Thursday, November 29, 2018

After Having A Kid Do I Need To Update My Will?

While it may not be a priority when you are young and single, having a will becomes a necessity as you grow older. Furthermore, there are a number of reasons why you would update your will. For instance, if you get married, if your net worth and investments change, if a beneficiary needs to be changed, or if you have a child. Having a child adds a whole new dimension to your will. And, without direction from you through your will, things can happen that you did not want to happen. The following are some important reasons why you need to update your will after having a child.

Beneficiary

Before you had a child, your beneficiary on your will may have been your parents or a significant other. However, after you have a child, you may need to rethink this designation. If you do not have a significant other, you may want to leave your estate to your child. Whether you leave it to your child or to an adult, it is important to make sure this portion of your will is up to date. It would be terrible if you forgot to update your beneficiary and someone you did not want ends up with your estate. These are issues you can discuss with your attorney to figure out the best way to choose a beneficiary, with your child in mind.

Guardianship

This is probably the most important reason to change your will. You need to decide and add to your will who will take care of your child, should you pass away. This is not a decision that is made lightly. You want to decide ahead of time, who is going to raise your child and discuss the plan with that person. Without this direction, your child may be impacted, and issues may arise. For instance, guardianship would be determined by a court, not by you. Furthermore, the court may give guardianship to someone that you did not want to take care of your child. It would be terrible if guardianship of your child was handed over to someone you did not want taking care of them.

Schooling

Preferences for how you want your child to be schooled are important to add to your will. This way, if you die, there is no questions about it. You may want your child to go to private school, perhaps using money from an insurance policy. If you do not add this information to your will, whoever is the guardian of your child will have sole discretion about your child’s school.

Disbursement

After you die, your estate will be settled and any directives from your will can be adhered to. By keeping up with your will and identifying how your assets will be distributed, you can dictate what you want your child to keep and how you want any funds disbursed to your child. For instance, if you have a life insurance policy, you may not want your child to have full access to it until they graduate from college.

Expenses

There will surely be expenses and costs that your child will have as they are growing up. If your child is the beneficiary of your estate or even just of the monetary portion, and you decided they would not have access to the funds until they reach a certain age, you can earmark funds for specific reasons. For instance, you may want to give the guardian a stipend for taking care of your child. Or, you may want to allow the use of the money for things your child needs and for school. You can delineate what kinds of expenses can be paid out of the estate. This gives you a bit of control, even after you are gone.

As you can see, updating your will after you have a child is paramount. Without guidance from an updated will, your child(ren) may suffer and your estate may take much longer to settle. Staying on top of your will is important because as you get older, things change, and you need to make sure your will changes with it. This will help ease the transition for your loved ones by making sure your wishes are honored.

None of the content in this article is legal advice. Please contact our attorneys to discuss your legal needs.



source https://gudemanlaw.com/after-having-a-kid-do-i-need-to-update-my-will/

Monday, November 26, 2018

Why Having A Will Saves You Time And Money By Avoiding Probate Court

A legal document which outlines the manner through which your property will be devolved in the event of your demise is referred to as a will. By having a valid will, you ensure that your property ends up where you want it to be. Therefore, it is important that you make a will if you have a family.
Probate can be defined as the process of proving and registering the will of the deceased. The person you appoint as the executor of your will handles your estate when you pass on. This is referred to as administration of the deceased estate. The executor ensures that your estate is settled properly and to the advantage of your beneficiaries.

The Executor’s Duties

For an executor to properly dispense his or her duties, the executor is required by law to obtain a grant of probate.
A grant of probate confirms that: the author of the will is dead, that the will is authentic and the identity of the executor. An executor of a will can be a natural person or a juridical person such as a Trustee Company. Once the court grants probate, the assets of the deceased are entrusted on the executor. In order for you to save your loved ones from wasting time and money in probate court, you must ensure that you leave behind a valid will. Below is a detailed explanation of how a valid will saves your family from a probate court.

Cost of probate

The cost of probate can be quite high. The high cost of probate can eat into your estate significantly. Large amounts of money can easily be lost paying for: appraiser’s fees, court filing fees, and lawyers’ fees. Probate lawyers’ fees are calculated either on a percentage of the total value of the probate assets or on an hourly basis. The fees payable to a probate lawyer can also be a combination of the two. Fees payable to a lawyer can be significant regardless of the remuneration method.

Personal representatives are, by law, entitled to be paid for the services they render. Some states have in place a fee schedule for such representatives. Similarly, the fees paid to personal representatives is a percentage of the value of your estate. An executor may also be compensated for his or her services. This happens when the executor sells some of the assets of the estate or collects income generated by the estate.

Before your estate is distributed to your beneficiaries, your creditors, lawyers, personal representatives, and executors have to be paid. In order to raise money for this costly endeavor, your assets may be liquidated. If the assets are sold at a profit, an income tax is levied. This continues to decrease the amount that your beneficiaries will receive. At times, assets may be sold at a price that is less than their market value; to raise money to pay creditors and lawyers’ fees. The cost of probate is higher if you die without having executed a valid will.

The process of probate is time-consuming & Financially Draining

The minimum time required to fully complete probate is six months. Some probate processes take up to two years to end. This can greatly inconvenience your beneficiaries financially. Household expenses and other financial matters may be interrupted until the probate process is closed. However, on application, the court can release some assets before the end of the process. This will require your beneficiaries to spend more money on attorney fees. It is important to note that this happens regardless of whether you have a will or otherwise. The time taken to close probate proceedings takes a long time if you die without a valid will. By having a will, you minimize the time taken for probate: since you have already outlined how you want your estate to be distributed.

You personally decide how your estate will be devolved

A person who dies without a will is said to have died intestate. A will allows its author to decide how his or her property will be distributed upon death; it comes into force when its author dies. If you die intestate, the probate court decides how your property will be distributed. You will have no say on how your assets are shared.

You choose who winds up your estate

The executor you appoint in your will has the duty of winding up your estate. Executors are required to pay the deceased debts and, at times, manage the estate of the deceased for the benefit of the deceased beneficiaries.

None of the content in this article is considered legal advice. Call our attorneys to discuss a plan for your legal situation.



source https://gudemanlaw.com/why-having-a-will-saves-you-time-and-money-by-avoiding-probate-court/

Friday, November 23, 2018

What Are The Tax Benefits of Forming A Living Trust?

A living trust allows you to place your assets in it while designating someone you trust to administer the proceeds upon your death. The designee is bound by the wishes stated in the trust agreement. While you are still fully capable, you have the benefit of adding to, subtracting from, or making any changes that you deem necessary or prudent.

Will Vs Living Trust:The Differences

Several benefits are derived from this legal document. The most notable is that it avoids probate, which is the bane of a will. One of the major differences between a will and a living trust is that everything in the will is stalled until your death. The living trust allows more flexibility while you are still alive, and the length of time it takes for heirs to take possession of the assets is considerably shorter. With a will, it can take months or even years, whereas a living trust could conceivably take weeks. After the trustee has taken care of any obligations on your behalf, the estate can be dispersed according to your wishes.

