Mr. Sharp served on the Michigan Bar Committee that helped implement the adoption of new “discretionary provisions” that permit additional protection from creditors as part of creditor planning. Together Mr. Schettenhelm and Mr. Sharp will discuss new custom IRA beneficiary designation forms, the new Michigan Trust Code and federal tax provisions which will also allow post death payments of qualified accounts to the trust, where they will be creditor protected and income will flow through the trust to the beneficiary receiving the distribution payments.  Their topics will include:

• Designing the “discretionary trust” in order to maximize post-death payment deferral
• Federal generation-skipping tax and maintaining 401(a)(9)(B)(iii) stretch payments
• Special accounting design features to coordinate “income” with the Uniform Principal and Income Act under other trust goals
• Designing the trust to eliminate qualified plan sponsor and IRA sponsor concerns
• QDOT review

This seminar is one of several presentations Schettenhelm and Sharp are making to banks, charitable organizations, tax specialists and estate planners throughout Michigan on the discretionary trust provisions.

For further information, or to register for the State Bar of Michigan Tax Conference May 1, please contact the University of Michigan Institute of Continuing Legal Education at www.icle.org/tax or 1-877-229-4350.

On December 17, 2010, the President signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief Act) into law.  The 2010 Tax Relief Act reinstated the federal estate and generation-skipping transfer (GST) tax for persons dying and transfers made after December 31, 2009.  This created an unprecedented two-year window of opportunity for many clients that is scheduled to expire on December 31, 2012.  

Furthermore the 2010 Tax Relief Act has increased the size of a taxpayer’s estate, gift and GST tax exemptions for 2011 and 2012 as well as lowered the tax rates for each of these taxes to 35%. 

A few other important points: 

• The opportunity to transfer a significant amount of wealth exists, perhaps more than in recent history. The estate tax and gift tax exemption is $5 million for individuals.  The GST tax exemption is also $5 million for individuals. The gift tax exemption increased from $1 million in 2010 to $5 million in 2011.
• Credits for state taxes are available as a deduction through 2012.
•  The estate tax and gift tax exemptions are reunified.
•  The 2010 Tax Relief Act also extends the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) affecting conservation easements, small and family-owned businesses, and installment payments for closely-held businesses.
•  The Act introduces a new concept called “portability.”  This concept could significantly impact the estate plans of married couples.  Basically, with proper planning, a married couple can effectively leave $10 Million Dollars to their beneficiaries by using the credits under this Act.
• There are also some specific considerations for estates that include family-owned businesses.

 In short what these changes to the federal estate tax mean is that more assets could be passed along to beneficiaries.

 However, the 2010 Tax Relief Act is set to expire on December 31, 2012 and, unless Congress and the President act to increase the exemptions, the federal estate and GST tax exemptions will be reduced to $1 million for decedents dying and transfers made after December 31, 2012.

Each individual client situation is different.  These new rules can greatly impact estate and income tax situations and opportunities exist for tremendous tax savings and asset planning.  Contact us for more information or to schedule an appointment.

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 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.

Your firm is part of an extraordinary group of law firms represented in this year’s “Best Law Firms” rankings. A comprehensive choice of practice areas, coupled with our research of firms nationally and within local legal markets, makes the 2011-2012 U.S.News – Best Lawyers® “Best Law Firms” rankings a valuable tool for a broad range of legal consumers.

U.S. News Media Group and Best Lawyers® Release
2011-2012 “Best Law Firms” Rankings
Rankings of nearly 10,000 U.S. law firms by practice area
—

Washington D.C. –November 1, 2011– U.S. News Media Group and Best Lawyers® have released the 2011-2012 “Best Law Firms” rankings, and the Bloomfield Hills-based law firm Strobl & Sharp, P.C. has been recognized among the top firms in the United States.

The national first-tier rankings will be featured in U.S.News & World Report’s Money issue, on newsstands November 15, 2011. The national and metropolitan first-tier rankings are featured in the “Best Law Firms” standalone publication, which is being distributed to 30,000 general counsel and in digital format to 58,000 private practice lawyers worldwide; the rankings in their entirety are posted online at http://bestlawfirms.usnews.com.  

