By: Mark Nelson The Corporate Transparency Act (CTA) introduces significant new reporting obligations for many businesses operating in the United States. Starting January 1, 2024, certain companies must file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN). Who Must Report The CTA applies to "reporting companies," which include:...
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In today’s challenging and competitive economy, it’s more important than ever that general contractors and subcontractors know and understand their rights and responsibilities to ensure successful projects. The following are issues that any successful general contractor and subcontractor should review: What’s the structure of your company (corporation or limited liability compan...
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Business and commercial disputes in Michigan are handled through the specially created Business Courts, which are specialty dockets created under MCL Section 600.8033 in 2013, and which are part of the Circuit Court System in the various Districts. This statute enumerates specific types of business and commercial disputes, and also specifically excludes disputes that don’t fall within these...
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In Michigan, Limited Liability Companies are regulated under MCL 450.4101, also known as the "Michigan limited liability company act" (the Act). According to the Act, “ Limited liability company" or "domestic limited liability company" means an entity that’s an unincorporated membership organization. The term unincorporated differ...
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You should think of business analysis as a tool to aid strategic decisions and direction, understand and improve your business operational and financial position, set financial or bottom-line objectives, and facilitate organizational efficiency and effectiveness. One way to perform business analysis is to set Key Performance Indicators, or KPIs, which measure a company's performance out...
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Bitcoin was created in August of 2008 by a programmer or team of programmers using the pseudonym Satoshi Nakamoto, who outlined the technology in a paper and registered a new domain, Bitcoin.org. To this day, no one knows who Satoshi Nakamoto really is.
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In a 4-3 decision issued on October 2, 2020, the Michigan Supreme Court limited Governor Whitmer’s authority to impose emergency regulations to deal with the COVID‑19 pandemic.
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People often contact PSED to start a business after a career in corporate America. Usually, these people just want to keep it simple and want an entity that will have limited liability, meaning that creditors can’t go after their personal assets but can only go after the assets of the new entity.
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We have all read those “miscellaneous provisions” portions of contracts. Those are the portions of the contract where all of the random, seemingly uninteresting provisions are found. Often those provisions include things like choice of law, jurisdictional standing, merger and integration and the like. They can also include substantive issues, such as limitations of warranty and liquid...
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Did you know that the Michigan Uniform Power of Attorney Act (UPOAA), signed into law by Governor Gretchen Whitmer on November 7, 2023, took effect on July 1, 2024? What does this mean for you in regards to estate planning? Pear Sperling Eggan & Daniels, P.C. is here for you when it comes to answering all your legal questions and making sure you’re setup for success. The UPOAA Act repla...
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The death of a spouse, parent, or friend invokes the depository provisions in one’s estate planning documents. While the process to transfer tangible personal items can be simple, transferring an asset with a title can be more complex. Here are common scenarios for transferring vehicles in the State of Michigan: Spouse. If the deceased is survived by ...
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Cross border ownership of real estate is a common practice today, as investments in real estate extend between the United States and Canada. The practice is so easy, you can forget to ask, “what is the process to transfer this property upon my death?”
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Trusts aren't just for the wealthy or for complicated estates. They can be helpful for "average" folks like you! What do trusts do? How can trusts be used?
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Most Americans have estates that fall under the federal estate and gift tax exemption. However, the exemption is set to be cut in half in 2026.
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Estate planning is important, but what happens if no one can find your important documents? All that hard work could be for nothing, leaving your family frustrated and unsure how to deal with sorting out your assets.
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Five years ago, cryptocurrency was probably not on your radar. Today, it may be an important investment in your portfolio. You could even own some nonfungible tokens (NFTs) powered by the same blockchain-based technology. Despite the dizzying fluctuations in the value of these assets, if you own them, you should ensure that they’re included in your estate plan so you can preserve them for your loved ones.
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Many Americans spend a lot of time and effort managing their finances. While most are worried about how the coronavirus (COVID-19) will impact their income—whether that’s because they’re temporarily furloughed, find themselves suddenly without a job, or watching their investment and retirement accounts dwindle—there’s another way COVID-19 can wreak havoc on American’s finances: lack of incapacity planning.
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An estate plan often focuses on tangible property such as jewelry, artwork, money, and vehicles. In this age of technology, it’s important to include your digital assets.
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You may already know the importance of funding a trust as a part of preparing for your death. It’s also important to know other things you should be preparing for before you die.