A living trust gives you the power to designate someone you trust to take over your financial affairs in the event of incapacitation. This is a valuable consideration, which is unique to a living trust because it does not require any court involvement. With a will, the court will appoint a conservator if you do not have a durable power of attorney. He or she will have to receive court approval of any property sale or other expenses related to the will. Of course, you can eliminate that possibility by drawing up a durable power of attorney before the need arises.

While a living trust may provide tax savings for married partners, it generally does not offer any more tax benefit than a will. The costs to settle the estate will be less because it is not subject to the probate process. Beneficiaries can almost immediately receive any revenue from income-producing investments without too much disruption.

Protecting Assets From Creditors. Revocable & Irrevocable Trusts

A properly structured trust may shield assets from creditors, but the net tax effect depends primarily on the structure of the trust – that is, whether it is a revocable or an irrevocable trust. The government charges an estate tax to convey property to another person after someone’s death. It is based on the assessed value of any property left by the decedent. A revocable trust gives the grantor the freedom to make changes in trustees or beneficiaries and add or remove assets at will. He or she can even eliminate the trust altogether. When the owner of a revocable trust expires, the assets are placed in the decedent’s estate and are taxed. Because the trust, rather than the grantor, owns the assets in an irrevocable trust, it does not owe taxes.

While the grantor is alive, he or she must pay taxes on any income generated from assets in a revocable trust, while income from an irrevocable trust must be included on the tax returns of the beneficiaries. In either a revocable or irrevocable trust, any capital gains taxes may be less because the capital gain is computed on the property at the time of the grantor’s death, which could be quite sometime before the property is actually sold. Since the amount of the gain may be less, the amount of tax owed on the gain will be less.

Grantor Trust

Another approach to possibly reducing taxes in a living trust is the grantor trust, whereby the grantor can use personal exemptions from the sale of a trust asset, like the $250,000 exemption from the sale of a primary residence. Both revocable and irrevocable trusts are grantor trusts, but the grantor of the irrevocable trust must maintain some control over assets in order to qualify. This can be accomplished by becoming a beneficiary of the trust.

Finally, a revocable trust does not have to pay gift taxes, but the irrevocable trust requires that gift taxes are to be paid when assets are moved into it. This does not preclude the estate taxes that will have to be paid in either case. To receive the most benefit in the reduction or avoidance of income and estate taxes, it is wise to seek the advice of a qualified attorney.

Contact us now to speak to one of our attorneys.

No content from this article constitutes or takes the place of legal advice. Please contact one of our attorneys before making any decisions.



source https://gudemanlaw.com/living-trust-tax-benefits/

Wednesday, November 21, 2018

Can You Buy A Home After Filing Bankruptcy?

The decision to declare bankruptcy is one that many people do not undertake lightly. They may need to do after falling in debt from medical bills or because of other causes beyond their control. In the aftermath of this declaration, many people wonder about the state of their finances.
One of the questions many filers have concerns home ownership. Owning a home has many benefits. It’s a great way to build equity and avoid paying too much for rent. Homeowners also benefit from tax breaks that are not available to renters, allowing them to deduct interest on the home loan as well as a certain amount of property taxes.

After filing bankruptcy, many people wonder if it’s possible to enjoy such benefits again. They may even have a home in mind. Those who have such a history can take heart. It is possible to buy a home even after a bankruptcy. However, it’s important for people to do their homework before they begin.

It May Take Time

One thing to keep in mind is that may take some time to buy a home after bankruptcy. A lender may ask people to show they have what it takes to avoid a foreclosure and pay the mortgage on time each month. Most people will file Chapter 7 or Chapter 13 bankruptcy. In general, lenders are looking for evidence that the home buyer has the means to manage their finances, afford the home they want and keep the home well maintained. To that end, they expect any prospective mortgage applicants to provide evidence that will depend on the type of bankruptcy they declared. Chapter 7 and Chapter 13 applicants will need to meet different requirements that can also vary depending on the loan company.

Chapter 7 Bankruptcy

This is a faster form of bankruptcy that lets people keep at least some of their assets and then use the remains to discharge their existing debts. However, it will remain on the creditor’s record for many years. People who have a Chapter 7 bankruptcy as part of their credit history have essentially a clock that begins when they file bankruptcy. Buyers who want to qualify for a government-subsidized mortgage such as an FHA loan or one through the Veterans’ Administration may only be required to wait two years from that first filing before they can apply for the loan. A convention mortgage may require up to four years before the buyer can qualify for a mortgage.

Chapter 13 Bankruptcy

Chapter 13 bankruptcies typically require the filer to agree to pay back any debt over a period of time. During this time, the filer must adhere to a certain budget. In general, they can qualify for a standard conventional loan through many lenders in as little as two years after filing this kind of bankruptcy. Qualifying for a loan from government organizations can be even quicker. The mortgage seeker may be able to get a loan in roughly twelve months from the time they file. Applicants should keep in mind that they might need to get permission from the people supervising their bankruptcy in order to take on additional debt.

Foreclosure

A foreclosure is when the homeowner walks away from a mortgage because they can’t pay it. The foreclosure is a different form of bankruptcy and has different rules that govern other types of bankruptcies. Like other forms of bankruptcy, the person will face a seasoning period in which they may not be able to qualify for a mortgage at all.

What Must be Done

For the foreclosure, the buyer will usually face at least a seven year wait before qualifying for a mortgage again. Under certain circumstances such as foreclosure for medical reasons, they may qualify in as little as three years for another mortgage. People who choose a short sale may qualify for a conventional loan in about four years while qualifying for an FHA loan in only three. Those who apply for any kind of mortgage after the foreclosure may face more stringent requirements. In general, they’ll need to have at least ten percent of the home value saved first.

None of the content on this article consitutes legal advice. Please contact our office to speak with an attorney on such matters.



source https://gudemanlaw.com/buying-home-after-bankruptcy/

Thursday, November 8, 2018

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Wednesday, November 7, 2018

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Tuesday, November 6, 2018

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Monday, November 5, 2018

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Saturday, November 3, 2018

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Thursday, November 1, 2018

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Monday, October 29, 2018

What Are Liens And Levis?

What is the difference between a tax lien and a tax levy?

If you don’t have the time to read the rest of the article, here’s a great way to summarize the differences: a tax lien does not result in the IRS taking your property from you. A tax levy does.

Sometimes, taxes and bills are not paid on time, and sometimes certain debts are owed. It happens to almost everyone: from regular individuals to entire corporations. Almost everyone struggles financially at one point.

But what if you owe money to the government? What if you simply can’t pay the amount back at the moment its due? What if you owe someone money and they bring up the concept of liens and levies? What should you do?

The.IRS (Theirs)

The IRS. Push those two words together and you get “theirs”. Yes, if they want it it can be theirs. The Internal Revenue Service, also known as the IRS, has two ways to collect back taxes: a tax lien and a tax levy. Although they are discussed together frequently, these two are not exactly the same. A federal tax lien is different from an IRS levy.

The Early Take Away

If you don’t have the time to read the rest of the article, here’s a great way to summarize the differences: a tax lien does not result in the IRS taking your property from you. A tax levy does.

Of course, you have rights to defend the filing of a lien. You can also prevent the issuance of a levy. But in order to assert your rights and protect your properties, you will need at least a basic understanding of these tools used by the IRS.

On this article, we will be discussing what you need to know about the tax lien and the tax levy.

What is a Lien?

