If the U.S. economy is to hit escape velocity in 2017 with growth hoping to exceed 1.5-2 percent annual rate we’ve seen over the course of the recovery, you can anticipate the real estate sector will serve as rocket fuel. Composing approximately 15 percent of GDP, the housing sector hasn’t done so much heavy lifting… [Continue Reading]
It’s “Quick-7” Check-Up Time: 7 Ways to Protect Your Financial Health
As news broke on Christmas Eve that a giant sinkhole had opened up in the city of Fraser, Michigan, the thinking of many homeowners affected by the disaster was likely that their insurance company would step in. Think again. Natural disasters and other catastrophic events are typically not top-of-mind when it comes to protecting your… [Continue Reading]
Protecting Your Wealth With A Domestic Asset Protection Trust
Beginning next month, Michigan will recognize the legality of Qualified Asset Protection Trusts, also known as Domestic Asset Protection Trust — or DAPT. This type of asset protection instrument is potentially a great way for an individual to protect their assets from the reach of creditors. Signed into law at the end of the last… [Continue Reading]
Michigan’s Marijuana Industry Girds for a Shake-Up
Laws enacted last fall to establish a framework for the state to legalize, regulate and tax a broader range of Michigan’s medical cannabis industry have begun to coalesce, with the legalization of retail dispensaries likely to garner the most attention. The legalization of dispensaries, which was established in a tripartite of bills passed by both… [Continue Reading]
Can Community Land Trusts Fix Detroit’s Foreclosure Mess?
According to statistics from the U.S. Census Bureau, nearly one of every six homes in the city of Detroit faced tax foreclosure in 2015. An effort to stanch the bleed and return control of neighborhoods to its homeowners is being explored through models like Community Land Trusts. There are several reasons why Detroit faces such… [Continue Reading]
Will You Owe Tax on Holiday Presents?
The end of the year is traditionally the season of giving, and where there are gifts, there’s also the potential for gift tax. The U.S. tax laws impose gift tax on gifts of cash or property whose value exceeds annual limits, with rates as high as 40 percent. Most people never think about what the… [Continue Reading]
Michigan Enacts First Law for Testing, Sale of Driverless Cars
Michigan, in a race with Silicon Valley for supremacy in autonomous autos, enacted legislation in December that it says is the first in the U.S. to establish comprehensive regulations for testing, use and the eventual sale of self-driving cars. Gov. Rick Snyder signed a package of bills into law defining how self-driving cars can be… [Continue Reading]
Notice to Employers: Michigan’s Minimum Wage Set to Increase Jan. 1
Businesses in Michigan that pay employees minimum wage should be prepared for the wage’s next round of increases, which are set to take effect Jan. 1, 2017 and increase 40 cents, from $8.50 to $8.90 an hour. This increase marks the third step of a gradual 25 percent increase in the minimum hourly wage rate… [Continue Reading]
Hopes for Student Loan Debt Relief Wane with Education Secretary Pick
While many “school choice” proponents cheered President-elect Donald Trump’s nomination of Republican donor, businesswoman, philanthropist and Michigan native Betsy DeVos as education secretary, there are some questions about what will happen regarding student loan debt relief. Trump’s higher education policies have yet to be defined. According to the Associated Press, during an October speech in… [Continue Reading]
Is Social Security or Pension Income Safe from Garnishment?
What happens if a creditor obtains a court order seeking garnishment of your wages, but your income comes from Social Security or a pension? The rules can be a little tricky, so here’s a quick Resnick Law guide to understanding your rights: Can Social Security be Garnished? Typically, your Social Security can’t be garnished. Most… [Continue Reading]
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