These rankings, which are presented in tiers, showcase 9,633 different law firms ranked nationally in one or more of 75 major legal practice areas and in metropolitan or state rankings in one or more of 119 major legal practice areas.

“This is a tremendous honor for our firm and a recognition of the knowledge and experience our professionals have,” said Firm Managing Partner Tom Strobl, one of its founders. “The methodology with which this study was handled ensures that this truly features the best and brightest.”

Full data for the law firms that received rankings is available online, from the largest firms in the country to hundreds of one-person and two-person law firms, providing a comprehensive view of the U.S. legal profession that is unprecedented both in the range of firms represented and in the range of qualitative and quantitative data used to develop the rankings. Achieving a high ranking is a special distinction that signals a unique combination of excellence and breadth of expertise.

The mission of “Best Law Firms” from the start has been to help guide referring lawyers and clients – from the country’s largest companies needing corporate legal advice to individuals needing to get a divorce or write a will – issues that have a bet-the-company implication (in the case of a corporation) or a potentially life-changing result (in the case of an individual).

“U.S News has more than two decades of experience in providing the public with the most accurate and in-depth rankings of a wide range of institutions, including our Best Law Schools rankings,” says Tim Smart, Executive Editor of U.S. News & World Report. “Law firms are an integral part of our rankings and a natural accompaniment to the law schools rankings.”

“Best Lawyers was very pleased with the reaction from the legal profession and from legal clients to the first edition of the “Best Law Firms” rankings,” says Steven Naifeh, President of Best Lawyers. “By combining hard data with peer reviews, and client assessments, we continue to believe that we are providing clients with the most thorough, accurate, and helpful rankings of law firms ever developed.”

Media inquiries: Aturbow@usnews.com or hdavis@bestlawyers.com

About the U.S. News Media Group

The U.S. News Media Group is a multi-platform digital publisher of news and analysis, which includes the monthly U.S. News & World Report magazine, the digital-only U.S. News Weekly magazine, www.usnews.com, and www.rankingsandreviews.com. Focusing on Health, Money & Business, Education, and Public Service/Opinion, the U.S. News Media Group has earned a reputation as the leading provider of service news and information that improves the quality of life of its readers. The U.S. News Media Group’s signature franchises include its News You Can Use® brand of journalism and its series of consumer guides that include rankings of colleges, graduate schools, hospitals, health plans, and more.

About Best Lawyers

Best Lawyers® is the oldest and most respected peer-review publication in the legal profession. For over a quarter century, the company has helped lawyers and clients find legal counsel in distant jurisdictions or unfamiliar specialties. The 2012 edition of The Best Lawyers in America includes 41,284 lawyers covering all 50 states and the District of Columbia and is based on more than 3.9 million detailed evaluations of lawyers by other lawyers. Best Lawyers® also publishes peer-reviewed listings of lawyers in nearly 70 other countries, covering many of the world’s major legal markets. Best Lawyers® lists are excerpted in a wide range of general interest, business and legal publications worldwide, reaching an audience of more than 17 million readers.

Andries has been engaged in private practice with a concentration in employment law, civil litigation and business law since 1995. In that role he has represented clients in a broad range of labor and employment-related matters, including employee litigation, the drafting of employment-related agreements, policies and procedures, the negotiation of collective bargaining agreements and moreAndries will lead the Employment Law practice group at Strobl & Sharp.

Andries will lead the Employment Law practice group and is also a part of the Corporate and Litigation practice groups.

Bien has been a chief legal officer and advisor to several privately-held international manufacturing and distribution companies before joining Strobl & Sharp. He has been practicing law since 1978 and is an expert in a wide variety of corporate law specialties, such as contracts for the purchase, sale, manufacturing and distribution of products in the U.S. and abroad; litigation, intellectual property, real estate, employment, collective bargaining and general business advice.

He is part of the Banking, Corporate, Labor and Employment and Real Estate practice groups.