A tax lien is the government’s claim on your property. It is placed when a taxpayer—be it an individual or a business—fails to pay taxes owed. It ensures that they get the first right to your property over other creditors.

A tax lien will remain in place until you finally pay off your tax liability, or the statute of limitations on the debt expires. It may also be removed if the taxpayer meets the new requirements from the IRS Fresh Start Initiative.

In essence, a lien is the right to keep possession of property belonging to another person, until a debt owed by that person is discharged. A tax lien is the government version of this, and it takes priority over other creditors.

When the IRS confirms that you have not paid your taxes, they will send you a bill: and should you neglect or refuse to pay it, that’s when a federal tax lien comes into being. The Notice of Federal Tax Lien is filed by the IRS. It is a public document that alerts creditors that the government has a legal right to your property.

Do keep in mind that your appeal rights are explained in IRS Publication 1660, Collection Appeal Rights.

Once filed, the Notice of Federal Tax Lien secures the IRS claim against your assets. Credit reporting agencies may include it in your credit report.

So what property is claimed by a lien or a tax lien? Liens attach to a property you own when it is filed, as well as other properties you purchase after that. Federal tax liens, for example, often impact real estate. How does the process of filing a lien work? The good news is that it will not come as a complete surprise.

The IRS follows a process while securing a tax lien on a taxpayer’s property.

First they will assess the amount owed by having the taxpayer file a tax return. A tax bill will be sent to the taxpayer’s last known address—this is to demand payment. Provided that the taxpayer does not pay the tax bill owed in the allowed time, the IRS will proceed to the next step: filing the Notice of Federal Tax Lien.

So if a lien does not seize property, what does it do? Once a property has been claimed, it will appear on the taxpayer’s credit report. It may make it difficult for the individual or business to obtain future credit or loans. It will be much more difficult to buy a car, home, or new credit card. It is likely to have an immediate impact on the taxpayer’s credit score.

If a lien is filed against you by the IRS, you have a 30-day window to file an administrative appeal to request reconsideration of the filing. Gudeman and Associates can help you with this process by creating a collection due process appeal.

What is a Levy?

A levy is the legal seizure of your property in order to satisfy a tax debt. This is what makes it different from liens, which act as a simple claim on your property. A levy actually takes the property to satisfy the tax debt.

However, an IRS levy is not a public record and will not affect an individual’s credit report. The IRS can levy your wages, your bank accounts, accounts receivable, or even your retirement accounts. The IRS may seize your house, your car, or your business equipment—the latter is quite rare.

For most people, the levy has a much more devastating impact compared to the lien.

There are only a few things that the IRS cannot levy. This includes the right to keep unemployment benefits, workers compensation, household goods, and some tools of your trade. The Internal Revenue Code 6334 lists down these exemptions.

Here’s what you need to know about levies. Before the IRS can levy your property, they will first send you a Final Notice of Intent to Levy. This is your notice that the IRS intends to start enforcement against you.

After you receive the Final Notice of Intent to Levy, you have 30 days to file an appeal against this proposed collection action made by the IRS. If you file an appeal, the IRS is prevented from taking action until your hearing is completed.

This will help reach a resolution to levy action before it occurs. It can come in the form of compromise, installment agreement, etc. This will not only prevent the levy from happening and secure your property, it will also give you a much more manageable way to deal with your debt.

In the rare event that the IRS does seize your house, they need to get court approval first. The Department of Justice will usually file a lawsuit against you. This is not something you want to happen, of course.

Now that you know some of the basics, you can work with Gudeman and Associates Attorneys to help you deal with liens and levies alike—whichever you are facing. Work with us today!



source https://gudemanlaw.com/understanding-liens-and-levies/

Friday, October 26, 2018

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Wednesday, October 24, 2018

Attorneys That Are Real Estate Law Experts In South East Michigan

Starting a business is often hard. Imagine how difficult it is for new business owners to develop a condominium.

Developers need to form a Condominium or Homeowners’ Association (HOA) in order to govern the process of condominium development. This is done even before any property in a condominium development is even purchased.

The Articles of Condominium, also known as the Governing documents, are there to protect everyone’s interests. That includes the developer and all future owners.

Unfortunately, the Articles of Condominium aren’t very easy to understand—especially if you haven’t read much about real estate law. So we’re here to help. Gudeman and Associates can provide the assistance you need when it comes to creating and filing effective Articles, Bylaws, CC&Rs, and Rules & Regulations.

We will help give confidence to you, the stakeholders, the lenders, the investors, and all forthcoming purchasers. And because these might intimidate new business owners, we’re here to tackle some of these concepts so you’ll know exactly why you need them.

Articles of Incorporation: What is it?

The Articles of Incorporation is just one of the governing documents included in the articles of condominium. Other governing documents included are the Bylaws of the Association; the Declaration of Covenants, Conditions and Restrictions, also known as the CC&Rs; and the Rules and Regulations.

Together, these governing documents help define the association: its functions and limitations.

The Articles of incorporation is a brief document that usually just contains the basic information about the Association. That includes its name, location, and purpose. It’s that simple. It’s a set of documents filed with a government body to legally document the creation of a corporation—and in this case, the Association.

Starting An HOA In Royal Oak and Beyond

The property developer forms a Condominium or Homeowners’ Association, and each purchaser of a property within the development automatically becomes a member of the Association.

By filing the Articles of Incorporation, the Association comes into being. Filing your Articles of Incorporation is one of the first and most important steps you need to do at the start of your business.

The Articles of Incorporation work in conjunction with the bylaws, as well as the other governing documents in order to form the legal “backbone” of your business. Bylaws help establish the roles and duties of the company’s directors and officers.

Although specific documents may vary by state, each will include a number of questions about the business and its owners. Forms are easily found online. Don’t be alarmed if they are called something other than “articles of incorporation”.

Expect these forms to ask pretty much the same set of questions, no matter which state you are from. It will be in a fill-in-the-blanks format. Be sure to provide the corporate name, recipient of all legal notices and official mailings, the purpose of the business, the duration of the business, the incorporator, the directors, etc. These are considered crucial information.

Once these documents have been filled out, they can be submitted by mail, in person, or electronically. Fees may vary per state.

Incorporation has a number of benefits, often reducing the risks that other business usually face. It limits your liability, it enhances your business’s credibility, and it even gives you a few tax benefits.

If you want to develop a condominium, it is also an essential step. Work with Gudeman & Associates today and we will provide the legal aid you need to help start your business empire.

No content in this page or website is a substitute for consulting with a lawyer. Always speak with an attorney before taking action on the content found on the internet.



source https://gudemanlaw.com/attorneys-that-are-real-estate-law-experts-in-south-east-michigan/

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Tuesday, October 23, 2018

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Monday, October 22, 2018

Tax Exemptions How Do They Work?

Taxes: we all know about them. We have to pay them, because we are legally obligated to do so. Otherwise, we might go to jail- and let’s be honest, no one wants that.  We have to contribute to the building of our roads, and paying for the public education system and more. Tax is a mandatory financial assessment or some other type of levy imposed upon a person who earns or spends money. The taxpayer is an individual or another legal entity.

Failure to pay is punishable by law. Taxes consist of direct or indirect taxes.