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A beneficiary designation is an agreement between your estate and a financial institution to pay specific assets upon your death to a named trust or individual. For example, your life insurance policy may have your spouse or child named to receive the payout when you pass away. Coordinating your beneficiary designations with your estate planning documents is essential to protect your beneficiarie...
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Do you want to appoint guardians for your children? It’s important to have a plan in place when you have a growing family. Pear Sperling Eggan & Daniels, P.C. estate planning attorneys are here to help you plan for the unexpected.
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Do you or a loved one need help making financial or medical decisions? Are guardianships a good thing? It depends on your situation.
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Estate planning comes down to 2 simple questions – “Who gets what?” and “Who’s in charge”? However, if one of the beneficiaries is receiving or might receive Medicaid or Supplemental Security Income (“SSI”) in the future, the answer to these questions gets more complicated.
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Have you decided to have your Will and Estate Plan drafted? This process involves identifying what assets you have, where they should go, and how they should be given to the recipient, but the most important step is selecting someone to oversee the entire process once you’re gone.
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The essence of estate planning is to direct distribution of one’s estate to his or her intended beneficiaries through “dispositive” language, including the distribution of property, whether it be personal property, investments, or liquid assets.
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The number of unmarried partners living together in the United States is at least 17 million, which translates to 34 million individuals or approximately 7% of the total adult population. The number continues to grow.
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Are you required to revise your estate plan documents after a certain length of time? This question is asked by clients and perspective clients on a regular basis. It’s an important question to discuss with an attorney.
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In the past we wrote on “How to Score a Touchdown with a Living Trust” and “Funding a Trust Gets You Across the Goal Line.” In keeping with the football analogy, we’re going to describe the 3 “plays” of estate planning to gain a first down.
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Just as “there’s no such thing as a free lunch,” in death, no one dies without an estate plan.
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Under current law, the annual gift tax exclusion is $15,000 per donor per recipient. This means an individual can make as many gifts of $15,000 to as many people as he or she chooses, free of taxes for the recipients.
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In a previous blog, about “How to Score a Touchdown with a Living Trust” where we mentioned that funding a trust is important to scoring a “touchdown.” Let’s further discuss the funding process to get across the goal line and avoid probate.
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The COVID-19 pandemic has been an unsettling time for all of us. It has placed many restrictions on getting business done, but as the old saying goes, “necessity is the mother of invention”.
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The laws of physics play out in our world; starting with the Newton’s Third Law of Motion, “…for every action there is an equal and opposite reaction.” The Stay Safe, Stay Home Order was no exception.
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As a result of the Stay at Home, Be Safe executive order issued by Governor Whitmer in response to the Coronavirus virus people are required to stay home and quarantine. Did you know we’re still available via phone, Zoom or Skype to start a conversation about getting your affairs in order? In the past, we couldn’t sign the documents because the law requires the physical presence of two witnesses and a notary. Until now!
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I often say that parents do a lot for their child during their lifetimes. The last gift that we give to them is to make sure everything we leave behind is in order. Getting your affairs in order involves preparing for your death by signing a Last Will and Testament or a Revocable Trust and making sure your assets and beneficiaries are titled correctly.
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“The Setting Every Community Up for Retirement Enhancement Act (SECURE Act), signed into law on December 20, 2019, drastically changes the rules for inherited IRAs."
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“Has it been awhile since you reviewed your estate planning strategy? If so, it may require some updating based on recent changes to laws impacting your tax and retirement planning."
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Congress passed the Setting Every Community Up for Retirement Enhancement Act (“SECURE” Act or “the Act”) implementing a major change to retirement plans, effective January 1, 2020.
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Beneficiaries of individual retirement accounts may not see their inheritances for a decade under the newly passed Secure Act, and when they do get the money, they may be taxed heavily for it. Under the new retirement legislation, which was signed into law just days before Christmas, beneficiaries of inherited IRAs will need to withdraw that money within 10 years — that is, if they have access to it at all within that time.
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Over the years, the primary estate planning tool for parents with a special needs child was an Amenities Trust. This trust allows parents to provide an inheritance to their child without impacting their child’s eligibility for certain government benefits.
