By Cynthia L. Umphrey [Summer 2009]
Most business owners are currently spending much of their energy working to ensure their company’s near-term survival. Others are working long hours in businesses that are currently thriving despite these difficult conditions. While this hard work is admirable, it sometimes causes us to overlook our long-range plans.
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By Ronald S. Nixon [Summer 2009]
One of the most effective means to protect a business’ sensitive information and customer relationships is a well-drafted noncompete agreement. Michigan court decisions have confirmed this over the last two decades.
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By Andrew J. Goldberg [Fall 2008]
Senator Carl Levin of Michigan recently introduced legislation in the Senate that, if passed into law, would dramatically impact state laws regarding the public disclosure of the names of owners of privately owned corporations and limited liability companies.
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By Cynthia L. Umphrey [Summer 2008]
In good economic times, many companies had so much business that they didn’t have to plan or strategize. They were so busy working “in” their businesses that they forgot to work “on” their businesses.
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By Cynthia E. Brazzil [Summer 2007]
If you are starting a new business or just making a passive investment, selecting the proper legal structure is critical. If you already have a business or investment with others, you should review the business form you are using on a regular basis to determine whether it is still the best choice.
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By Cynthia E. Brazzil [Winter 2006]
Business owners are experiencing more rapid change and more complicated challenges than ever. As companies work to grow their businesses and expand their markets, it becomes necessary to consider acquisitions, recapitalization or merger.
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By Ralph A. Castelli, Jr. and Cynthia E. Brazzil [Summer 2006]
Selling a business tends to be a surprisingly difficult and even emotional experience for most owners. However, the process becomes much easier when the seller knows what to expect. A good corporate attorney can uncover the mystery of selling a business by walking the owner through every phase of the sale.
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By Cynthia L. Umphrey [Summer 2005]
An important part of many business owners’ exit strategy is to accumulate investments outside of their companies on a tax deferred basis. The Roth 401(k) may be a very valuable tool to assist owners in achieving this goal.
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By Cynthia L. Umphrey [Spring 2004]
This case study describes a family man and business owner who took the time to develop an effective Exit Plan. If you own a business and would like to secure a solid future for your family and business, an Exit Plan developed by your Kemp Klein exit strategist is critical.
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By Cynthia L. Umphrey [Fall 2003]
Exit Planning is the process that brings all of the elements of a successful planned business transition together with other personal planning matters. The purpose is to assist you in achieving your goals so you can exit your business in a timely, tax-effective, organized and successful manner without leaving a wake of family and/or business problems behind.
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By Cynthia L. Umphrey [Summer 2003]
An introduction to a series of articles on the exit planning process.
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By Cynthia L. Umphrey [Spring 2003]
Statistics say that approximately 60% of business owners in the United States intend to leave their business within the next 5-10 years. Do you have a plan detailing how this will be accomplished?
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By Andrew J. Goldberg [Summer 2009]
In an effort to reduce costs without laying off employees, some businesses are drastically cutting back on employee benefits. A significant risk in reducing employee benefits is that companies may find themselves at risk for violating the non-discrimination rules of Section 125 of the Internal Revenue Code. The result of failing to meet the Section 125 requirements is that employees may have to pay additional taxes on their benefits, as well as penalties and interest.
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By Gloria M. Chon [Summer 2009]
Under the American Recovery and Reinvestment Act of 2009, an unemployed person may be eligible to pay only 35% of his or her premiums under COBRA (Consolidated Omnibus Budget Reconciliation Act). The employer will be reimbursed for the remaining 65% through a tax credit.
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By Thomas L. Boyer [Spring 2008]
There is no question that an employer may require a certain level of relevant education or training for a new hire to qualify for a job. However, it is more complicated to determine whether a non-exempt employee must be paid for attending training programs, lectures and meetings throughout the term of employment.
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By Thomas L. Boyer [Fall 2007]
For 10 years, the minimum hourly wage in the United States under the Federal Fair Labor Standards Act was the same as under the Michigan Minimum Wage Law: $5.15. During this period, and for decades previously, the Michigan minimum wage was largely ignored because employers are subject to the federal minimum wage law unless the federal minimum wage is lower than the state minimum wage.
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By Cynthia L. Umphrey [Spring 2006]
Can you imagine your most valuable employee leaving your company; especially to work for a competitor? It would be quite difficult and expensive for both you and your business. Golden Handcuff plans can help minimize this risk.
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By Ralph A. Castelli, Jr. [Summer 2003]
It’s critical for an enterprise to periodically review the status of its workers and see if they are properly classified as an independent contractor or employee.
