June 2017

An informative e-newsletter for the Real Property Law Section of the State Bar of Michigan.

New in Michigan—Domestic Asset Protection Trusts

tax exemptionBy Lauren D. Honet, ATA National Title Group

Michigan has become the 17th state to enact a statute allowing an individual to create a domestic asset protection trust (DAPT). The Michigan Qualified Disposition in Trust Act (MCL 700.1041, et seq.) became effective on March 8, 2017. A domestic asset protection trust allows the trust settlor to retain a beneficial interest in the trust while limiting the ability of creditors to reach the trust assets. Prior to the statute’s enactment, Michigan residents could create a DAPT in another state that allowed the creation of a DAPT. As both the settlor and the property were located in Michigan, out of state courts would apply Michigan law in order to resolve the challenge. Because Michigan did not allow DAPTs, creditors could easily reach the property transferred to the DAPT. With the new Michigan law, the administration of the property held in a DAPT will now remain in Michigan.

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Summer Conference 41st Anniversary

CLAThe Real Property Law Section was founded in 1974. The first Summer Conference was held at Bay Valley Inn in 1976. The Summer Conference is the Section’s oldest continuing event, just one year older than our flagship Homeward Bound Seminar Series. The Conference now rotates between Crystal Mountain, Boyne Mountain Resort, Mackinac Island, and this year’s location, Grand Traverse Resort.

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March 1-3, 2018
2018 Winter Conference
Building the Future: Real Estate Lessons from Past & Present
Encore at the Wynn Las Vegas
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Write an Article

Interested in writing an article for the e-Newsletter? Contact co-editors Glen Zatz gzatz@bodmanlaw.com, Howard Lax HLax@bodmanlaw.com, or Pat Paruch pat.paruch50@gmail.com.

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The views and opinions expressed in these articles are those of the authors, and they do not reflect in any way the positions of the State Bar of Michigan or the Real Property Law Section. These columns are meant for informational purposes only and should not be construed as legal advice. IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding tax-related penalties or (ii) promoting, marketing, or recommending to another person any transaction or matter addressed in this communication.