Cottage Law
Posts Tagged “Uncapping Taxes”
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Bill to Prevent Cottage Uncapping Signed Into Law
January 2, 2013On December 27, 2012, HR-4753 was signed into law by Michigan Gov. Rick Snyder. As stated in our previous blog, "HR-4753: An Early Christmas Gift for Michigan Cottage Owners!", this bill allows parents to transfer residential real estate to a… Read More » -
HR-4753: An Early Christmas Gift for Michigan Cottage Owners!
December 20, 2012On December 14, 2012, House Bill 4753 was ordered enrolled by the Michigan legislature. This bill amends the General Property Tax Act to allow parents to transfer residential real estate to a child(ren) without triggering an uncapping of the property taxes.
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Cottage Planning: Dealing with Estate Taxes, Part II
June 22, 2012Part 1 of our "Dealing with Estate Taxes" blog addressed the use of a qualified personal residence trust (or "QPRT"). But using a QPRT only works in certain situations and requires a settlor to willingly give up the cottage at the end of the QPRT term.
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