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Contains excerpts from the Employment Law Answer Book, 2003 and 2005 Cumulative Supplements, Panel Publishers, NY, NY, co-authored by Mark R. Filipp and Thomas L. Boyer as well as another attorney.
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By Raymond L. Morrow and Gloria M. Chon [Winter 2008]
If someone serves alcohol to a minor or visibly intoxicated person who then causes damages to a third party, the server may be liable for the damages suffered by the third party. This applies whether the person who served alcohol was a bar owner or just a social host entertaining at home.
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By Thomas L. Boyer [Summer 2005]
Should you give your social security number when opening an account or making a purchase online? If you operate a business, is it lawful to ask for your customer’s social security number? Before you answer these questions, take a look at the State of Michigan’s new law.
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By Andrew J. Goldberg [Winter 2007]
After much clamoring, the Michigan legislature replaced the dreaded Michigan Single Business Tax (SBT) with the new Michigan Business Tax (MBT). The following is a brief summary of the new law as well as planning issues to be addressed.
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 Article Update
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By Cynthia L. Umphrey [Summer 2007]
A 401(k) or an IRA can help you leverage your savings and defer a lot of income tax in your lifetime. But what happens to 401(k) or IRA money when someone dies? Why does it matter if you inherit a 401(k) instead of an IRA?
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By William B. Acker [Summer 2007]
Any taxpayer who prepares and files a tax return that is past due or which corrects an omission of income may be exposed to additional tax liability and should seek legal counsel.
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By Cynthia L. Umphrey [Spring 2007]
If you export U.S. made products to any foreign countries (including Canada and Mexico), you may be able to save as much as 20% on your federal income taxes by forming an “IC-DISC.”
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By Jay H. Brody [Fall 2006]
Usually, your accountant is your first phone call when the subject of taxes comes up. However, many people don’t realize that your attorney and your accountant should work together. Both professionals can strategically adjust your financial plan to implement the changes that decrease your income tax liability resulting in more money for you and/or your business.
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By William B. Acker [Summer 2004]
True to its word, the Internal Revenue Service (IRS) has switched its enforcement emphasis from criminals trying to launder their ill-gotten money to general taxpayers. Prosecutions of tax fraud involving “legal” income were up 20 percent in 2003 and the IRS reports substantial increases in the number of indictments and rate of acceptance of criminal case referrals to the U.S. Justice Department.
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By Debra Nance [Spring 2004]
The adoption of a child is a wonderful experience but, as you may expect, there are many expenses and costs involved in the process. The Small Business Job Protection Act was developed to promote adoptions in the United States by offering a federal tax credit (a dollar-for-dollar reduction to your tax bill) to defray the cost of customary adoption expenses. On June 7, 2001, the President signed a tax bill that modified and increased the tax credit for all qualified adoptions.
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By Andrew J. Goldberg [Winter 2008]
As the federal government has taken over more than ten failed banks this year, panicked consumers are wondering how to ensure their bank deposits are adequately protected by Federal Deposit Insurance Corporation (“FDIC”) insurance.
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By Cynthia L. Umphrey [Winter 2008]
It’s no secret many of us are currently experiencing a rough financial ride. Some protective steps taken now may go a long way toward covering your downside. The best time to engage in protecting your business and personal assets is long before you have problems.
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By Bonnie L. Beutler [Spring 2008]
For years, you have dreamed of starting a business but you do not have the money or do not want to borrow from a bank. There is a solution. You can use your retirement savings to invest in a business of your own.
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By Andrew J. Goldberg [Fall 2007]
For most small businesses, banks remain the primary source of capital. Because banks have something businesses want, namely money, businesses believe they have no leverage when negotiating loan agreements. However, this it not necessarily the case.
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By Jay H. Brody [Winter 2006]
A Health Savings Account (“HSA”) is an account that you can put money into to save for future medical expenses. There are certain advantages to putting money into these accounts, including favorable tax treatment. HSAs were signed into law by President Bush on December 8, 2003.
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By Stuart Sinai [Summer 2004]
Even if you haven’t been sworn in and even if you haven’t been read Miranda warnings, a false statement can land you in court. If found guilty, it can also put you behind bars for a maximum of five years.
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By Joseph P. Buttiglieri [Winter 2008]
We have all been inundated with news of our country’s financial crisis, the health care cost and availability crises, the fluctuating cost of gas, infrastructure challenges and myriad other issues that seem to have impacted us suddenly and simultaneously. The truth is that none of these problems arrived without warning.
