In certain circumstances, it might seem obvious to you who you would want to make decisions on your behalf or sign legal documents as your agent if you are absent, such as serving active military duty overseas. For instance, if you are married, you would probably...
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Estate Planning And Elder Law
5 estate planning documents you might need
Not everyone in Michigan likes to discuss matters of mortality. In fact, some people try to avoid such topics at all cost. You might count yourself among that group or with those who understand the importance of discussing estate planning issues. Executing a solid...
Issues you may encounter when challenging a will
The process of settling an estate after the death of a loved one can be a complicated and difficult process. The emotions you may feel after this type of loss are hard to navigate, but it can be even more challenging when you believe there is a problem with your loved...
Estate planning needs for blended families
Planning for the future is an important step for all Michigan families, but it may be especially important for non-traditional or blended families. Having documents drafted and plans in place can help prevent difficult or complicated situations, and it can provide you...
12 Point Estate and Wealth Protection Checklist For 2021
Note: Our firm is dedicated to helping families protect their hard earned wealth regardless of size – We provide basic estate planning for families with modest savings and advanced planning for those with substantial wealth. 1. Wealth Protection. Do you have any rental real estate that is in your individual name or an S corporation? Do you have a single member LLC? This…
Is Your Estate Plan Up To Date
We have heard from many of our clients that the current COVID-19 crisis has spurred them to reflect and rethink their priorities. These are some simple steps that you can take make sure your estate plan is up to date. PUT ESTATE PLANNING ON YOUR TO-DO LIST If you have been putting off getting your Will and Durable Powers of…
Irrevocable Life Insurance Trust
All estate plans share one fundamental goal: create a secure plan that puts beneficiaries in the best possible position. Irrevocable life insurance trusts, known as ILITs, further this goal by protecting your life insurance from the hands of creditors during your lifetime, exempting it from your estate, and reducing your potential estate tax liability. ILITs have many benefits, and very…
Planning for Federal Estate Taxes
One important element of the estate planning process in Michigan involves recognizing those opportunities where one can limit the liabilities facing their estates. Most assume, however, that taxes are one expense they cannot avoid. Yet that may not be the case. First and foremost, Michigan does impose a local estate tax on its residents. This means that there may be…
HOW TO PREPARE FOR AN ESTATE PLANNING MEETING
Setting up an appointment with an estate planner is a great first step to take when creating an estate plan, but what comes next? The legal industry can be confusing, and it’s hard to know how to prepare for your appointment. While your attorney should be available to answer any questions you have, it never hurts to prepare on your…
What is a Durable Power of Attorney and How Do You Set One Up?
Setting up a power of attorney (”POA”) is very useful if you anticipate being incapacitated or unable to manage decisions in the future. It’s also a good idea to set up a power of attorney even if you don’t expect anything preventing your decision making abilities in the future. Life is uncertain and you never know what might happen, so,…