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To win football games, a team needs to score touchdowns, not just kick field goals, when it reaches the “red zone.” Kicking field goals, rather than scoring touchdowns between the 20-yard line and the end zone loses football games. In this blog, we discuss “How to Score a Touchdown with a Financial Power of Attorney” by avoiding probate court after you become incapacitated.
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You have the ability to make your own medical decisions. You can accept, refuse, or stop medical treatment. If you lose the ability to make your own medical decisions, someone else will have to make those decisions for you. The good news is that you can choose the person you want to make those decisions. That person is called your “patient advocate” and you can give them information about your preferences, values, beliefs, wishes and goals that will help him or her make the decisions you want made.
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Family disagreements often occur concerning funeral arrangements and the disposition of their loved one’s body or cremated remains. Until recently, if there was no surviving spouse, the decision rested on the majority of decedent’s living children. Now, in Michigan, an individual can designate a funeral representative in a document separate from a will or power of attorney.
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This is a question that’s frequently asked by our clients when discussing their estate plan options. The answer depends on the facts of each case but, in general, there are good reasons to hold title in the husband’s name and wife’s name, as husband and wife, rather than in their living trust name. Property that’s in the names of both a husband and wife is considered to be...
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Wendy Alton was honored to speak with the Down Syndrome Support Team (DSST) in Saline this past Sunday about estate planning for special needs families. Many families have children that may require or presently require assistance outside of what the family can provide. This can be either while the child is still a minor, or when they become an adult. Unfortunately many of the programs require a &...
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Pear Sperling Eggan & Daniels is proud to announce that Andrew M. Eggan, a partner in the firm’s Ypsilanti office, has been awarded the 2014 Detroit Five Star Estate Planning Professional Award. Metro-Detroit publications Hour Magazine and DBusiness compiled the lists of attorneys based on 10 objective pieces of eligibility requirements and evaluation criteria. The prestigious Five Star...
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To win football games, a team needs to score touchdowns, not kick field goals, when it reaches the “red zone.” Kicking field goals, not scoring touchdowns, between the 20-yard line and the end zone loses football games. A living trust is used to avoid probate court. Avoiding probate saves money and time and allows an estate to be settled privately rather than through the public process of probate court. But, merely signing trust documents and doing nothing else only gets you to the “red zone.”
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Are you facing a separation in Michigan? Do you need help unwinding your finances and living arrangements? The Friend of the Court (FOC) and consulting with an attorney can be a valuable source of support during this challenging time. Divorce is an emotional time as couples who once considered themselves one unit, now have to figure out and learn to live apart, separate property, finances and emo...
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By: Steven Tramontin There are many reasons why you may want to change your name, from disliking your current name, changing your name following a divorce, and transgender name changes to reflect identity. The process to change your name can take about four to six months. Each county in Michigan has slightly different process requirements. Changing your name legally in court won&rsquo...
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Family Law cases can be complicated because emotions tend to run high. Divorces, custody battles and parenting time cases involve those we love most and always require an adjustment to how we live our daily lives. The three main areas of dispute usually involve divorce with children, divorce without children, and parenting time or custody matters. Divorce With Minor Children Divorces ...
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Family Law cases can be complicated because of all the emotion involved. Divorces, custody and parenting time cases involve those closest to us and they always require an adjustment to how we live our daily lives. The three main areas involve divorce with children, divorce without children, and parenting time or custody matters. Divorce Without Children If you want to be granted a div...
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What happens if you are divorced? Who receives the payment? What if you are divorced with children? Or unmarried with children? What then? These are all very important questions and there are some answers.
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On March 23, 2020, in response to the COVID-19 outbreak, Michigan Governor Whitmer issued Executive Order 2020-21 which was a “Stay Home-Stay Safe” order requiring Michigan residents to shelter in place and restrict travel. The Order was scheduled to expire on April 12, 2020, however, the Order may be extended and Governor Whitmer indicated on April 6, 2020 that an announcement may be coming shortly.
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Divorces can be expensive, especially when one spouse has to conduct extensive discovery, or in other words, send the other spouse numerous requests for information about their income and assets. While some spouses openly share this type of information, some don’t, and the lack of sharing information can be one of the leading causes of higher attorney fees.
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Our clients raise this question for various reasons. They could be inquiring because they are not getting along and don’t want their spouse to receive anything from their estate when they pass away. It could be that the parties have a pre-nuptial agreement or a financial plan in place that the client wants to make certain is not subject to change by the spouse after the client dies.