But what if we told you that you don’t always have to pay taxes? Well, at least we can say that there are instances wherein paying taxes is not necessary. Certain individuals and organizations are exempted from paying taxes due to specific reasons.

Let’s talk about tax exemptions: what they are and how they work. Here we’ll talk about some of the most common instances wherein tax exemptions are put in place.

What Is A Tax Exemption?

But before that, let’s define what a tax exemption is. This one is pretty straightforward and self-explanatory. Tax exemption means that the individual or organization or legal entity does not have to pay taxes—or in some cases, receive a reduction in tax rates. The reasons for getting exempted may vary depending on the situation.

Personal Tax Exemptions

In the United States, a personal exemption is an amount that a resident taxpayer is entitled to claim in the form of a tax deduction against personal income. This is done when calculating taxable income and federal income tax.

For tax years prior to 2018, individuals who are not claimed as a dependent on another taxpayer’s return, they are entitled to claim one personal tax exemption. This is a fixed amount. It generally increases each year. This exemption reduces your taxable income just like how a deduction does. The difference is that it has fewer restrictions to claiming it.

For married couples who file a joint tax return, they will each get an exemption.

Dependent Tax Exemptions

The Internal Revenue Service or IRS allows you to take additional exemptions for each dependent you claim. These exemptions are commonly used by taxpayers who have children who live with them for more than half the year. These dependents have to be under 19 years old, or under 24 if a full-time student. Dependents are given tax exemptions because they don’t provide more than half of their own financial support during the tax year.

Some of the taxpayer’s relatives may also qualify to be their dependents if they live together. The taxpayer’s parents may also be claimed as dependents.

Tax-Exempt Organizations

Perhaps the most prominent example of tax exemptions, tax-exempt organizations provide valuable services to the community and don’t operate for profit. Charities are often qualified to become tax-exempt organizations.

For an organization to receive tax-exempt status, it must satisfy all the requirements of the IRS. If an organization does receive the tax-exempt status, it means it is no longer required to pay federal income tax. However, in order to keep this status, they must maintain accurate records.

Donations you make to these organizations usually entitle you to claim a charitable contribution deduction, granted that you itemize.

Religious organizations, including temples, mosques, churches, etc, are tax-exempt organizations. Social clubs and other fraternal organizations are also included in this list of tax-exempt organizations.

Any form of organization that serves public purposes without profiting from it may be considered tax-exempt organizations.

Similarly, the UK generally exempts public charities from business rates, income tax, corporation tax, and certain other taxes.

State and Local Exemptions

Most systems exempt internal governmental units from all tax. For multi-tier jurisdictions, this exemption extends to lower tier units and across units. State and local governments are not subject to federal, state, or local income taxes in the US.

Additionally, state, county, and municipal governments provide tax exemptions to businesses to stimulate the local economy. A business may be exempt from paying local property taxes if it moves its operations to a certain area.

One example is in Massachusetts, wherein the state provides sales tax exemptions for telecommunication companies that provide cable television, Internet access, radio broadcasts, and other similar services.

Some cities and states also offer sales tax holidays where consumers can purchase goods without paying local or state taxes.

Other Examples

International duty-free shopping is also known as tax-free shopping. In tax-free shopping, the goods are permanently taken outside the jurisdiction. Paying taxes is therefore not necessary. Tax-free shopping is often found in ships, airports, and other vessels traveling between countries. Choosing how and where to get taxes for the sale of these items would get confusing, after all. So these goods are served tax-free.

Tax-free shopping is mainly available through dedicated duty-free shops, often found in airports. However, any transaction may be duty-free, given that the goods are presented to the customs when exiting the country. Sometimes, a sum equivalent to the tax is paid, but then quickly reimbursed upon exit.

This concept of tax-free shopping is more common in Europe, however. It is less frequent in the United States, with the exception of Louisiana.

There are other forms of tax exemptions used depending on where you are from. Some jurisdictions provide separate total or partial tax exemptions for educational institutions. These exemptions are often limited to certain functions or income.

As you can tell, tax exemptions come in many different forms. There are others that are not even on this list. But one thing they all have in common is that they reduce or eliminate the individual or organization’s obligation to pay tax.

Most taxpayers are entitled to an exemption on their tax return which reduces their tax bill in the same way a deduction does.

If you want to learn more about tax exemptions, and you want to find a way to apply these exemptions to your business or your company, work with Gudeman and Associates Attorneys today!

Please speak directly with one of our attorneys. None of the content on this blog or other pages constitutes legal advice.



source https://gudemanlaw.com/tax-exemptions/

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Saturday, October 20, 2018

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Friday, October 19, 2018

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Thursday, October 18, 2018

Tax Resolution Experts Near Me|South East Michigan

Tax Resolution: What You Need to Know

As much as people hate to deal with the Internal Revenue Service or IRS, sometimes there are tax concerns that need to be addressed. And the IRS is only doing their job after all. So we can all agree that tax resolution is a necessary part of any taxpayer’s life.

But what exactly is tax resolution? Well, the answer to that is quite simple: tax resolution is the act of resolving various tax-related issues. There are different services used for different concerns. And there are plenty of companies out there that provide tax resolution services—helping taxpayers deal with the IRS.

Basically, a tax resolution company will offer important assistance to taxpayers who need to resolve tax debt issues. The tax relief organization will then work with the IRS on behalf of the taxpayer, to find a formal resolution.

It’s just something most people shouldn’t do on their own, especially without legal knowledge.

Gudeman & Associates Attorney’s can help you with tax resolution. We can provide advice, guidance, and representation: or all of the above. We will find all tax resolution options that are available for you, so that you can manage your finances more comfortably.

Tax resolution often involves the following services to taxpayers, depending on their financial situation:
Reduction or Removal of Penalties.

Let’s start with the most basic one:

How do you remove or at least reduce penalties on your tax debt?

These pesky penalties can quickly inflate your tax debt. But a licensed tax professional, as well as an attorney, can help determine if you qualify for penalty abatement.

Offer in Compromise

What if there’s absolutely no way for you to pay your tax debt at the moment? Enter the Offer in Compromise. The Offer in Compromise is a highly convenient form of tax resolution, especially for those who truly need it.

The OIC can help you resolve your tax problems, and it also comes with the handy little side effect of giving you significant savings. On average, people who use the Offer in Compromise to settle their debt end up paying less than 20 percent of the actual amount they owed to the IRS. It’s that effective.

This, however, is only applicable to those whose financial situation makes it nearly impossible for them to pay off all of their tax debt. As great as these savings may sound, you wouldn’t want to be in this situation in the first place.

But for those who need it, the OIC can allow them to utilize tax resolution over the long term with the use of an installment plan.

Criminal Tax Defense

In some cases, the IRS Criminal Investigation Division will start investigating a case due to suspicions of tax fraud. For those instances, you will need to hire a criminal tax defense professional to represent you. Of course, Gudeman & Associates Attorney’s is always there to help.

For these cases, the stakes are too high to simply go ahead and face a criminal investigation on your own. Whether a case involves tax fraud depends just as much on your actions as on your intentions. A criminal tax defense specialist can guide you through the investigation and tax resolution process. This should help you get the best possible chance of avoiding criminal charges.

