Estate Planning And Elder Law

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…

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…

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…

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,…

As more pieces of our lives move online, new questions present themselves as we become incapacitated or walk on. Have you given any thought to who gets your digital music library? Or, if you do all of your banking online, will your guardian/conservator be able to access those accounts and records to take over paying your bills? The Fiduciary Access…

As the baby boomer generation ages, there is an increase in people who do not have a spouse or children who will take care of them in their old age. There are increased risks for a person to become diagnosed with Alzheimer’s, dementia, and other disabilities that diminish a person’s ability to care for themselves. Not everyone has someone to…

On January 1, 2020, the Setting Every Community Up for Retirement Enhancement (SECURE) Act (the “Act”) went into effect.  This will result in significant changes to retirement planning. The Act increases saving potential in tax-sheltered accounts by extending the maximum age for contributions. The Act also adds a new requirement.  This will significantly limit the time period during which most…

There are times in our life when situations arise making it urgent and essential to have a Health Care Directive, Power of Attorney and maybe a Will. This is certainly one of those times. Here is what you might need and how you can get it: HEALTH CARE DIRECTIVE: A Health Care Directive is a document in which you set…

Guardianships, conservatorships, and other protective proceedings fall under the jurisdiction of the probate court. The probate court may appoint a guardian or conservator on behalf of a person if it finds a person to be incapacitated or in some cases, subject to undue influence. The proceedings for guardianship and conservatorship are rife with pitfalls, and elder law attorneys must navigate…