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One of the most frequent questions our divorce clients ask is: “Does spousal support automatically ends if the person receiving support remarries?” The law states that unless you agree to other terms in your divorce judgment, a remarriage is considered a change in circumstances. The court may terminate spousal support if the person receiving support remarries.
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You are engaged to be married, and have either bought or received a beautiful (expensive) engagement ring. Unfortunately, something happens to destroy the pre-wedding bliss and the wedding is called off for good. If the marriage never happens, who gets the engagement ring? The courts in Michigan have answered unequivocally: the person who gave the ring in anticipation of the marriage.
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Common law marriage is the term for a “marriage” that exists solely by agreement and by cohabitation. More simply, a common-law marriage exists when two people agree to live together to be “married.” Common-law marriage is one of the fundamental rights that has existed in this country since the first settlers. In 1838, Michigan passed a law that stated that “marriages may be solemnized by any justice of the peace in the county in which he is chosen, and they may be solemnized throughout the state by any minister of the gospel who has been ordained.”
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A common misperception of people going through a divorce in Michigan is that spousal support (formerly called alimony) is based solely or mostly upon a difference in income between the spouses. While it is true that the court considers income when deciding if spousal support should be awarded—income is just 1 of 14 factors that the courts review.
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We often think that custody battles involve just children. However, pets are often cherished members of the family, and how divorcing couples share time with their pets is often of primary focus and concern. It is not uncommon to hear the following: “My dog is my baby.” Despite the close loving relationship we have with our family pets, they are considered personal property in Michigan—which means that a divorcing couple must come to an agreement on who is going to take the pets.
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It seems like one of the biggest mysteries with family law clients is how child support is actually calculated. It is a common misperception that child support is based just on the income of both parents. While income is a factor, it is not the only consideration when child support is calculated.
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In the state of Michigan, you can end your marriage by filing for one of three things: divorce, separate maintenance (legal separation), or annulment. An annulment is only granted if the marriage itself was void from the beginning or the marriage is voidable. A void marriage in Michigan is a marriage that could not have taken place legally from the beginning. What this means is that there was consanguinity, affinity, bigamy, minority, incapacity or incompetency.
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One common question that is often asked is whether or not Michigan has what is called a “legal separation,” allowing a married couple to legally separate, but still remain married. The simple answer is yes, but the procedure is not so simple. Michigan has a legal action entitled “Separate Maintenance.” An action for “Separate Maintenance” is filed with the court just as a Divorce action is filed.
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According to a recent study, divorced parents contribute a significant amount less toward college for their children than parents that remain married. The study was discussed in a Washington Post article, and revealed that divorced parents spend nearly 1/3 less on college expenses than married parents. Obviously this is a huge difference and disadvantage to children of divorce. What can you do as a divorced parent to ensure that college expenses remain a priority?
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Forbes previously published an article titled “Protecting Your Business In a Divorce: Pre-Nuptial Agreement.” It is an excellent article, but it is also a reminder that prenuptial agreements are useful for more than just protecting a business. Prenuptial agreements are agreements made between couples who are planning on getting married. The agreements will specify what happens with their money and property if they divorce or pass away.
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A small but important question is always asked of the wife during divorce proceedings: Do you want to keep your married name, or go back to your maiden name? If the attorney fails to ask the wife this question, the Judge may ask the question at the final hearing. Some women have a difficult time making this decision—especially if they have children from their marriage.
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By: Natalie Lennon Choosing the right lawyer for your situation and needs is extremely important. You may be asking yourself, “What kinds of things should I consider?” Whether you’re looking for help dealing with a legal issue, estate planning, going through a divorce or starting a business, here are some key factors to consider when selecting a lawyer: Location - One of the fir...
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Whenever someone is looking for representation on a lawsuit, whether it’s because they are considering suing someone, or they have been sued, inevitably they get to the question “So how long will this all take?”
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Starting January 1, 2020, litigants in civil cases in Michigan’s state courts will face significant changes in how cases are handled. The Michigan Supreme Court recently adopted changes to the Rules of Civil Procedure that will completely overhaul the discovery process in Michigan to bring it closer to the procedures in federal court. If you’re not familiar with the Federal Rules of Civil Procedure the changes could be overwhelming, but for many litigants the changes will be welcome.
