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Blog Posts in July, 2012

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  • Corporation v. LLC for Asset Protection - the Jonas Case
    Corporation v. LLC for Asset Protection - the Jonas Case

    There is often discussion among business attorneys as to which entity provides the best protection against creditors, the corporation or the limited liability company (LLC). When there is one owner of ...

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  • Forgiveness of Debt as Taxable Income and the Insolvency Exception
    Forgiveness of Debt as Taxable Income and the Insolvency Exception

    A concept under federal tax laws that seems to baffle a lot of people is Cancellation of Debt income (“COD Income”). Under IRC §61(a)(12), when you have debt cancelled by a creditor there is resulting ...

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  • Using a GRAT to Strategically Reduce Estate Tax
    Using a GRAT to Strategically Reduce Estate Tax

    A very effective tool in reducing federal Estate Taxes is lifetime gifting. Because large lifetime gifts are added back to a decedent’s taxable estate (generally, all gifts greater than $13,000 in any ...

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  • S Corporation Basics
    S Corporation Basics

    The S Corporation is said to be the most common entity type in the United States. But there is a lot of confusion about what an S Corporation really is, including the notion (perpetrated by the ...

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  • "At-Will" Employment Acknowledgments Under Attack by NLRB

    The National Labor Relations Board (NLRB) has recently been attacking employee handbooks and other written employer policies and documents which contain an acknowledgement that non-union employees are ...

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  • Land Contracts Explained for Buyers and Sellers
    Land Contracts Explained for Buyers and Sellers

    Land contracts have seen a resurgence in Michigan. In recent years the ability for buyers to obtain financing has become a serious problem for those wanting to sell their real estate holdings and ...

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