Category: Trust and Estate

Tax Reform Planning Series: Maximize home mortgage interest deductions

Before the Tax Cuts and Jobs Act (TCJA), taxpayers could deduct interest paid on up to $1 million ($500,000 if married filing separately) of home acquisition debt (debt used to buy or substantially improve a first or second home). Also,...

Negative unclaimed property reports are not required (yet)

In May 2017, several of our clients received notices that negative unclaimed property reports would be mandatory starting in 2018. However, the State of Michigan’s website now says that negative reports are not required.  When ShindelRock inquired with the State of...

Obtaining a refund of transfer tax paid on the sale of a home that has lost value

Thanks to a Michigan Supreme Court decision and legislation in which the Michigan Realtors® played a key role, Michigan home sellers whose homes have declined in value since they purchased them have an exemption from transfer tax and can obtain...

How to enhance retirement planning under new tax laws

A recent article from CNBC outlined several ways taxpayers can improve retirement planning under new the tax laws. Here’s an overview: Move to a low-tax state. New caps on state and local tax deductions make retirement in high-tax, blue states...

Understanding the recent changes to Michigan’s unclaimed property laws

Beginning in 2018, all entities registered to do business in the State of Michigan with nothing to report will be required to submit negative reports.  In an effort to help our clients understand the recent changes to our state’s unclaimed...

Why hiring an expert for trust and estate planning is critical

A recent blog post from the AICPA highlights the importance of estate planning with the story of superstar, Prince, who left no will or estate plan for his $250 million fortune. Although it’s been more than a year, the court...

Negative reporting for unclaimed property starts in 2018

Beginning in 2018, all entities registered to do business in the State of Michigan with nothing to report will be required to submit negative reports. All entities have the ability to both report and remit payments electronically. Additionally, Michigan's Voluntary...

How to save taxes if you have residences in more than one state

Being domiciled in a state for tax purposes requires some planning, but can save a great deal of taxes. Each state has mechanisms to protect its residents from another state's income tax. Some planning and attention to the rules can...

The importance of trust and estate planning

In a recent Caring.com study, 58% of American adults admitted to not having a will or trust in place. If you’re one of them, the time is now to start planning. While mortality is a tough topic to discuss, it’s...

How the family attribution rules are applied to controlled groups

The following table is a general description of how the family attribution rules are applied to controlled groups. Please note that they only apply to a brother­-sister controlled group and do not apply to a parent-subsidiary controlled group.