Payment in Installments

Another method of tax resolution is the ability to pay off your debt in installments. This allows for the quick resolution of tax debt before it gets any worse. Paying in installments means you don’t have to pay everything at once, especially if you can’t do so at the moment.

An attorney or a tax resolution specialist can help you choose the appropriate payment plan that suits your capabilities. This makes a tax resolution company a valuable asset.

Negotiating an installment agreement by filing Form 9465 or the Installment Agreement Request also releases tax levies immediately.

Unfiled Tax Returns

There are a few reasons why taxpayers do not file tax returns for one or more years. Sometimes it is pure neglect, sometimes they are too busy. But in any case, unfiled tax returns can become overwhelming.

Missing a portion of your records—or all of it—can become a big problem in the future. But there are ways to approach the problem of unfiled returns.

Again, Gudeman and Associates Attorneys are here to help provide you with the support you need.

Removal of Federal Tax Lien and Levy

Taxpayers often panic when they are faced with a tax lien or levy: their property is in danger of getting seized by the government through the IRS, after all. So there’s a perfectly good reason why people worry about it.

A tax lien is when the government claims the rights to your property, as well as future properties you may acquire afterwards. The reason for the tax lien involves the taxpayer’s inability to pay off their debt.

On the other hand, the levy is the actual procedure of seizing the properties in question, be it your real estate, your car, your belongings, etc. The threat of aggressive collection should be dealt with immediately. You must seek professional help so that timely action can be taken to protect you.

This way, you can avoid such action and even obtain a permanent resolution to your debt problem.

Usually, the IRS will remove the Notice of Federal Tax Lien if you can show that the tax debt has already been paid in full, or if the lien was filed in error, or if the IRS did not follow proper procedures. Taxpayers who are going through bankruptcy when the lien was filed may also appeal to the IRS to remove the Notice of Federal Tax Lien.

The same goes for the levy. It won’t come out of the blue: the IRS will first issue a notice that it intends to levy and seize your assets. You will then have 30 days to challenge the tax levy to attempt tax resolution. You can also pay the amount due.

With proper tax resolution, you may be able to remove the tax levy anyway.

Work with Gudeman and Associates Attorneys today and learn more about tax resolution!



source https://gudemanlaw.com/tax-help-attorneys-michigan/

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Wednesday, October 17, 2018

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Tuesday, October 16, 2018

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Monday, October 15, 2018

What Purpose Does A Will Serve?

What is a Will and what is it for?

It’s surprising to know that many people don’t know what a will is, and how it works. But there’s also a general knowledge of the will’s importance: everyone understands that they should have a will.

So what is it, and what is it for? The primary reason people need a will is to make sure their loved ones receive the assets they wish to leave them. This, of course, happens in the event of the owner’s (will owner) death. A will is also called a “last will and testament”.

Death is inevitable—but we can at least try to prepare for the worst. A will protects both your loved ones and your properties.

What Is a Will?

A will is a legal document that sets forth your wishes regarding the distribution of your property. It also sets forth the care of any minor children. It is best to have a will set in writing and signed by you and your witnesses to maximize the likelihood that your wishes are carried out even when you are gone.

More importantly, if the will does not meet the basic standards, the instructions carried within may not be carried out.

For people with minor children, the will helps them secure their future in case of a tragic event such as the death of the parents. It gives you control over who provides for their care. This way, you can leave them in the hands of relatives, friends, or guardians that you can trust.

In terms of properties, the will also lets you decide how you will distribute your belongings, including cars, family heirlooms, savings, and other personal possessions. If you own a business, or you have investments and insurance, your will can ensure the smooth transition of those assets.

Having a will has a few other benefits, some of which may not be readily apparent.

For example, creating a will can minimize tension among surviving members of the family, because they won’t have to fight over who gets which properties. You can prevent them from battling over your possessions.

Lastly, you can use your will to direct some of your assets to the charity of your choice. Properties may be given to institutions and organizations.

What Value Does Having A Will Provide?

A will is created to name an executor—someone who is tasked with carrying out your wishes after you die. It’s an unpleasant thought for sure, but you have to name someone to carry out your bidding. You can use the will to name guardians for children and their properties. Establishing a will or a living will is part of good estate planning.

You can use it to protect and provide for your pets. You can decide how debts and taxes will be paid. It can even serve as a backup to a living trust.

A will is not able to leave properties for your pet, nor can you use it to put conditions on your gifts. Talk to your lawyer if you want to arrange these specific things or if you want to know more about the limitations of a will.

Work with Gudeman & Associates Attorneys today and craft a will that suits your needs. It’s never too early to think about the future.



source https://gudemanlaw.com/what-does-a-will-do/

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Friday, October 12, 2018

Civil Litigation Attorneys Near Me. South East Michigan.

What is Civil Litigation: Everything You Need to Know.

Civil litigation: not many people are familiar with it. There are those who don’t know how it works, and those who don’t even know what it is. But if you do know about civil litigation, then there’s a small chance that you’ve studied law. Either that or you’ve been through a civil lawsuit yourself.

Regardless, this knowledge can be invaluable in the future. One just never knows when it will come in handy!

This is a quick rundown of all the basics of civil litigation and why it should matter to you. We’ll give you an overview of how this process works. Afterwards, you’ll be ready to work with your own lawyer to face any lawsuit that may come your way.

If you are in need of an attorney, Gudeman and Associates Attorneys can manage all phases of the lawsuit process, so you can get through it confidently.

In general terms, a civil lawsuit is the court-based process through which a person can seek another person or entity liable for some type of “wrong”. A civil lawsuit can be brought over a contract dispute, for example. It can result from a residential eviction after a broken lease, or injuries sustained in a car accident, and so on.

This is different from a criminal case—something that we will discuss further later on. But a civil case is meant to compensate the victim. Litigators are lawyers that specialize in civil litigation.

Let’s take a closer look at all the facts you need to know about civil litigation.

What is Civil Litigation?

So first things first: what exactly is civil litigation? This term refers to the legal dispute between two or more parties that seek money damages, property or specific performance, which is the performance of a contractual duty.

Civil litigation is when a party seeks money or another specific performance instead of criminal sanctions. They must head to the courtroom for trial, so that a judge or jury can decide on the matter.

What is a Litigation Attorney?

A litigation attorney is someone you’ll rely on when either filing a civil lawsuit or facing one. No matter which end of the table you are on, you will need a lawyer who is specifically trained in these matters. As such, a litigation attorney is a lawyer who specializes in civil litigation.

They are also known as a “litigator” or a “trial lawyer”. Their job is to represent the client across a broad spectrum of associated proceedings. That includes pretrial hearings and depositions, mediation, etc. Arbitration and mediation are processes that attempt to guide the parties toward some sort of mutual decision, also known as a settlement.

The settlement actually saves a lot of time and keeps both parties from the expenses of going to court.

Litigation attorneys will represent plaintiffs and defendants in civil cases, so the role is understandably challenging and diverse. You’ll need someone experienced because the process is naturally adversarial. Two or more parties are pitted against each other throughout the whole process. From investigation, pleadings and discovery, to pre-trial hearings and depositions, trial, settlement, and appeal—your litigation attorney will be there.

You can expect attorneys specializing in this field to be willing to embrace conflict and controversy, as those factors are often unavoidable. They must be willing to get out of their comfort zone every now and then.

