In our regularly updated blog, we discuss a wide range of topics of interest to Michigan seniors and their families. Learn what estate planning documents are essential in case of incapacity due to illness or injury, why you might benefit from creating a trust, how to use Medicaid benefits to pay for long-term care needs, and much more. To discuss your specific concerns, please contact our office to request a free initial consultation.
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Social Security Survivor BenefitsThe loss of a financial provider to a family can be a catastrophic event. Not only is the surviving spouse left to cope with the emotional pain of the death of their loved one, but they must also determine how they will meet their financial needs. This becomes even more challenging when that spouse is... Read More »
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Financial Exploitation: What You Need to Know to Protect YourselfEach year, millions of seniors are financially exploited. This exploitation sometimes comes through email, internet, or telephone solicitations or through complex schemes were the victim is tricked into sending money to help an allegedly incapacitated loved one. Another common form of exploitation is when a paid caregiver either steals from their client or manipulates their... Read More »
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Revocable and Irrevocable TrustsA revocable living trust (also known as a living trust) is a trust that the grantor creates during his or her lifetime. The trust provisions can be altered or revoked whenever the grantor wishes. A living trust is useful for managing assets during your lifetime, and protecting you should you become disabled or incapacitated. However,... Read More »
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What is a Grantor Retained Annuity Trust, and Should you Have One?Having an income-producing asset can be a significant source of revenue but, depending on how it is owned, can also be subject to estate taxation. One way to minimize tax and continue to receive benefits from this kind of resource is to place it in a Grantor Retained Annuity Trust (GRAT). Here are some facts... Read More »
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Congressional Battle Is Good News For Estate TaxesThe estate tax is one of the most controversial taxes passed and for about 11 years estate planning attorneys have been wondering what will happen. As Congress debated the fiscal cliff tax changes in December, many feared that estate tax limits could roll back to $1 million, the levels that were in place when Bill... Read More »
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Social Security and Your Retirement PlansThinking about retirement can bring to mind thoughts of travel, spending time with loved ones, and devoting yourself to your favorite pastimes. For many people, their Social Security benefit will be an important piece of funding their future. Here are some considerations about Social Security and your retirement plans. Full Retirement Age If you have... Read More »
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What Happens if I die Without a Will or Trust?The loss of a loved one can be an extremely stressful and emotionally turbulent time. Initially, the grieving family has to make several decisions regarding final arrangements. Then, family members are then left to determine how their loved one left their estate. When there is a will or trust, it is far easier for the... Read More »
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The Ugly Truth About Probate Claims Taking Michigan Homes from Rightful HeirsIn Michigan, a probate law is contributing to situations in which heirs are being denied their rightful property. The law says that if you don’t open an estate within 42 days of a loved ones’ death, either a creditor or a Public Administrator can open the estate, and they can take control of the assets. This... Read More »
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ATTEND THIS FREE WORKSHOP BEFORE YOU NEED LONG-TERM CAREThousands of seniors go broke every year due to long-term care costs. There is a better way! QUALIFYING FOR MEDICAID: How you can protect your home and life savings from nursing home costs. TRADITIONAL ESTATE PLANS: Why your current plan won’t help with nursing home costs and the type of plan that will! KNOWING WHAT COUNTS: How long-term... Read More »
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Do You Need a Patient Advocate Designation?End-of-life care is a controversial topic. Not everyone agrees on issues like artificial life support, tube feeding, resuscitation, and organ donation. However, in an end-of-life scenario doctors and loved ones are left to guess what you would want done if your wishes are not explicitly laid out beforehand. This is why it’s so important to... Read More »
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Medication Errors and Nursing Homes: How to Protect Your Loved OnesDue to advances in health and medicine, many people are living well into their senior years. For some, reaching older age will come with more medical issues than they can manage independently. Nursing homes are frequently used to meet the needs of this population. These facilities are responsible for watching over their residents and ensuring... Read More »
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Estate Planning and DIY ProductsThe average consumer has many options when it comes to managing their day-to-day affairs. Today’s market seems to be flooded with do-it-yourself products aimed at that very thing. Estate planning is one area where there are products directed at consumers who want to prepare their estate plan (Will, Trust, Power of Attorney, Medical Directives) without... Read More »