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By Joseph P. Buttiglieri [Fall 2008]
Recently, I read “The Last Lecture” by Dr. Randy Pausch, a well respected professor at Carnegie Mellon University. You might have heard about Pausch’s lecture, titled “Really Achieving Your Childhood Dreams,” on Oprah or YouTube. It was part of a series where top academics are asked to think deeply about what matters to them, and then give a hypothetical “final talk” about their life and legacy. Ironically, Pausch had been diagnosed with terminal pancreatic cancer prior to his lecture, making it a poignant commentary for his family, his audience and the thousands who downloaded the lecture online.
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By Cynthia L. Umphrey [Fall 2007]
People usually purchase life insurance (and especially term life insurance) only to provide a benefit to the family at death. In the past, if you had insurance and no longer needed the death benefit, you would cash in the policy for its surrender value or in the case of term insurance, just stop paying premiums and let the policy lapse.
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By Lawrence G. Snyder [Winter 2006]
We often hear the word “estate” and imagine large homes, jewels and other valuables. However, in many cases, the estate of a deceased person can be small. When this happens, family members wonder if they can transfer the estate without costly court proceedings.
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By Michael D. Umphrey [Spring 2006]
As it stands today, any assets you want to leave at death will be taxed by the government. Although it’s likely the estate tax will be changed or eliminated in the near future, your “people planning” issues remain very important.
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By Michael D. Umphrey [Summer 2004]
Naming a beneficiary can have important ramifications for your overall estate plan. In this article we discuss naming the beneficiary for your tax-qualified retirement plans including IRAs, 401(k)s and pensions.
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By Cynthia L. Umphrey [Summer 2004]
For years, Family Limited Partnerships (FLPs) have been one of the key tools lawyers, accountants and other financial advisers recommend to wealthy clients for transferring large amounts of money and other property in a gift and estate tax advantaged manner to their heirs. Limited Liability Companies are also often used.
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By Michael D. Umphrey [Spring 2004]
Regulations recently issued under the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”) impose substantial restrictions on the use and disclosure of our health-related information. In addition, Michigan recently enacted the Michigan Medical Records Access Act (“MRAA”), which also poses much the same restrictions and resulting problems as HIPAA. The goal was to protect individuals from people who might use their medical history against them in the case of employment or insurance. But the changes do not take into consideration the times when persons are so ill they cannot make their own medical decisions or handle their own financial affairs.
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By Gloria M. Chon [Spring 2009]
A new Michigan law prevents many transfers of member interests in LLCs that own real property from escaping Michigan’s state transfer tax. The new law would impact completed transactions because it is retroactive to January 1, 2007, and imposes state transfer tax on transactions previously thought to not be subject to that tax.
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By Bonnie L. Beutler [Spring 2009]
In this tough economy, property owners are facing a short money supply and many are considering ‘walking away’ from their mortgages. This article answers some of the difficult questions faced by property owners.
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By Bonnie L. Beutler [Fall 2008]
Many owners in Michigan are trying to sell one home while living in another home. Fortunately, owners can now retain an additional homestead exemption, now called a “principal residence exemption,” for up to three years.
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By Bonnie L. Beutler [Winter 2007]
Friends often ask me whether a purchaser should hire an attorney for a real estate transaction, even where they may be represented by a real estate broker. The response is usually yes: an attorney’s input can be vital, especially when purchasing commercial real estate.
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By Bonnie L. Beutler [Fall 2007]
Detroit’s theatre and waterfront districts are being transformed into productive and profitable properties. Nevertheless, many properties remain undiscovered and abandoned. Many parcels were removed from the tax rolls years ago and simply need rehabilitation.
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By William B. Acker [Spring 2007]
Conservation easements offer powerful tools for conserving remarkable attributes of real property and, if correctly planned and implemented, may offer significant tax benefits.
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By Patricia Paruch [Spring 2004]
The receding water in Lake St. Clair and the Great Lakes is leaving property owners high and dry. Emerging, unsightly wetlands now stand in the way of easy access to their boats and the postcard pleasures of lakefront property.
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By Ronald S. Nixon [Spring 2007]
As business professionals, we’re inundated each day with e-mails, voice mails, text messages, faxes and more. The federal courts recently amended their rules to clarify that all this “electronically stored information” or “ESI” can be used in litigation.
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By Thomas J. O’Connor [Spring 2007]
When a business grows or makes a significant change, it often faces new and unexpected legal issues. An established business may emerge from the shadows and not only generate attention from customers, it may also be noticed by competitors who want to “steal” their ideas.
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By Thomas J. O’Connor [Fall 2006]
For many modern companies, their formulas, processes, techniques and custom software are among their most valuable assets. This “intellectual property” (IP) is the foundation of many companies’ profitability.
