January 16, 2013
Filed under: Business Planning,Estate Planning,Estate Taxes and Lifetime Gifts,Federal Estate Tax — Tags: "American Tax Payer Relief Act", "Asset Protection", "Bloomfield Hills", "Christopher Berry", "Estate Planning Attorney", "Estate Planning Lawyer", "Fiscal Cliff Deal", "Macomb County Estate Planning Attorney", "Marc Wander", "Michael P. Witzke", "Michigan Estate Planning Lawyer Blog", "Oakland County Estate Planning Attorney", "Oakland County Estate Planning Lawyer", "Wayne County Estate Planning Attorney", "Witzke Berry Carter & Wander" — Christopher J. Berry @ 4:02 pm
Estate planning lawyers worked themselves ragged to close out 2012 in preparation for the approaching fiscal cliff. Lawyers worked overtime during the holiday season to set up trusts and fund them with gifts that made maximum use of what was then the $5.12 million per person tax-free amount.
(Read more: “Pound Foolish” Author Warns Americans From Taking Foolish Financial Advice)
But in less than three pages in the 157-page law, Congress passed the American Taxpayer Relief Act of 2012 or ATRA, and put to rest the looming uncertainty that had haunted wealthy taxpayers for the past 12 years. As it came to pass, ATRA did not adjust the amount you can pass tax-free during life or at death. On Jan. 11 the IRS announced that with the inflation adjustment, that amount will be $5.25 million in 2013 ($10.50 million for married couples).
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With fewer people worrying about estate tax, lawyers are uncertain what their next career move will be. Clients are calling to ask if they did the right thing, expressing concern about whether they will have enough for themselves down the road and whether they gave too much away. Other residual work for lawyers in 2013 will include preparing gift tax returns for 2012 gifts, which are due on April 15.
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Gift tax audits will begin in 2014, while the IRS challenges some of the cute text tricks used to leverage or pack even more into the lifetime exemption amount. But looking ahead, there is less work to be done. Some firms plan to engage in strategic planning, while others look for growth in the field of elder law, dealing with asset transfer and the quality of life as people age.
Read more: http://www.forbes.com/sites/deborahljacobs/2013/01/15/morphing-into-the-new-age-of-estate-planning/?goback=.gde_1701677_member_204612620
Mr. Witzke practices in the areas of estate and gift tax planning, financial planning, retirement planning, LGBT civil rights, charitable giving, elder law, and small business planning. He focuses on helping clients grow, protect, and transfer wealth efficiently. Mr. Witzke is a past president and board member of the Financial Planning Association of Michigan, a member of the board of directors for Leadership Oakland, and a member of the planned giving advisory committees of Wayne State University and the Community House in Birmingham. Follow Mr. Witzke on Twitter @gr8estatelawyer.
December 3, 2012
Filed under: Business Planning,Estate Taxes and Lifetime Gifts,Federal Estate Tax,Living Trust — Tags: "Bloomfield Hills", "Bush Laws", "Congress", "Death Tax", "Estate Planning", "Federal Estate Tax", "Lifetime Gift", "Living Trust", "Marc Wander", "Michigan Estate Planning Lawyer Blog", "Oakland County", "Obama Administration", "Tax Reform", "Wealthy", "Witzke Berry Carter & Wander", Michigan — Christopher J. Berry @ 3:43 pm
Marc H. Wander is a partner of the Bloomfield Hills law firm of Witzke, Berry, Carter &Wander, PLLC. Marc has been licensed to practice law in Michigan since 1992. Marc’s practice is devoted to estate planning and business succession planning. Marc is a member of the Probate and Estate Planning Section of the State Bar of Michigan and is a prior Chairperson of the Oakland County Bar Association Tax Committee. He is a frequent continuing education speaker to insurance agents, financial advisors, CPA’s and financial industry organizations. He has also been heard on WJR Radio. Follow Marc on Twitter @MarcWander
September 18, 2012
Filed under: Asset Protection,Business Planning — Tags: "Asset Protection", "Business Law and Commercial Transactions group", "Compete", "Death", "Divorce", "Entrepreneur", "Free", "Intellectual Property", "John Carter", "Key Considerations", "Lunch and Launch Series", "Michigan Bar", "Non-compete", "Partnerships", "Sterling Heights", "Witzke Berry Carter & Wander" — Christopher J. Berry @ 2:23 pm
Forming Partnerships: The Key Legal Considerations
Wednesday, September 19, 2012
Noon until 1 p.m.
at Velocity Center
6633 18 Mile Road, Sterling Heights, Mich. 48314
John Carter will provide entrepreneurs an understanding of the various types of “partnership” entities and the “key considerations” before entering into a partnership agreement.
More specifically, participants will learn to identify and address short term issues such as: death, permanent disability, third party sales, withdrawal and retirement, and divorce. Last, to be considered are the affects and proper use of Non-compete and Non-disclosure agreements to protect the partnership’s intellectual property.
John Carter is a principal member at Witzke Berry Carter & Wander, PLLC and leads the “Business Law and Commercial Transactions” group. He has been practicing business and commercial law for 18 years and focuses on assisting Michigan entrepreneurs with business formation, commercial transactions, licensing and franchises, and business succession planning.
Carter is an active member of the Business Law and Unincorporated Enterprises section of the Michigan Bar, and serves as a mentor and teacher with various Michigan entrepreneurial and small business organizations. He received his undergraduate degree from Michigan State University and his law degree from the University of Miami, Fl.
Please bring your lunch, though beverages and dessert will be provided.
For more information on this Lunch and Launch program, or to register for this free event, call Joan Carleton at (586) 884-9324 or email macINC@oakland.edu
WBCW Sept 18th presentation-Considerations for starting Partnerships
Free Initial Consultation
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