New Michigan Law Seeks to Minimize Unnecessary Terms of Probation

Senate Bill 1048 is designed to reduce the entanglement of typically law-abiding citizens convicted of minor offenses with the court system.  It’s now presumed that a person who is convicted of a non-serious misdemeanor should not be sentenced to jail or probation unless there’s evidence presented by the prosecution to the contrary.  Serious misdemeanor offenses are enumerated in MCL 780.811 and include domestic violence, child abuse, and certain offenses involving a firearm.

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If you have been charged with a crime and need advice, reach out to our expert criminal defense attorney in Ann Arbor, Steven Tramontin. Call us at 734-665-4441 or email Steven at stramontin@psedlaw.com.

What You Need to Know About Bitcoin

Bitcoin volatility is driven in large part by varying perceptions of the value of the cryptocurrency. Bitcoin.org gives this warning, “The price of a bitcoin can unpredictably increase or decrease over a short time due to its young economy, novel nature, and sometimes illiquid markets. Consequently, keeping your savings with Bitcoin is not recommended at this point.”

One of the initial attractions of bitcoin was that it seemed anonymous. However, the United States government has announced in recent weeks that ransomware, which can involve bitcoin, is an urgent national security threat. Ransomware occurs when an actor locks a victim’s data with encryption until a ransom demand is met for their release, typically with digital currency like bitcoin. Bitcoin accounts for approximately 98% of ransomware payments. 

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If you’re interested in learning more about bitcoin and how it could affect your business,  please call Edwin Pear, Ann Arbor business attorney at 734-665-4441 or email him at epear@psedlaw.com.

Bitcoin 101

Bitcoin was the first example of cryptocurrency. Cryptocurrencies are an entirely digital currency, and bitcoins aren’t printed but are produced by computers and held electronically.  Bitcoin allows for a minimal amount or even no trust between the parties in the transaction. Bitcoin stores transactions through a blockchain, which is a specific type of database that stores every transaction ever made. Bitcoin calls the blockchain a “shared public ledger.”

Bitcoin is open-source; its design is public; nobody owns or controls bitcoin and everyone can take part. Bitcoin is legal and can be spent on anything. Many major companies accept bitcoin, including PayPal, Starbucks, and Etsy. 

Bitcoin is a relatively new type of currency, with many potential but unproven applications in the future. It is under increased scrutiny from regulators, and this is likely to continue as Bitcoin grows. Learn more here!

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about bitcoin and how it could affect your business,  please call Edwin Pear, Ann Arbor business attorney at 734-665-4441 or email him at epear@psedlaw.com.

What You Need to Know About Annual Gifting

Under current law, the annual gift tax exclusion is $15,000 per donor per recipient.  This means an individual can make as many gifts of $15,000 to as many people as he or she chooses, free of taxes for the recipients. Annual gifts don’t reduce the lifetime exemption for federal estate tax and gift tax for individuals. Currently, the lifetime exemption is $11.7 million per individual and $23.4 million per couple.  Most estates are significantly less than those amounts and will not be subject to estate or gift taxes. However, there’s a good deal of concern that Congress may reduce the lifetime exemption. If Congress does nothing to the current law, the exemption will return to approximately $6 million per donor in 2026. 

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If you’re interested in learning more about annual gifting, please contact estate planning attorneys in Ann Arbor at 734-665-4441.

Lower Lifetime Estate and Gift Tax Exemptions with Help from PSED

Given the possibility of a lower lifetime estate and gift tax exemption, individuals and couples may want to consider annual gifting as a way to reduce the size of their estates to reduce or eliminate estate tax at the time of their death.  

For example, a married couple with three married children and four grandchildren could give away $300,000 per year by each parent gifting $15,000 to each child, their spouses and each grandchild.  And, they could repeat these gifts annually.

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If you’re interested in learning more about annual gifting, please contact estate planning attorneys in Ann Arbor at 734-665-4441.

How to Handle Transferring Assets in a Trust

Invariably, clients’ assets consist of things like bank and brokerage accounts, stocks and bonds, real estate, businesses, retirement and life insurance, household goods and furnishings and motor vehicles.

Find out what you need to get each asset across the finish line here. 

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about funding your trust and crossing the “goal line,” please call Marty Bodnar, Ann Arbor estate planning attorney at 734-665-4441 or email him at mbodnar@psedlaw.com.

How Can I Get My Trust Across the Finish Line?

For each client, an excel spreadsheet of their assets is created. We review it with you throughout the process to make sure all your assets are on it. In the past, clients have forgotten about a vacant lot in Arizona, an undivided interest in a cabin or U.S Savings bonds sitting in a safe deposit box. If one asset is forgotten and not titled properly, probate will be looming in the future.

Learn more here!

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about funding your trust and crossing the “goal line,” please call Marty Bodnar, Ann Arbor estate planning attorney at 734-665-4441 or email him at mbodnar@psedlaw.com.