But most importantly, a litigation attorney should have enough knowledge and skills that are essential to the practice. Key legal skills include knowledge of substantive and procedural law; strong written and oral advocacy skills; analytical and logical reasoning abilities; interpersonal skills; knowledge of legal research techniques and software, and even negotiation skills.

What is the Difference between a Civil Case and a Criminal Case?

There are plenty of ways a civil case differs from a criminal case. The most obvious one seems to be the end result. In a civil case, the loser pays in dollars. But if you lose a criminal case, you will spend time behind bars, pay a fine, perform community service, or a combination of these.

Civil lawsuits are filed because the plaintiff is asking the court to make a judgment in their favor: to issue a court order entitling the plaintiff to a certain amount of money, called a damages award. If someone sues you for something, and the court decides in favor of the complainant, you will have to pay for these damages.

On the other hand, if you are convicted of a crime, you will face the prospect of going to jail.

But the differences go beyond what’s at stake. Civil suits can be brought by anyone, whereas a criminal case is brought by a prosecutor or other attorney representing the local government. Civil cases are usually instigated by a private party against a certain other individual or entity. A person or business who has allegedly suffered some kind of damage will file a civil case with the help of their own lawyer.

The burden of proof in a civil case can also be considered “lighter” compared to that of a criminal case. The burden of proof is something that must be shown in order for the defendant to be held liable for what the plaintiff is alleging.

In a civil case, the burden of proof is “by a preponderance of the evidence”. This means it is more likely than not that what the plaintiff is alleging is actually true.

In a criminal case, the government must show that the defendant’s guilt is beyond a reasonable doubt. This is a much tougher standard to meet, meaning more evidence is required.

What are the Types of Civil Litigation?

Civil litigation encompasses a broad range of disputes. Litigators usually specialize in one or two specific practice areas. Common areas of specialization include: environmental law, landlord/tenant disputes, product liability lawsuits, personal injury claims, intellectual property disputes, anti-trust litigation, real estate lawsuits, workers’ compensation claims, construction liability lawsuits, divorce lawsuits, medical malpractice claims, and education law disputes.

Criminal charges and penalties may not be an issue for many of these disputes, and that’s where civil litigation comes in.

What are the Benefits of Hiring a Civil Litigation Lawyer?

For those who are facing any type of civil law issue, it can be a nerve-wracking experience. You will surely have concerns and questions regarding the steps you need to take, and how you should tackle this whole legal process.

You will need a strategy in order to defend yourself properly, if the case happens to make it to the court. This is why you need to hire a civil litigation expert.

You will need someone who understands how to protect your rights. You will have someone who knows how to navigate this tricky landscape. And civil litigation happens to be a very complex situation. It can be crucial in having a positive outcome to your case. Otherwise, you might end up losing in court.

Perhaps the biggest benefit of hiring a civil litigation lawyer is the peace of mind they can provide. Filing or facing this type of case is stressful to say the least. You might think you can represent yourself in court—but in reality, only a few people can actually manage to pull it off successfully.

With an attorney, you will have someone in your corner who has spent years studying the law. This experience is crucial, especially in the courtroom. Their experience will work in your favor because they know how to speak to judges. Their calm demeanor will allow you to stay calm as well—if you follow their lead, of course.

And we haven’t even talked about how time consuming it is to file all those court documents by yourself. An attorney can make it easier for you. Navigating a lawsuit is difficult enough.

Sure, legal assistance generally isn’t cheap, but you can actually save more money down the road if you hire a lawyer. If you lose your case, you have to pay fines and penalty fees. There’s a huge possibility that you’ll end up spending more cash than if you just hired a professional to help you with the case.

Last but not least, you need to hire a litigation lawyer because the other party most likely has one. If you are unrepresented, the other party’s attorney will likely take advantage of your inexperience. They will make the most out of the fact that you know less about the law than they do. And this can cost you the case.

You need to have a knowledgeable team of lawyers on your side, looking out for your best interests. No matter what type of civil litigation case you may be facing, you need to have someone representing you. After all, civil litigation is the type of legal process that is extremely particular when it comes to particular filings and procedures. A single error can lead to some very serious consequences.

You can avoid this entirely by working with not just any civil litigation attorney, but with the lawyers of Gudeman and Associates. Dealing with any type of civil litigation matter requires the services of experienced professionals, because every case is different.

Find a lawyer who understands that a cookie cutter strategy will not work for every single case. You will want someone who takes a personalized interest in helping you achieve your legal goals.

How Does the Process Work?

The civil litigation process involves seven different stages. This includes:

  • Investigation
  • Pleading
  • Discovery
  • Pre-trial proceedings
  • Trial
  • Potential settlement
  • Appeal.

Out of all these stages, the discovery phase takes the longest. It is also the most labor-intensive out of all the stages in a case.

Most of billable hours are actually devoted to the discovery stage. This involves the exchange of information pertinent to the case through depositions, interrogatories, and subpoenas. These are demands for information or documents from third parties. Under penalty of perjury to the parties in a lawsuit, deposition and interrogatories involve questions that need to be answered. Deposition questions are posed orally—these are the ones that are answered under oath. On the other hand, interrogatories are written questions.

The interesting thing about the civil litigation process is that not every lawsuit actually passes through each stage. Most of them don’t.

Attempts are often made to guide the parties toward a settlement held before administrative agencies or court personel, before both parties go to trial. This saves time and expense of going to court. This is called arbitration or mediation.

Most lawsuits are settled this way, with both parties reaching an agreement instead of meeting at the courtroom. Parties can settle even during a trial—after a jury has begun deliberating, or has delivered a verdict.

They can also settle or “stipulate” to some aspects of the lawsuit, leaving others in the hands of the judge or the jury.

If the case does go all the way to trial, the entire process can take anywhere from a few months to a few years.

Each case is different. Both sides of the case will have extremely different goals. But dealing with any type of civil litigation matter is a stressful experience. It is also very complicated. You will want to call on the services of an experienced and knowledgeable lawyer.

Civil litigation can be handled better with a support system and plenty of guidance from an attorney. Do not try to handle this whole procedure yourself when you can gain the services of someone who is qualified.

If you are in need of an attorney to be your advocate, Gudeman & Associates will work hard for you to ensure you achieve the best possible outcome.



source https://gudemanlaw.com/civil-litigation-attorneys-near-me-south-east-michigan/

Wednesday, October 10, 2018

Who Needs A Will?

Who Needs a Will?

A will—more specifically, a last will and testament—is a legal document that outlines your wishes regarding the distribution of your assets and properties. It is also used to enforce your decisions regarding important considerations, like the legal care of your minor children.

It’s something many people don’t think about for two main reasons: one, many people are not comfortable with thinking about death; and two, some people think they don’t have enough assets to distribute anyway.

This is why many people don’t have a will. And in a similar way, people do not have a living will either. This is a document that a person can use to state their wishes regarding end-of-life medical care. This is used specifically in the event that they become unable to communicate their decisions.

For example, in the event of a terminal illness, or a critical injury, or permanent unconsciousness, the person may no longer be capable of communicating their wishes. Doctors and hospitals will be legally obligated to take it upon themselves and make decisions that the patient may not prefer. A living will is used in these circumstances.

