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Michigan Expands Options for Personal Asset Protection
Business owners now have a new way to protect their personal assets. With Governor Snyder’s signing of the Qualified Dispositions in Trust Act (QDTA) on December 5, 2016, Michigan joins 16 other states that permit domestic asset protection trusts (DAPTs). DAPTs are irrevocable trusts which, when drafted and funded correctly, can shield assets in trust from a person’s creditors.
New Overtime Rule Delayed, Possibly Scrapped
Businesses, breathe easier: the new overtime rule, most widely known for raising the threshold overtime exemption for salaried employees, originally set to take effect December 1, 2016, may be scuttled altogether. On November 11, 2016 Texas U.S. District Judge Amos Mazzant granted an Emergency Motion for Preliminary Injunction, effectively blocking implementation of the rule. The Department of Labor appealed the decision on December 1, 2016, but recent developments suggest that the new administration may abandon the appeal and the rule altogether. In late January, the Department of Justice, on behalf of the Department of Labor, asked for a pause in the case to allow the new administration to consider its position on the matter. more
Dissection of the Final Regulations Under PPACA (IRC 501(R)) For 501(C)(3) Hospitals
The Internal Revenue Service and Department of Treasury recently issued final regulations under Section 501(r) of the Internal Revenue Code (Final Regulations). Section 501(r), added as part of the Patient Protection and Affordable Care Act of 2010 (PPACA), established additional requirements for hospitals exempt from federal income taxation under IRC 501(c)(3) – most notably periodic community health assessments, financial assistance policies, limits on patient charges, and billing and collection policies. more
Forming an LLC – Why Hire an Attorney?
To the internet savvy, which applies to most of us today, it is not difficult to find forms to create your own limited liability company – known as the LLC. In Michigan, to form an LLC, all you really need to do is pick out a name for your company (that isn’t already taken) and file a simple sheet of paper with some basic information with the Secretary of State. more
Contact Cooper & Riesterer today: 810.227.3103
The law firm of Cooper & Riesterer, PLC, provides skilled legal services and experienced counsel to clients in Livingston County and throughout Southeast Michigan. We focus our practice on saving our clients time and money by offering: sound legal advice; proactive counsel to avoid future disputes; and effective, efficient resolutions when disputes do arise.