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Michigan recently passed an act that allows individuals to create Domestic Asset Protection Trusts ("DAPTs"), an attractive option to help people protect their assets from the claims of third party creditors. If the basic requirements of the newly adopted Michigan statute are satisfied, it also permits the trust settlor to retain certain powers and interests in the DAPT, including the right to receive distributions, while maintaining significant protection for the assets of the DAPT.

The Trump administration has released its tax reform outline: the “2017 Tax Reform for Economic Growth and American Jobs.” Although it doesn’t include specific proposals like the border adjustment tax, it does call for a “territorial tax system to level the playing field for American businesses,” as well as significant tax cuts and simplification. In a high-level overview of the 2017 Tax Reform Outline, learn more about the impact of each proposal.

On January 20, 2017, Donald J. Trump was sworn in as America’s 45th president. Wasting no time, President Trump has already signed some executive orders, one of which freezes federal regulations pending further review (what this means for various tax regulations, including the proposed valuation discount that the IRS issued in August 2016, is currently unclear). As we wait to see what develops, it is a good time to update a prior discussion focusing on the planning basics and “good housekeeping,” rather than on taxes per se.

We often think of Thanksgiving and Giving Tuesday as ushering in the year-end charitable giving season. Year end is not only a time for gratitude, as families gather for the holidays, but also a time to start organizing financially for the close of the calendar year. But year-end giving does not need to be short-term giving. So even as you strive to be tax-efficient and timely in your year-end giving, those gifts can be part of a longer-term charitable giving strategy.

There has been so much attention this fall on the presidential election that the end of the year has rapidly come upon us. Regardless of the outcome of the election, neither candidate will be able to change the current tax law this year, so most of the usual year-end tax planning strategies remain the same. However, one recent development has caused us to move the always-important “Review your estate plan” to the top of the list.

Donald Trump will become our 45th President, and the Republicans will retain hold of Congress. Based on the Republican Party platform, this could result in dramatic tax code changes. Looking at President-elect Trump’s proposed changes to the tax code, we assess their likelihood of being passed in the next two years.

With Republicans controlling both houses of Congress and the White House, there are three things to know about heading into 2017: (1) expect tax reform to be a high priority; (2) individual tax reform will focus on lower rates but expect to lost some deductions and credits; and (3) business tax reform will focus on rates, depreciation and international taxes.

Defying the betting odds and pollster predictions, Donald Trump has pulled off an improbable victory. As an “unknown unknown,” Trump’s election introduces a level of policy uncertainty. Republicans hold the majority in Congress, but President-elect Trump will have to spend his early days building bridges to gain support for his agenda.