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One of the most common type of calls we receive comes from people who believe they’ve been defamed. Almost without exception we have to turn them away, informing them that, unfortunately, even if someone said something hurtful, it’s not defamatory. This may leave clients confused, wondering why that’s the case. Going back to the roots of the United States, the protections afford...
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We have two separate court systems in Michigan, a state court system and a federal court system. For disputes involving amounts of $5,000 or less, you can sue in state small claims court, which is usually available in each city (at the local district court) and does not require an attorney. In fact, you cannot have an attorney in small claims court. If your dispute involves amounts over $5,000 bu...
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Under the Michigan Whistleblower’s Protection Act (“WPA”), an employer is subject to civil liability and penalties for discharging, threatening or otherwise discriminating against an employee because the employee reports or is about to report, a violation or suspected violation of a law, regulation or rule to a public body, unless the employee knows that the report is false, or ...
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When named as a defendant in a lawsuit, the natural instinct of most people is to panic or despair. Faced with the possibility of having a judgment entered against them and the equally daunting prospect of dealing with the legal system and having to pay for an attorney even if they win, most people understandably worry about what will happen to them, their family, and their overall well-being. Ev...
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Few things can raise your anxiety levels faster or farther than being sued. The uncertainty of what will happen, the cost of hiring a lawyer, the apprehension of what happens if you lose, and the general unfamiliarity most people have with the legal system can intimidate many people. Because of this intimidation, it is important to know what steps you need to take to protect yourself.
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In recent news, a nefarious company attempted to foreclose on Elvis Presley's former Graceland home in Memphis, Tennessee. The fraudulent investment and private lending company claimed that Lisa Marie Presley, Elvis’s only daughter, used Graceland as collateral to borrow money and failed to repay the loan. The fraudulent company forged her signature on legal documents, and eventually cl...
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This is a non-judicial action to sell a property through an auction facilitated by a county Sheriff’s department. This type of action is commenced by a Mortgage company or lender (Mortgagee) when a property owner or borrower (Mortgagor) falls behind in their mortgage payments, does not make any other payment arrangements, and does not wish to keep the property and eventually, the account go...
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For over a year, the federal and state government, along with governments in many states, put in place moratoriums on evictions to help blunt the impact of the Covid pandemic. These moratoriums, along with aid to renters and other Covid assistance, helped prevent a repeat of the mass of foreclosures and evictions that marked the Great Recession.
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On July 17, 2020, the Michigan Supreme Court issued an important decision in Rafaeli, LLC and Andre Ohanessian v. Oakland County and Andrew Meisner that will impact county budgets and tax-foreclosure protocols.
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Both the Federal and State governments have acted to address the coronavirus crisis and its economic impact on real estate issues. Congress enacted the CARES Act, which is designed to help homeowners with mortgages, tenants, and potentially some landlords. Michigan’s Governor Gretchen Whitmer has also implemented an Executive Order that helps tenants.
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Last year, the Legislature amended the 40 Year Marketable Title Act (the Act), and created a two year window during which holders of “older” property interests could preserve those interests by recording a notice of those interests with the Register of Deeds. That window ends March 29, 2021, leaving about one year left to record such a notice.
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In May, PSED obtained a significant favorable ruling from Judge Kuhnke of the Washtenaw County Circuit Court on behalf of a real estate developer in a complicated dispute with a condominium association. During the housing market crash in 2008, the prior developer was not able to complete all the phases of a condominium complex and 210 unconstructed condominium units went into tax foreclosur...
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Many oil and gas producers have their land surveyors out looking for properties to seismically survey in Michigan now that hydraulic fracturing, otherwise known as “fracking,” has become a profitable way to extract natural gas and petroleum products from the ground. Fracking is a process whereby hundreds of thousands of gallons, and sometimes millions of gallons, of water are in...
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As attorneys who frequently handle disputes arising out of residential leases, the following are the three topics we are asked about most frequently by landlords and tenants: Security deposit issues; Late fees; Repairs that the landlord must make. Each of these issues will be covered in two separate blog posts, starting with the security deposit. The Landlord and Tenant Relationships Act governs ...
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This blog post is the second of two parts that address the three of the topics that clients most frequently seek advice on in the residential landlord/tenant realm. Part 1 addressed what is commonly referred to as the Security Deposit Statute, and can be accessed here. This post will address the following: (1) late fees that a landlord can lawfully charge a residential tenant; and, (2) when a lan...
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