Both the living will and the last will and testament are used to secure your future. Granted, death and terminal illness are not easy to think about—but these are possibilities that we need to prepare for, just in case. Here, we will discuss who needs a will—and why it might be you.

Who Needs a Will?

Did you know that 70 percent of Americans do not have a will?

But there are plenty of reasons to get one. Those who have children, those who own businesses, and those who generally want to secure their future. A little foresight never hurt anyone after all.

You need a will if you want your properties to be given to the right people. This includes your money, your savings, your assets, or any other possessions you may have to give away.

You need a will if you have minor children and you want to appoint a guardian that you trust.

We can’t control the future, but we can at least have some degree of control over the things we possess. It’s not just for the wealthy: regardless of how much or little you own, a will can keep your personal belongings where you want them. You can designate beneficiaries for these possessions.

If you have a business, you will want to know who gets to run it after you die. If anything, your will can ensure a smooth legal transition of your assets. This way, you can spare everyone the headache of having legal disputes over your company. We strongly recommend a buy-sell agreement as well as a will for business owners. Read this article, “Why is a buy-sell agreement necesssary?”

With a will, you can choose an executor: a person you trust who will have the authority to ensure that your wishes are being carried out. They will ensure that all of your affairs are in order—from paying off bills to canceling credit cards.

Without a will, the court will have to make these decisions on your behalf.

Work with a lawyer at Gudeman & Associates and create a will that suits your personal needs. Talk to us about both a last will and testament, as well as the living will. You can save your loved ones from a lot of confusion and headaches in the future.

Work with Gudeman and Associates Attorneys today!



source https://gudemanlaw.com/do-i-need-a-will/

Monday, October 8, 2018

Why Is A Buy Sell Agreement Necessary?

Why You Should Have a Buy and Sell Agreement?

A  buy-sell agreement is more than just hoping that things work out. It is a thought out, legal plan of action for transfer of ownership from one party to the other.

Want more than just “living on a prayer”? Most business professionals know that “hope” is not a good business strategy. We all hope for the best while running our business, but things don’t always go the way we want it. Realistically speaking, businesses fail all the time. And the failure to anticipate this possibility leads to even more trouble for all parties involved.

A buy and sell agreement can somewhat mitigate the damage. It’s safe to say that without it, a number of bad things can happen to your business.

Nuts & Bolts of The Agreement

This type of agreement, also known as a buyout agreement or buy-sell agreement, is a contract that provides for the sale of an owner’s share of a business. This occurs when one of the business owners suddenly leaves for any reason. This may be triggered by an owner’s death, disability, retirement, bankruptcy, or any other reason for departing.

This agreement ensures that the departing owner will have to (or be able to) sell their shares when the time comes, and the other party will have to buy it. The buyer may also be a third party or an employee, depending on what was agreed upon in the legally binding document. Let’s talk about why every business should have a buy and sell agreement.

We recommend that you hire a lawyer to review your buy-sell agreement so that it is fair for all parties concerned.

Why You Need a Buy and Sell Agreement

Many entrepreneurs don’t realize this, but a buy-sell agreement actually plays a crucial part in preparing for your business’ future. Without it, your shares may end up in the wrong hands. All your hard work may have been for nothing.

Also, if you exit the business without a proper buy-sell agreement, you or your heirs may not receive fair compensation because a ready buyer was not specified in advance.

Without a buy and sell agreement, you may find yourself looking for a buyer on short notice, meaning you can expect the sale price to be far below the fair market value. No business owner wants to sell their business on a fire sale.

It’s also a good way to settle things between surviving owners or heirs who may want to contest their rights and entitlements. With a well-crafted and comprehensive buyout agreement, you eliminate or at least minimize the risks mentioned above.

Owner Protection

It protects the departing owner by ensuring that someone’s going to buy the business when they leave, and it protects the buyer from having to work with an undesirable partner—for example, a departing owner’s spouse or family member who may not have the business’ best interests in mind.

Crafting a buy and sell agreement with a lawyer is important so that both partners can discuss necessary matters. This way, they can answer questions like “what would happen if one of them decided to leave the business out of a conflict of interest?” or “what if the co-owner suddenly passed away and his or her spouse wanted in on the business?”

A buy and sell agreement will keep the business in the right hands. It will determine who is allowed to buy the business, and for what price. It also specifies a fair price for the business by detailing how the company should be valued.

It’s a good idea to get this agreement reviewed by an attorney to make sure every important detail is specified. Work with Gudeman & Associates Attorneys today!



source https://gudemanlaw.com/why-is-a-buy-sell-agreement-necessary/

Friday, September 21, 2018

5 Common Estate Planning Pitfalls You Want To Avoid

What are the top 5 estate planning mistakes that people make?

Estate planning is serious business. Mistakes in your will can lead to major headaches in the future, especially for your loved ones and beneficiaries. Still, you’ll be surprised by how common these mistakes actually are.

Don’t Cut Out People From Inheritances

There have been cases wherein loved ones were accidentally cut out of inheritances, forcing them to go through expensive legal battles just to fix it. You will want to avoid these unpleasant and sad scenarios. You will want your will to be carried out as smoothly as possible.

That is why you need help from a financial planner and an estate planning attorney. Together they can ensure that every detail of your will is ironed out and that nothing is left vague or undefined.

Here are 5 of the most common estate planning mistakes we’ve encountered, and why you should avoid them.

1. Not Thinking About Beneficiaries

It’s surprising how many people forget to consider their beneficiaries when coming up with a will. Some forget to name a contingent beneficiary on retirement accounts and insurance policies. Some fail to review their beneficiaries.

If no contingent is picked, the default is likely your estate. No contingent beneficiary means no stretch IRA. Also, if you forget to change an ex-spouse on an IRA, you can encounter some disastrous consequences for your new spouse or family.

You also need to consider what happens when one of your beneficiaries die. Where does the money go? Would it go to the other beneficiaries? Would it go to the family of the one who died?

2. Not Planning Ahead

We don’t often think about our own mortality. It’s natural for us to forget that we’re all going to die someday. It’s an uncomfortable thought for sure. But whether you want to face that reality or not, you have to consider it.

There are so many things that can go wrong after someone dies. What happens to your business? What happens to your children? All you need to do is plan ahead.

And speaking of planning, you should plan for other unexpected scenarios, not just your death. What if your health or your spouse’s health suddenly declines? What if there’s a divorce? There are so many things that you’ve probably never even thought about, but you probably should.

3. Not Writing Your Will Properly

Having a will is something most people don’t even consider. But those who do take the initiative to get a will can still make a serious blunder. For example, some people name specific investments in their will. But what if that person died and the investment isn’t their property anymore? This might force the estate to buy the investment at a much higher price before it could be given to the beneficiaries.

Additionally, some wills are written in a way that’s too restrictive or specific that it can cause problems along the way. If your will says that your property could not be sold under certain circumstances, your beneficiaries might struggle with that in the future.

Some people don’t include a residuary clause in their will. It deals with everything you didn’t specifically name in your will, or forgot to put in. It also deals with things you don’t own yet but will before your death. There are also things you might not know you own. It happens more than you think! And so a residuary clause is necessary.

4. Selling Property for $1

This one may sound pretty bizarre, but it was actually popular years ago in areas that saw very rapid land appreciation. Years ago, you can pay $50 for land in certain areas and it would sell for $2 million now.

