiful Bill Act ,
Step-Up Basis ,
Tax Basis ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Tax Planning ,
Tax Reform ,
Trump Administration ,
Trusts
On June 6, 2024, the United States Supreme Court issued its opinion regarding Connelly, as Executor of the Estate of Connelly v. United States. This final decision will directly impact all closely held business owners that...more
6/26/2024
/ Business Ownership ,
Business Succession ,
Buy-Sell Agreements ,
Closely Held Businesses ,
Connelly v United States ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
IRS ,
Life Insurance ,
Redemption Agreement ,
SCOTUS ,
Shareholders ,
Small Business ,
Survivorship