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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…
The limited liability company (LLC) is a popular business structure for new businesses, but what does it really mean to own an LLC? LLCs provide unique opportunities to customize business ownership to fit the particular needs and circumstances of the owners. Here is what you should know about LLC ownership. The Basics The owners of LLCs are often called members.…
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…
There are three basic divorce options available in Michigan. These are: Simplified Dissolution of Marriage – Also called simplified divorce. It is available to couples who have lived in Michigan for at least 6 months, agree on the same terms, have no minor children and are not expecting one, and are not seeking alimony. Both parties must attend the final divorce hearing. Uncontested Divorce…
Most people don’t like to think about their own mortality or the idea that their parents will eventually die. However, having a friend or neighbor lose a parent can serve as a major wake-up call. You may start to wonder what the future will hold for you as you listen to them explain how stressful and frustrating going through probate…
Given the unprecedented number of COVID- related deaths in Michigan, families are having to wait weeks for a loved one’s death certificate to be executed and returned. Even in ordinary times, death certificates are often delayed when an autopsy is planned or when there is a death investigation. Not only is the death of a loved one tragic, but family members may…
Once the Michigan family court has issued custody and parenting plan orders, you should do everything in your power to comply with these orders. Sometimes, the issue in executing a court ordered parenting plan isn’t an uncooperative parent, but a child who refuses to do visitation. It is usually in the child’s best interests to have a relationship with both…
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,…
It may be surprising, but it is rare that both married partners want to remain in the marital home. If this happens in a court case, a court may look at how the best interests of the children will be served in making this decision. A court may order the house to be sold, although this is always a last…