Succession Planning: Now is the Time to Develop a Plan

As the economy progresses through an economic cycle and continues to improve, business owners are seeing the value of their business recover.  Now is a good time for business owners to develop a plan for their company’s future, even if retirement is not on the horizon. A succession plan is a long-term process put in place by the business owner that identifies who the business will be transferred to upon the […]

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Lowry Joins Firm

We are pleased to announce that Sara Lowry has joined our Firm as an attorney in our Livonia office. She focuses her practice on municipal law and litigation. Prior to joining CMDA, Ms. Lowry worked at the Wayne County Prosecutors Office, Wayne County Solution Orientated Domestic Violence Prevention Court, Immigration Clinic at University of Detroit Mercy, and Freedom House in Detroit She received a Juris Doctor degree, cum laude, from […]

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Know Your Business: Three Key Areas that Need Your Attention

Owning a small business and living in the land of “entrepreneurial bliss” can prove rewarding, yet challenging. I have counseled many small business owners and advise them of three areas of their business that need constant attention: insurance, accounting and marketing. These areas should not be delegated to an employee or independent professional without the owner’s consistent oversight. Being educated, informed and pro-active in these areas can protect the owner, […]

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Tax Breaks Extended to Avoid Fiscal Cliff

This is a follow-up to the “2012 Tax Planning for Fiscal Cliff” article published in CMDA’s On Law newsletter (December 2012) and on our website. On January 1, 2013 Congress passed the American Tax Relief Act extending many of the individual and business tax breaks reviewed in the article. As a supplement to the Article, below is a list of some of the significant tax changes. Individual Income Taxes Federal […]

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2012 Tax Planning for Fiscal Cliff

2012 Tax Planning for Fiscal Cliff Now that the election is over, our federal government has to address the “Fiscal Cliff” created by the Budget Control Act of 2011.  The Fiscal Cliff involves several tax increases, the expiration of the Bush Era tax cuts, along with cuts in government spending. Unless the Senate and the House come to a resolution, there are several tax provisions that will expire or be […]

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Effectively Handling Unique Elder Law Issues

In the past, articles have been written on the importance of having an estate plan in place. Going a little deeper, this article concentrates on how to correctly and appropriately handle those unique elder law situations that may arise. Elder law is different than traditional estate planning in the sense that elder law does not focus on death and taxes. It focuses, rather, on those times when family members need […]

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