Everly is a corporate, estate planning, real estate and tax lawyer who has been in practice since 1996. The Beverly Hills resident was most recently a partner with Apap & Everly. He works with individuals, families and closely-held businesses, advising clients on a broad range of matters from formation and transactions to tax and succession planning. Everly also consults individuals and families on a wide range of estate planning needs.

“Hank, Clark and Jon are very experienced and very knowledgeable in their areas and they bring added depth to our firm,” said Strobl & Sharp Managing Partner Thomas Strobl. “Their inclusion in the firm just adds to the level and quality of resources we offer our clients in their business both here and aboard, and in their personal lives.”

Taunt has served on the committee for three years and among her many responsibilities she has helped to obtain sponsorships for the race from local area firms. She additionally provided race-day support.

This year marked the first fall race in the event’s 32 years The race includes a 5K and a 10K run, drawing many of the top adult runners from around the area. Runners also have the option to compete as a team in either the “legal” or “non-legal” team category.  The Race Judicata has recently incorporated a 5K walk, in order to provide a more leisurely option for the friends and families of those that may be participating in other events.

The event started at Andover High School in Bloomfield Hills, venturing along scenic and hilly country roads before culminating in a lap around the school’s outdoor track. Typically there are between 200-250 runners and walkers who directly participate.

“The Race Judicata is an entertaining and enjoyable opportunity for local lawyers and their families to meet in an informal setting, and enjoy some healthy out-of-court competition,” said Taunt.

Strobl & Sharp Managing Partner Tom Strobl said firm lawyers like Taunt show a level of dedication to both their profession and their communities. “Meredith is not only a very knowledgeable and talented lawyer but her enthusiasm and organization is a great asset to Race Judicata and the OCBA.”

The tribunal is an administrative court that hears tax appeals for several categories of Michigan taxes. Most of the tribunal’s appeals include property taxes, though also hears business and individual tax disputes.

“Paul brings an impressive background to the tribunal. His skills will complement the tribunal’s goal of providing speedy and fair resolutions to disputes,” Gov. Snyder said in a statement.

McCord, a Grosse Pointe resident, has been a shareholder with Strobl & Sharp, P.C. in Bloomfield Hills. is a tax attorney with more than 15 years of experience in managing tax risks and uncertainties involving federal, state and local tax issues.

McCord is a member of the Taxation Section of the State Bar of Michigan and is an adjunct professor in the Graduate Tax Program at Thomas M. Cooley Law School. He previously served as a lieutenant in the Navy, and served in the Gulf War. McCord earned a bachelor’s degree from Marquette University, a law degree from the University of Illinois, and a master of laws degree from Georgetown University Law Center.

“This is a tremendous honor to not only serve the clients we work with at Strobl & Sharp but to now serve the greater good of the state of Michigan,” McCord said. “This is an important position given the fluctuation of property values in this state and I take this responsibility very seriously.”

McCord will serve a four-year term expiring June 30, 2015, and is subject to the advice and consent of the Senate.

“We hire the best and brightest lawyers and Paul certainly fits that vision because of his knowledge and dedication to customer service,” said Strobl & Sharp Managing Partner Tom Strobl. “This appointment shows how well respected he is in the tax and legal communities in the state. We’re sorry to lose him from our firm but wish him the best.”

Titled, “A Window of Planning Opportunity,” the seminar will feature new legislation impacting business strategies, taxation, team management and new discretionary trusts. The seminar, held from 8 a.m. to noon at Walsh College’s Troy campus, is open to the public.

Sharp and Schettenhelm will share their extensive knowledge on a wide range of topics, including change management, impact of the new Michigan Trust Code and the use of discretionary trusts to complement change management, preparing businesses for gifting at significant discounts, protection of owner retirement assets and more.

Sharp has been part of the adjunct professor of law at Walsh College and Wayne State University and is a member of the Michigan Trust Code Committee. Schettenhelm has been a frequent lecturer for the Institute of Continuing Legal Education and the Michigan Association of Certified Public Accountants and is also an adjunct faculty members in the Masters of Taxation program at Walsh College.

“This new legislation reaches far and wide and has a significant impact on many of our clients,” Sharp said. “We work with our clients to proactively address how these changes will impact them.”

