In the early 20th century, Holland Furnace Co. was the largest employer in Holland, Michigan and one of the most important businesses in the state. Its founders amassed significant wealth, including a massive estate known as Hazelbank.
Tips on how to ride the estate tax roller coaster
The season for changing estate tax exemptions is upon us. Only four months ago, a so-called "permanent" exemption was created for estates of $5 million or less. However, because there was nothing in the national budget proposal that said Congress couldn't change the exemption in the future, the "permanent" limit isn't all that permanent.
Congressman Kildee introduces new bill to revitalize Michigan
Just like the cleanup after a brutal storm, the state of Michigan is attempting to clean up after the recession. One of the hardest hit areas seems to be the housing market which has forced thousands of residents to relocate. As Congressman Dan Kildee explained recently, lost populations in cities across the state have led to an oversupply in vacant and abandoned housing, which in turn is driving down the property values for homeowners in the area.
Arbor Hills shopping district signs big-name tenants
Last week, one of our posts detailed the development of the new Arbor Hills shopping center. Located on Washtenaw Avenue in Ann Arbor, the project seems to be catching more steam this month as the developers on the project announced that they have had 15 tenants sign leases already and are in various stages of negotiations with many others.
Arbor Hills to become newest shopping district in Ann Arbor
Back in 2006, the Ann Arbor City Council approved a plan for an ambitious 138,000-square-foot retail and residential project called The Shops at Arlington. The project was to replace vacant commercial buildings and a former car dealership in an attempt to redevelop a growing area. But when the economy tanked, the project fell apart and the property needed to be sold.
Some asset protection benefits of creating a Michigan trust
How can people in Michigan plan for the unfortunate but real possibility that their heirs and beneficiaries will encounter debt problems or some other financially draining event such as divorce? This question too often goes unaddressed in estate planning, and the money that well-meaning estate planners intend for their loved ones sometimes ends up being divided in a divorce settlement or siphoned away to pay off debt.
Retroactive cancellation of debt may cause legal mess for developer
When Schostak Bros. first built the Cherrylander Center near Traverse City, the mall was supposed to bring in enough profit to pay off the $8.7 million loan used to build the commercial property. But when the economy downturned the family-owned development company was forced to default on its loan. In the end, Wells Fargo repossessed the mall then went after the developer for $2.1 million to cover the remaining balance of the loan.
End of lease puts family business on brink of closure
In Michigan, we've seen small businesses close for one reason or another and although sad, most people never think twice about the reasons for which they closed. Maybe it was because of financial troubles or maybe it was because of location, but most people usually don't think it was because the business was on federal land and was in violation of doing harm to a designated wilderness.
Surrogate family contests validity of woman's second will
Family members need support after the death of a loved one, and estate distribution in Michigan often poses a particularly complex set of problems for grieving families. In the worst scenarios, matters such as undue influence have to be addressed in probate court.
Closed factory cannot be reused for parking, mayor says
Residents who live in the downtown areas of Michigan know that space is limited. And as readers of our blog have seen from previous posts, many developers have taken it upon themselves to reuse properties in areas with limited space and repurpose them to the needs of that particular area.
Heads up investors! Real estate goes IPO
Nearly everyone in the state of Michigan has been watching the state of the economy for the past several years. When it dipped into the worst of the recession, many people wondered if it would ever recuperate to its former glory and many became concerned about whether the stock market would ever be the same again.
A new way to look at retirement life
When most people in Michigan think about retirement-living communities, their brains tend to conjure of images of retirement homes with bland food and décor that appears to have hit its stride 30 years ago. But with new ideas about what retirement life should really be like sweeping the nation in recent years, this common image could become a thing of the past.
Trust options in a new estate tax era
Estate tax laws have changed in the United States, and many Wayne County residents will need to revise their estate planning documents to keep up with the times. In anticipation of the changes, high-earners throughout the country established trusts in 2012 and took other estate planning measures to protect assets and limit tax liabilities.