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By Ronald S. Nixon [Spring 2005]
Michigan’s Uniform Trade Secret Act (MUTSA) was adopted in 1998 with the goal of encouraging innovation. It was intended to give Michigan businesses a greater ability to protect their confidential information. But it is still not clear whether MUTSA offers any greater protection than was previously offered by the state. It looks like a contract is still the safest means to protect confidential information, including trade secrets.
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By Thomas J. O’Connor [Summer 2004]
If your company has trade secrets, we suggest you develop policies to guard these valuable assets. If you are thinking about hiring employees away from your competitor, we suggest you take steps to protect your company against charges of trade secret infringement.
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By Andrew J. Goldberg [ADvice Issue 10; April 2010]
The use of insurance is a major component of most companies' risk management strategy.
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By Andrew J. Goldberg [ADvice Issue 9; January 2010]
This edition is intended to provide a general overview of the Estate Planning process and issues you should think about.
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By Andrew J. Goldberg [ADvice Issue 8; August 2009]
Twitter and other social networking sites can be “cringe-inducing” for lawyers and business professionals. That’s because as social networking becomes more commonplace, businesses are finding numerous legal issues attached to them.
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By Andrew J. Goldberg [ADvice Issue 7; March 2009]
For years, consumer products companies have relied on testimonials and endorsements as evidence of the quality, value, and anticipated results of their products. However, these endorsements often do not represent typical results a consumer would experience. But, as long as the advertiser complied with the Federal Trade Commission (“FTC”) guidelines on endorsements and testimonials, the ad would not violate FTC regulations.
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By Andrew J. Goldberg [ADvice Issue 6; December 2008]
Regardless of the position you occupy in the advertising and marketing industry, an important part of accomplishing your job involves negotiating. Each and every day, with clients, colleagues, adversaries, allies, competitors, and strategic alliances, we engage in negotiations of some sort. For many, this is an enjoyable “game,” for others, it is a daunting challenge because they are afraid they might “lose.”
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By Andrew J. Goldberg [ADvice Issue 5; September 2008]
Advertisers often use the name, likeness, voice, and other attributes of famous actors, athletes and other well known personalities. While there are many benefits to using another’s Identity for promotional purposes, there are also significant risks.
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By Andrew J. Goldberg [ADvice Issue 4; April 2008]
Almost everyone has a website these days. In this “information age,” you can launch a site in mere minutes. However, if you are a business with information and assets to protect, there are many issues to consider before launching your own site.
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By Andrew J. Goldberg [Spring 2008]
Using sponsorships to increase brand recognition has never been more prevalent or more complicated. While sponsorship can be a valuable marketing tool, it is also fraught with risks if appropriate precautions are not taken.
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By Andrew J. Goldberg [ADvice Issue 3; February 2008]
This issue focuses on noteworthy trends and court cases from 2007, as well as some issues to be aware of in 2008.
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By Andrew J. Goldberg [ADvice Issue 2; October 2007]
This issue provides a basic overview of trademarks and copyrights, sometimes referred to as intellectual property.
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By Andrew J. Goldberg [ADvice Issue 1; August 2007]
Now, more than ever, advertisers are scrutinizing their contracts to ensure they receive what the agency promised. So, agencies must be sure their contracts are “air tight” to protect their interests.
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By Thomas V. Trainer [Spring 2009]
Medicare costs are sucking up much of the federal tax revenue and soon it is likely to get much worse. President Obama’s comments about getting these programs under control will likely mean REAL Medicare and Social Security cuts. Everyone should brace for the potential impact by doing some planning because this will affect each of us in some way, not just the country’s low-income population.
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By Cynthia E. Brazzil [Spring 2009]
In these economic times, one needs to be cautious about any and all spending. However, there are situations where a small expenditure can result in big financial and emotional savings down the road. While you don’t want to run to your lawyer or elder law advisor for just anything these days, you will still need to use them for the bigger “life issues.”
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By Cynthia E. Brazzil [Winter 2008]
We have all heard that to qualify for Medicaid, an applicant needs to be below the poverty level. However, many seniors are living on limited funds, with just a small amount of savings or assets, but still cannot get Medicaid help. What’s worse, if one spouse requires nursing home care, the cost of private pay nursing home coverage can exceed $8,000 per month without Medicaid.
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By Cynthia E. Brazzil [Fall 2008]
One of the biggest concerns of older adults and their family members is the ability to maintain ownership of their life-long home. As an older adult develops the need to enter a nursing home, further concerns and complications can arise if the government puts a lien on the real estate.
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By Brian H. Rolfe [Summer 2008]
“If I’m going through a divorce, can I secretly video/audio tape my spouse interacting with our kids?” I often get this question either before, during or after a divorce proceeding. Usually, a person wants to use the recording to impact the custody arrangement.
