News
New Michigan Trust Code Changes Go Into Effect As we enter into the next decade in the new location of the Center for Estate Planning, our law offices remain committed to providing you with the most strategically arranged estate plans. To that end, I want to update you on a few items that could affect you and your families. CHANGES TO THE MICHIGAN TRUST CODE Effective April 1, 2010, Michigan joined 38 other states in adopting the Uniform Trust Code. While this does not invalidate prior estate planning, there are several noteworthy changes:
ESTATE TAX LAW Congress enacted a change in the Estate Tax laws back in 2001 that came to an end on December 31, 2009. While there is no Estate Tax in 2010, it is presently scheduled to be reinstated in 2011 with a 1 Million Dollar exemption AMONG SEVERAL CHANGES:
ROTH IRA CONVERSAIONS Have you ever considered converting your regular IRA into a Roth IRA, which avoids the payment of income tax upon future distributions but in the alternative requires the immediate payment of income tax? If this is something of interest to you, we recommend doing so in conjunction with the advise of your financial or tax planner since this year and next there are income and tax payment alternatives that will not be available in future years. While these are just a few of the more significant changes now affecting estate plans, we recommend an overall review of your current estate plan to determine if any of these legal changes or your life changes would justify our involvement. Neilson Celebrates 25th Anniversary by Giving Back to Michigan Entrepreneurs Bloomfield Hills Law Firm to Host Free Consulting Event for Michigan Small Businesses May 6 at Bloomfield Hills Office
Bloomfield Hills, Mich. - The law firm of Lipson, Neilson, Cole, Seltzer & Garin can identify with the challenges and opportunities currently faced by Michigan entrepreneurs in these difficult times. The Lipson Neilson firm was founded in 1985, at the cusp of an economic recovery beginning to develop 25 years ago. Since its modest beginnings with only 3 attorneys, Lipson Neilson has grown into a full-service law firm with four offices and 26 attorneys in two states. In celebration of its silver anniversary, Lipson Neilson will be reaching out to entrepreneurs and emerging business owners who are charging down the same path that Lipson Neilson itself embarked upon 25 years ago. The firm is offering to help provide them with the tools to spur an economic success story of their own with a May 6th consulting event at the firm’s Bloomfield Hills office. “In 1985, after a period of some of the darkest days in Michigan’s economic history, the state began to come back with a vengeance. We want to use our 25th anniversary to help inspire another rebirth for the companies that can most make a difference in our state’s economic future, the small business entrepreneurs,” said firm co-founder and Managing Partner Jeffrey Neilson. Lipson Neilson will host its free consulting event for 25 entrepreneurial companies selected from submissions to the firm. Attorneys from the Lipson Neilson firm will cover a myriad of areas that most start-up and emerging businesses encounter, including company organization, structure, financing, and marketing. The firm will provide a full complement of sound advice to help entrepreneurial companies negotiate these difficult times and help them develop a plan for success in the Michigan economy. “Our hope is that this free, no obligation event will help give these companies some of the tools they need to make smart decisions going forward,” said Neilson. “Many small businesses and start-ups in 1985 became an integral part of Michigan’s recovery in the 80’s and we would love to assist in the re-birth of new companies in 2010. We thought this was a great way to celebrate our birthday and share our success.” Since its origins 25 years ago Lipson Neilson has undergone steady growth, first adding an office in Las Vegas, Nevada that has now has five full-time attorneys. In addition, the firm recently expanded its main office in Bloomfield Hills and has added satellite offices in Grand Rapids and Grosse Pointe. With a diverse, full-service practice including tax planning, business structure, pre-probate advice for family-owned businesses, guidance and representation in litigation, employment practice law and professional liability defense, Lipson Neilson has become a “go-to” firm for emerging Michigan companies needing one firm to offer a full complement of business services. While the current success of the firm is being celebrated with its 25th anniversary, it was the original vision of late co-founder Barry Lipson which was a catalyst for Lipson Neilson’s growth until his death 2003. “I think Barry would be very proud of where we have come in our history and would be extremely supportive of our efforts to celebrate our anniversary by reaching out to Michigan entrepreneurs, because he was one,” said Neilson. ”I believe our success has always been uniquely tied to our willingness to be flexible and available to provide sound counsel to start-up or young companies that many firms may not have worked with because of questions surrounding their ability to grow and survive in Michigan.” The firm is still fielding inquiries for the Thursday, May 6th event. Interested companies can e-mail their information to info@lipsonneilson.com. For more information, interested entrepreneurs can call Judy Chupack at 248-593-5000.