In theory, you should be able to sell property for a very low price and avoid taxes on the gain. However, the problem with this is that the IRS will deem it as a gift if it is less than market value. Your heirs will lose the “step up” in value. There’s also the problem of buying a property for $1, selling it for $1 million and then having to pay tax on the $999,999 gain.

So to summarize, it’s not a good idea.

5. Not Dealing with Guardianship Issues

There are those who will leave their assets directly to a minor without dealing with guardianship issues. You have to ask yourself how will they handle the money? What does “for their benefit” entail?

You will have to name a guardian for children who are minors.

Luckily Gudeman and Associates can help you create a proper will. We will help you through the tricky process of estate planning so everything goes exactly as you want it. Work with Gudeman today!

Thanks to Kiplinger for the inspiration to this article.

Please remember none of the content found on this page substitutes for legal advice. Please contact Gudeman & Associates to set up a consultation.

Gudeman & Associates, P.C.
1026 West Eleven Mile Road Royal Oak, MI 48067-5403

(248) 546-2800
https://gudemanlaw.com 



source https://gudemanlaw.com/estate-planning-dont-do-this/

Friday, August 31, 2018

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Going through a bankruptcy as a family can be stressful. Let the Gudeman & Associates team help you and your family navigate this stressful time. Call Now. Gudeman & Associates, P.C. 1026 West Eleven Mile Road Royal Oak, MI 48067-5403 (248) 546-2800 https://gudemanlaw.com Our clients come from- Eastpointe 48201 48066 Farmington 48332 Farmington Hills 48167 48331 48333 48334 48335 48336 Franklin 48025 Grosse Pointe 48230 Grosse Pointe Farms 48326 Grosse Pointe Park 48230 Grosse Pointe Woods 48236 Keego Harbor 48320

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Tuesday, August 21, 2018

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Looking for estate planning in the metro Detroit area? Gudeman & Associates, P.C. 1026 West Eleven Mile Road Royal Oak, MI 48067-5403 (248) 546-2800 https://gudemanlaw.com Serving: 48397 48327 48328 48329 48330 48346 48387 48302 48320 48322 48323 48324 48325 48328 48185 48186 48187

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There is nothing one wishes more than to be able to look after their own family. However, unplanned events and illness might take you away from your loved ones sooner than expected, leaving them unprotected and vulnerable. The team at Gudeman & Associates, P.C. wants you to know that you have options. Gudeman & Associates, P.C. is here to help you make decisions regarding financial, estate and health care directives for you and yours. Gudeman & Associates, P.C. 1026 West Eleven Mile Road Royal Oak, MI 48067-5403 (248) 546-2800 https://gudemanlaw.com

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Friday, August 17, 2018

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We all want the money we have accumulated over our lifetime to go to our family, friends or a 501c3 nonprofit.  Most of us don't want to pay more than our fair share when it comes to tax liability and the transfer of our life's work and savings. Let your kids and your nonprofits get more money by having a solid plan. Let's talk. Gudeman & Associates, P.C. 1026 West Eleven Mile Road Royal Oak, MI 48067-5403 (248) 546-2800 https://gudemanlaw.com

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We want to help your family avoid the headache of probate court. Don't have them waste time and money fighting for what should be theirs. Let us help you create a legal strategy that will make it easy for them. Let's talk. Gudeman & Associates, P.C. 1026 West Eleven Mile Road Royal Oak, MI 48067-5403 (248) 546-2800 https://gudemanlaw.com

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Do you need a living will? Let's talk about what your needs and goals are. We will develop and execute a legal strategy that will help you and your family feel at peace and help you and them reach their goals. Gudeman & Associates, P.C. 1026 West Eleven Mile Road Royal Oak, MI 48067-5403 (248) 546-2800 https://gudemanlaw.com

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Tuesday, August 14, 2018

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The Articles of Condominium, also known as the Governing Documents, is there to protect the developer’s, and all future owners’ interests. You’ll benefit a great deal from the Articles of Condominium—but you still have to take some time to understand it first. If you haven’t read much about real estate law, then you may have a bit of work ahead of you. But we’re here to help. Gudeman and Associates Attorneys can provide the assistance you need when it comes to creating and filing effective Articles, Bylaws, CC&Rs, and Rules & Regulations. This is fantastic for land developers and real estate agents working with neighborhood developers. We love working with other professionals to help coordinate a new project. Gudeman & Associates, P.C. 1026 West Eleven Mile Road Royal Oak, MI 48067-5403 (248) 546-2800 https://gudemanlaw.com

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Monday, August 13, 2018

Association Bylaw Formation Detroit

Creating your own business is tricky, especially if you have no idea how to get started. But it gets even trickier as you go along this path.

With legal issues here and there, it’s no surprise that many entrepreneurs get intimidated and just give up. Worse, they fall into all sorts of trouble involving the law.

A simple business is tricky enough. But imagine how difficult it is to develop a condominium. Developers need to form a Condominium or Homeowners’ Association in order to govern the process of condominium development before any property is even purchased.

What Developers Need To Know

The Articles of Condominium, also known as the Governing Documents, is there to protect the developer’s, and all future owners’ interests.

You’ll benefit a great deal from the Articles of Condominium—but you still have to take some time to understand it first. If you haven’t read much about real estate law, then you may have a bit of work ahead of you.

But we’re here to help. Gudeman and Associates Attorneys can provide the assistance you need when it comes to creating and filing effective Articles, Bylaws, CC&Rs, and Rules & Regulations.

We will help give confidence to you, the stakeholders, the lenders, the investors, and all forthcoming purchasers. Today we’re going to talk about one of these important concepts: the bylaws of the association. What is it? Why do you need it?

Let’s get started.

Bylaws of the Association: What is it?

The Governing Documents help define your corporation and the condominium you are developing, for example. If the Articles of Incorporation are there to provide basic information such as the company name, the location, and its purpose, then the bylaws go a little bit deeper than that.

The Articles of Incorporation, once filed, creates the Association, which automatically includes the developers and future purchasers. The bylaws will dictate a set of rules that will describe how the Association is governed.

For example, it establishes voting rights and procedures such as how to call a meeting and how often these meetings should be held.

The bylaws will describe the Association’s rights and responsibilities. It will help clarify the Association’s role in terms of enforcing the rules and regulations. The bylaws may even establish the procedures for creating the annual budget, as well as determining assessment amounts.

While Associations are generally run by a board of directors, the board of directors follows the bylaws.

Developers must craft these bylaws in a way that suits their goals and the purpose of the Association. A well-crafted one can be made with the help of attorneys.

The Bylaws of Association works in conjunction with the other components of the Articles of Condominium. Together, these governing documents help define the Association: its functions and limitations.

Incorporation has a number of benefits, often reducing the risks that other business usually face. It limits your liability, it enhances your business’s credibility, and it even gives you a few tax benefits.

If you want to develop a condominium, it is also an essential step. Work with Gudeman today and we will provide the legal aid you need to help start your business empire with proper condominium law expertise.































Gudeman & Associates, P.C.
1026 West Eleven Mile Road Royal Oak, MI 48067-5403
(248) 546-2800

https://gudemanlaw.com



source https://gudemanlaw.com/association-bylaw-formation-detroit/