Ann Arbor, MI asked in Tax Law, Estate Planning and Real Estate Law for Michigan

Q: Is there a way to pass on a property my S. Corp owns to my children without uncapping property tax?

I am the sole owner of my S. Corp.

1 Lawyer Answer
Kenneth V Zichi
Kenneth V Zichi
  • Estate Planning Lawyer
  • Fowlerville, MI
  • Licensed in Michigan

A: You have asked a fairly complex question that requires the review of both a lawyer and a tax specialist (that may be one person or if you have a tax accountant it may be two).

Off hand, I'd say it depends on what the property is used for. Residential? Commercial? Rental? And what does the S corp do? Can you simply transfer the S Corp ownership to your kids? This is all unclear without deeper analysis.

You need actual legal advice and not an 'off hand' analysis however so I'd urge you to consult with a local attorney to review all the facts and see what can be done to minimize (you probably can't eliminate!) taxes.

-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.

I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice

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