Individuals can register online to attend this event. The cost is $150 for Walsh College alumni, Walsh Institute Leadership Center members or MACPA members and $200 for general admission. Other panelists will include Gary Wetstein, past chairman of BDO International and BDO Seidman, Clayton McKervey, P.C. Founding Member and Managing Director Donald Clayton, and Walsh College Executive Vice President and Chief Academic Officer Dr. Robert Minter, among others.

Before going to law school, McCord was on a ship sailing off the oily coast of Kuwait on a hot day (“It looked as though the prow of our ship was a knife spreading chocolate icing”). He was the electrical officer, and had to run a test of one of the ship’s emergency generators.

After the jet engine fired up, and everything was functioning normally, the ship’s chemical alarm sounded, McCord said.

“This alarm is designed to warn of either chemical or biological warfare attacks,” he explained, “and is comprised of a bunch of sensors that, upon detection, sound an audible alarm and automatically shut down the ship’s fresh-air ventilation systems.”

He noted that such attacks were real, as Iraq had recently employed them against Iran and its own Kurdish population.

So, all 425 crew members stopped what they were doing, rushed to their battle stations, and donned gas masks and heavy chemical suits over their uniforms.

“Did I mention that the temperature that day hung around 120 F?” McCord added.

After “what seemed like hours suffocating” in the protective gear, the captain would debrief him later, “at the full range of his vocal cords.”

It turned out the exhaust from the engine that powered the emergency generator being tested was picked up by the ship’s chemical detectors, sounding a false alarm.

“When the captain finally asked, ‘Well, what do you have to say for yourself?’ all I could muster out was, ‘Well, Captain, I think you should be proud of the crew’s quick response to the chemical alarm.’

“That night, I had dinner with the captain in his private dining room.”

What is a misconception you face regarding your tax practice?
That I get really busy around March 15 through April 15. Those are tax accountants.

What TV channel do you most often have on?
PBS.

What superpower would you most like to have?
Would a license to kill like James Bond be a superpower? I think it could come in handy at times on I-75 and I-696.

You’re making your way down the green mile. What’s your last meal?
Chicken Parmesan from Salas in Newport, R.I. Not that it’s spectacular or the height of Italian-American cuisine—probably would only get three stars at best—but just because it conjures up a memory of a pleasant place from an enjoyable day.

Do you have a hidden talent?
Not sure how hidden it is, but I designed and built an addition on my house. Yes, designed as in no architect, just $500 in textbooks and a $1,300 CAD program. And, yes, built with my hands, tools and effort. It’s still a work in progress.

If you had to wear a T-shirt with one word on it for the rest of your life, what word do you choose?
Ah, the sum-up-life-in-one-word question: “Karma.”

McGlynn will be recognized for this honor among other area award winners in the June 2011 edition of HOUR Detroit Magazine and the July/August 2011 edition of dbusiness Magazine.

Strobl & Sharp P.C. is a leading mid-sized business law firm with its principal office in Bloomfield Hills. With 28 experienced attorneys and three paralegal professionals, the firm serves a wide range of clients across the state and elsewhere. For more information, visit www.stroblpc.com.

Established in 2007, the College of Workers’ Compensations Lawyers honors distinguished attorneys in the field of workers’ compensation. As the College writes on its website,

“Members have been nominated for the outstanding traits they have developed in their practice of 20 years or longer, representing plaintiffs, defendants, serving as Judges, or acting or the benefit of all in education, overseeing agencies and developing legislation. These individuals have convinced their peers, the bar, bench, and public that they possess the highest professional qualifications and ethical standards, character, integrity, professional expertise and leadership. They have a commitment to fostering and furthering the objectives of the College and have shown significant evidence of scholarship, teaching, lecturing, and/or distinguished public writings on workers’ compensation or related fields of law.”

Feldman was just one of five Michigan lawyers inducted into the College this year. Since its formation, the College has made 20 Michigan lawyers Fellows.

Strobl & Sharp P.C. is a leading mid-sized business law firm with its principal office in Bloomfield Hills. With 26 experienced attorneys and three paralegal professionals, the firm serves a wide range of clients across the state and elsewhere.