Gramzow, Kincaid Named to Bar Committees Lipson Neilson attorneys Kirsten Gramzow and Starr Kincaid have been newly named to Oakland County and Michigan State Bar committees respectively. Gramzow, has been selected as Vice Chair of the Oakland County Bar Association Membership Committee. The committee is responsible for maximizing the Bar membership and reviewing and/or recommending various types of services available to its membership as well as encouraging new memberships. Kincaid has been appointed to the State Bar of Michigan’s Client Protection Fund Committee. The Committee is a program established by the State Bar of Michigan’s Board of Commissioners for the purpose of reimbursing clients who have been victimized by the few attorneys who violate the profession’s ethical standards by misappropriating funds entrusted to them. Lipson Neilson Opens new Grosse Pointe Office Lipson, Neilson, Cole, Seltzer & Garin, P.C. announces it has opened a new legal office in Grosse Pointe, Michigan. The Grosse Pointe Farms location, which will be used immediately by the firm, is strategically located to better serve a number of current Lipson Neilson clients and provide opportunities for future business development in the area. Firm Managing Partner, Jeffrey Neilson, a resident of Grosse Pointe for more than 25 years, will lead the new office, supported by other Lipson Neilson attorneys who live in the area including Kay Butler and Mark Phillips. “Having lived in Grosse Pointe for as long as I have, I understand how important it is for area citizens and businesses to support those businesses and individuals who have invested in the community,” said Mr. Neilson. “We see this expansion into Grosse Pointe as strategic and a tremendous opportunity to become more engaged in the area and serve those who are looking for local legal representation.” The new Grosse Pointe office (at 102 Kercheval Ave. in Grosse Pointe Farms) will offer all of the legal services presently available through its principal office in Bloomfield Hills which include Corporate and Real Estate Transactions, Business and Personal Compensation and Tax Planning, Estate Planning and Probate Administration, Family Law and Divorce Litigation, and Business Litigation. “The philosophy that has guided our Firm since 1985 is that our professionals are a team with a shared commitment to providing our clients with high quality legal services. While our office in Grosse Pointe may initially be small in size, it will provide the full resources of the Firm to those in need of legal services in the Grosse Pointe area” said Mr. Neilson. Lipson Neilson Attorneys Honored by Peers Lipson, Neilson, Cole, Seltzer & Garin attorneys Jeffrey Neilson, Steven Cole, Joseph Garin, Joseph Starr, Howard Lax and Sandra Glazier have been chosen by their peers as exceptional attorneys for 2009 DBusiness and SuperLawyers annual publications. The honors are awarded to attorneys viewed to be at the top of their profession. DBusiness, a bi-monthly Detroit area business publication, named Neilson, Cole, Starr, Lax and Glazier in their 2009 list of top lawyers. The list is based on a peer-review survey mailed to lawyers and members of the judiciary. Thousands of votes were cast honoring excellence in all areas of practice. Because the listings cannot be purchased, inclusion in DBusiness’ Top Lawyers is a singular honor. Super Lawyers gives annual awards through a rigorous, multiphase process and peer nominations and evaluations are combined with third party research. Lipson Neilson attorneys Neilson, Cole, Starr, and Garin (Nevada) were selected for this honor in 2009.
Lipson Neilson Dance Marathon Sponsorship Helps U of M Raise Money Once Again for Charity Lipson, Neilson, Cole, Seltzer & Garin have once again helped University of Michigan students put their best dancing feet forward for charity. The firm served as the lead sponsor in what has become annual dance marathon event to help fund the pediatric rehabilitation programs of the Mott Children’s Hospital in Ann Arbor and Royal Oak. More Stuart D. Logan has joined Lipson, Neilson, Cole, Seltzer & Garin, P.C. law firm, as a shareholder in their Bloomfield Hills office. Mr. Logan, who begins work with Lipson Neilson after more than 27 years with Dykema Gossett, will help lead the firm’s business transactional and securities practice, while also concentrating on corporate mergers and acquisitions. More
Renegotiation with Creditors Can Effectively Create New Business Cash Flow By David B. Deutsch In this economic environment, generating cash flow is a key to survival. Companies that are finding revenue numbers are relatively flat or lower than a year ago must do everything they can to retain cash so that bills and payroll can be paid. One strategy increasingly being used by businesses is to renegotiate the existing terms of their loans, leases and other expenditures. In fact it is a common practice both locally and nationally. It can be effective and is an acceptable practice if done correctly. More Douglas E. Kelin has joined Lipson, Neilson, Cole, Seltzer & Garin, P.C. law firm, as an attorney in their Bloomfield Hills office. Mr. Kelin will work with the firm’s Real Estate, Corporate Finance and Banking Law practice groups. He has experience as counsel in all forms of businesses, and is experienced in handling issues varying from selecting an appropriate form of business entity, to corporate governance and business succession planning. Mr. Kelin also provides advice on a broad range of taxation issues.
Nordstrom Helps Launch UNLV Mentoring Program
A new article by Howard Lax, who discusses the $700 million government bailout of mortgage securities. Click for full article. With Closely Held Businesses, Breaking up is Hard to Do Lipson Neilson Las Vegas Attorney Honored The Clark County Bar Association (NV) has presented Lipson Neilson attorney Shannon Nordstrom the 2008 Circle of Support Award. The award was presented to Nordstrom in ceremonies held January, 2009, acknowledging her as the outstanding committee member on the Community Service Committee. As Co-Chair of the Community Service Committee, Nordstrom actively participates in the monthly meetings of the Committee, spearheads some of the Committee’s projects, and participates in all of the Committee’s philanthropic activiites in the Las Vegas community. The Mortgage News The Mortgage News June 26, 2008 June 24, 2008 |
ArticlesAn Overview of Important Drafting Considerations Following Enactment of the Michigan Trust Code by Sandra D. Glazier The Michigan Trust Code (referred to in this article as the “MTC”) will become effective April 1, 2010. While the MTC may present many enhanced drafting opportunities, it may also create some unintended consequences for uninformed estate planners HOPE NOW: Is the Fix in or is this Another Thumb in the Dike? Breaking_From_Digital_Flock Choose Employee Benefit Plans Wisely
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Lipson Neilson attorney, Shannon Nordstrom, has co-founded the First-Year Student Mentoring Program at UNLV’s Boyd School of Law.