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Cumming Quoted in Crain’s Detroit Business Article on Imminent Changes to Estate Tax Law

Some Small Business Owners Looking to Arrange Generational Transfers

October 22, 2012

Michael G. Cumming, leader of Dykema’s Tax Practice Group, was quoted in this week’s issue of Crain’s Detroit Business. In an article titled, “Coming tax changes may spur early gifting, business transfers,” Cumming observes that because Congress has yet to develop a lasting solution to the estate tax issue (no estate tax in 2010, and portions of 2009 rates applied, on year-to-year extensions, in 2011 and 2012), uncertainty is rampant. Cumming adds that, with the nation’s economy facing its “fiscal cliff” on December 31, 2012, taxpayers and tax experts alike currently have no idea how gift and estate taxes will be pegged.