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By Debra Nance [Summer 2008]
The desire to reproduce may be a natural instinct, but the ability to reproduce is not guaranteed. Problems in fertility have existed for centuries, and may have perpetuated the age-old use of surrogates.
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By Barbara P. Andruccioli [Fall 2006]
Children are involved in the legal system every day. However, since they are not eighteen, if a child inherits money or is awarded a sum of money from a personal injury case, their assets will be managed by another.
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By Thomas V. Trainer [Summer 2006]
The new Medicare Prescription Drug program started on January 1st, 2006. Like most things in life, it has been a bit of good news/bad news. Hopefully, it has made prescription medications more affordable for people with Medicare coverage. However, there remains considerable confusion about the program, and finding out whether it is of benefit or not requires a fair amount of effort. For this article, we’re just going to cover some program basics. So, those of you who are still deciding what to do will have a starting place for informed decisions.
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By Lawrence G. Snyder [Summer 2006]
For those who have taken on guardianship responsibilities for a mentally or physically incapacitated individual, it’s difficult to decide how far to go to protect them. One seemingly unusual, but growing question is whether a guardian can seek sterilization for the “ward” to prevent him or her from becoming a parent.
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By Joseph P. Buttiglieri [Spring 2006]
A growing legal problem is financial abuse of the elderly. Older persons are increasingly vulnerable because they are often frail, trusting and/or lonely. They are targeted, not only by neighbors and family members, but by telemarketers, door-to-door salespersons, bank tellers and other semi-professionals with whom they come in contact.
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By Thomas V. Trainer [Summer 2005]
Whether you are planning for your own “golden years” or caring for an aging relative, it might be difficult to find the right resources. A rapidly growing area in the legal field is “elder law,” which addresses the needs of older and/or disabled clients and their families. Essentially, elder law attorneys help these clients sort through Medicaid, Medicare, retirement income planning, long-term and nursing home care, revocable living trusts, probate and estates.
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By Barbara P. Andruccioli [Summer 2005]
Grandparents’ visitation rights have been unclear for years. However, on January 3, 2005, Governor Granholm signed a new law into effect which defines how much access grandparents may have to their grandchildren.
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By Joseph P. Buttiglieri [Summer 2004]
When the court is seeking information about a parent’s ability to pay child support, there seems to be no such thing as “confidential” information. According to recent Court of Appeals rulings, an ex-husband can have access to the prenuptial agreement between his ex-wife and her new husband, and an ex-wife can have access to the income tax returns of her ex-husband and his new wife.
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- 2009:
Winter 2009; Vol. 21, Issue 4
Fall 2009; Vol. 21, Issue 3
Summer 2009; Vol. 21, Issue 2
Spring 2009; Vol. 21, Issue 1
- 2008:
Winter 2008; Vol. 20, Issue 4
Fall 2008; Vol. 20, Issue 3
Summer 2008; Vol. 20, Issue 2
Spring 2008; Vol. 20, Issue 1
- 2007:
Winter 2007; Vol. 19, Issue 4
Fall 2007; Vol. 19, Issue 3
Summer 2007; Vol. 19, Issue 2
Spring 2007; Vol. 19, Issue 1
- 2006:
Winter 2006; Vol. 18, Issue 4
Fall 2006; Vol. 18, Issue 3
Summer 2006; Vol. 18, Issue 2
Spring 2006; Vol. 18, Issue 1
- 2005:
Summer 2005; Vol. 17, Issue 2
Spring 2005; Vol. 17, Issue 1
- 2004:
Winter 2004; Vol. 16, Issue 4
Fall 2004; Vol. 16, Issue 3
Summer 2004; Vol. 16, Issue 2
Spring 2004; Vol. 16, Issue 1
- 2003:
Winter 2003; Vol. 15, Issue 4
Fall 2003; Vol. 15, Issue 3
November 2003 Alert
Summer 2003; Vol. 15, Issue 2
Spring 2003; Vol. 15, Issue 1
- 2002:
Fall 2002; Vol. 14, Issue 3
Summer 2002; Vol. 14, Issue 2
Spring 2002; Vol. 14, Issue 1
- 2001:
Winter 2001; Vol. 13, Issue 4
Fall 2001; Vol. 13, Issue 3
Summer 2001; Vol. 13, Issue 2
Spring 2001; Vol. 13, Issue 1
- 2000:
Fall 2000; Vol. 12, Issue 3
Summer 2000; Vol. 12, Issue 2
Spring 2000; Vol. 12, Issue 1
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