Going, Going, Gone!

Tax-free transfers – gifting – of the family cottage to future generations via a cottage succession plan is a great opportunity for cottage owners to enjoy considerable tax savings while real estate values are suppressed.

U.S. taxpayers are experiencing a “perfect storm” of opportunity to make tax-free transfers (gifts) of assets such as family businesses, real estate and other wealth from one generation to the next. The gift tax was first enacted in 1932 by the federal government. Over the coming months, we all have what may be the best opportunity since 1932 to gift family assets without a gift tax now and to avoid significant estate taxes later.

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Michigan Cottage Law definitely gains new perspective on game day in Michigan!

Hope you found the right crowd of fans to gather at your Michigan family cottage to watch and enjoy the game. Such rivalry and so much at stake on a day like today.

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As the world grows smaller thanks to technology, The Penning Group finds itself with clients and friends literally across the globe. We welcome new friends and new opportunities, but we still trace our values, like our roots, to the Michigan communities we call home. Like many of you, we are grateful for opportunities to give back when and where we can.

Leelanau Conservancy Annual Picnic and Auction
In Suttons Bay we are supporting and serving as a sponsor of the Leelanau Conservancy’s 2011 Picnic and Auction. The Conservancy’s Annual Picnic and Auction will be held Thursday, August 4, 2011. Over 700 people attended the 2010 auction and over $100,000 was raised to help the Leelanau Conservancy in its mission to conserve the land, water and scenic character of Leelanau County. If your schedule permits, attend the picnic, donate an item, make a bid online or in person and volunteer to make this annual event a success.

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Budget Proposal Includes Anticipated Proposals to Change Both Tax and Spending Policies

Michigan Governor Rick Snyder called the consideration of his proposed Executive Budget a “defining moment” for the state this week as the Executive Budget was submitted to state legislators for the 2011-2012 fiscal year. Snyder commented on his budget as an opportunity to “stop living in the past and start looking to the future.”

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The Mouse Adventure with The Cottage Cat “Spike” at The Depot

We became owners of a fluffy 20 pound orange and white barn cat name Spike. Spike lives in The Depot- the northern Michigan offices of The Penning Group, and formerly the law offices of Stuart J. Hollander, attorney author of “Saving the Family Cottage – A Guide to Succession Planning for your Cottages, Cabin, Camp or Vacation Home.”

Spike loves to wander around the office and visit the desk of cottage law attorney Dan Penning. He tries to grab a snack of a muffin and just sprawl on Dan’s desk top. He loves to lounge underneath the potbellied stove in the cooler winter months. He gets so close that my husband thought he might catch on fire. With all that fur, how could he possibly be anything but cold. He enjoys greeting clients when they come in and he truly does like to ‘meow’ to say hello. Spike wags his tail out of love. He struts around like he owns the place. I wonder if he isn’t part Ragdoll?

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The Detroit Free Press just ran a section on the Top Workplaces ‘10. In this article 41,000 workers spoke about the top states workplaces. Employees basically stated that 6 reasons really made a difference in the workplace. They were rated on importance factors.

The first being direction.
75% believed that organization and direction in the workplace was a key factor to the work place. They approved of the strong values and ethics.

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Spike continues to be a topic of interest around The Depot and from first time visitors.

One of the most popular questions and points of confusion is how a soft looking and fuzzy haired yellow cat acquired the name “Spike.” A consistent mindset is because of The Depot being connected to the railroad, and hence “Spike” because of railroad spikes.

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Do you belong to the circle of kindness? This means, to belong, you do something kind for someone. Kindness costs you nothing. It is a friendly gesture that you don’t think twice about. There is no ulterior motive. You never know when you are going to make a difference in someone’s life.

Remember that people won’t remember what you say they will remember what you do. If you belong to the circle of kindness you don’t run around with a badge or a sign saying, “Look what I did for so and so”. You just do your thoughtful gesture because you want to.

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Remember the phrase, “I scream, you scream, we all scream for ice cream?”

Ice cream and summer at the family cottage goes hand and hand. There is nothing more relaxing than sitting with a generous scoop of your favorite ice cream at the family cottage on the lake. There are many flavors of this delicious dessert. I believe House of Flavors known to many as Baskin & Robbins has 64 kinds of flavored ice cream.

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The family cottage sets in motion vacations to remember. At the family cottage you relax, unwind and nurture yourself. It is a wonderment and an oasis of peace on the water’s edge. It doesn’t matter how you spend your day off from work or household chores. Enjoy nature whether you bike, boat, hike, or simply take a swim. My teens and my husband Dan enjoy swinging a club or two at the golf course. Even if you enjoy watching the world go by, it is just fine.

The best memories at the family cottage are the incredible family stories, whether you believe them or not. We vacationed at the “big lake” as my kids used to call Lake Michigan. My husband and I had a wonderful bonfire with our boys and family friends who stayed with us at the cottage on Good Harbor Bay. We all went to bed after saying our goodnight’s, but Dan decided to stay at the water’s edge with our yellow labs Bailey and Callie.

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