Due to the hype about avoiding probate, many couples title their motor vehicles in both of their names. For convenience, some couples title their vehicles in the name of the spouse who purchased them regardless of who regularly drives them. Not paying close attention to how motor vehicles are owned can have devastating effects in Michigan.
Month: August 2011
What Steve Jobs Teaches Us About Succession Planning
It was announced this week by Apple that Steve Jobs had resigned as CEO. Mr. Jobs is the creative genius behind the technology company. The announcement seemed to catch many off guard. The media is speculating about what will happen to Apple’s stock and the company’s future. Fortunately, the company had a plan in place.
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Back to School – What every college student and their parents should not only know about … but have!
Many parents will soon be sending one or more of their children to college and many of those children will be living in an apartment or rental house. Among the lengthy list of things to consider when your child is moving back to college is whether your child should purchase “renters’ insurance.”
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Obama and Death Taxes
President Obama spoke about the future of federal estates tax during his recent bus tour through the Midwest. A family farmer expressed her concern about the pending return of the 2001 federal estate tax exemption in 2013. If Congress and the President fail to act, the federal estate tax exemption per person will drop to $1,000,000, commencing January 1, 2013. The exemption is currently $5,000,000 per person.
Is Your College Student Protected?
While college students everywhere are getting ready to go back to school, one thing they may not be packing is a durable power of attorney. Every college student should have durable powers of attorney in place before they head off to school. In general, anyone over the age of 18 should have durable powers of attorney.
The Michigan State Constitution, Art. II. Sec. 8, extends Michigan voters the right to recall “all elective officers except judges of courts of record” and establishes the minimum number of signatures required on a recall petition. In fact, in Michigan, voters can work to recall elected Members of Congress. The process by which to begin a recall is spelled out in MCL 168.951-976.
Preventing Securities Law Violators from Discharging their Debts in Bankruptcy
The following article appeared in the April 15, 2011 issue of Michigan’s Lawyers Weekly.
Although 11 U.S.C. § 523(a)(19) is not new, it may be underutilized. The subsection was added to the Bankruptcy Code almost a decade ago as part of the Sarbanes-Oxley Act and was designed to make it easier to prevent the discharge of certain debts related to securities law violations. With the recent downturn in the economy and the resulting problems in the stock market, the subsection is particularly relevant today as more fraudulent schemes involving securities violations come to light.
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Preserving a Company’s Reputation in the Wake of Bankruptcy
In bankruptcy, there is more at stake than who gets paid first.
Should a company file for bankruptcy or even begin the discussion, it is important to address the public’s opinion as much as it is to deal with the legal issues.
After all, reputation matters.
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Health Care Mandate – UNCONSTITUTIONAL!
This afternoon, a three judge panel of the 11th Circuit Court of Appeals ruled 2-1 that the so-called “individual mandate” (the Obama health care reform law’s requirement that virtually all Americans purchase health insurance or face penalties) is unconstitutional. The decision in Florida et al v. Dept. of Health & Human Services et al, a suit brought by 26 states, marks the first time that a judge appointed by a democrat has voted to strike down the mandate. The panel ruled that the individual mandate portion of the law exceeds Congress’ power under the commerce clause by “mandating that individuals enter into contracts with private insurance companies for the purchase of an expensive product from the time they are born until the time they die.” However, the appellate court did not go as far as the district court that originally heard the case, which found the entire health care overhaul to be unconstitutional.
Stepping up to the challenge
The following article appeared in the August 8, 2011 edition of the Ingham County Legal News regarding the commitment lawyers should have to ensuring continuity in the legal profession….
Attorneys have an obligation to invest in the legal industry to ensure quality lawyers continue to emerge from our nation’s law schools. In the fall of 2010, Michigan State University College of Law approached Fraser Trebilcock with the challenge of raising money for a variety of programs at the law school from all of the alumni at the firm.