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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What is Right of Survivorship?When more than one person owns property together they usually own it in equal parts. When one of the owners dies, this leaves the other owners needing to know how this will affect their ownership. The answer will depend on whether the property had something called survivorship. What is Survivorship? Survivorship means that if two... Read More »
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What is an Annuity Trust?A goal of estate planning is to protect assets while minimizing taxation. For people who own income-producing assets, a Grantor Retained Annuity Trust, or GRAT can be an option for transferring wealth while still receiving income from those assets, and reducing taxes owed by their beneficiaries. What is a GRAT? A GRAT is an irrevocable... Read More »
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What is an Irrevocable Trust and Do I Need One?When you think of the term trust, you may thing that all trusts are created equally. However, there are many kinds of trust and some may be better for your situation than others. Depending on your circumstances, an irrevocable trust may be beneficial to you. Here are some considerations regarding an irrevocable trust: What is... Read More »
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When to Update Your WillFor many people, sitting down to create a will can be a complicated process which involves reviewing drafts of the will document and taking specific steps to make sure it properly signed and witnessed. Often, once the will has finally been properly executed and copies are secured, the person who created the document will consider... Read More »
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When You Need to Update Your Estate PlanPreparing an estate plan can be a multi-step process which, depending on its complexity, can take days, weeks, or even months to complete. After everything is drafted, signed, executed, and in place, many people will file their estate plan away and consider their decisions settled and the matter closed. As time passes however, there may... Read More »
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Do You Want to Work Post-Retirement?A lot of retirees like to work part-time after retirement. It’s a great way to stay active, mentally, physically, and within the community. Plus, it brings in supplemental income a lot of retirees use for discretionary spending, rather that dipping into retirement or investment accounts. For some, working in retirement years is necessary — especially... Read More »
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What is a Living Trust and do I need one?When planning for your estate, there are different ways you can plan to pass assets to your chosen beneficiaries. One choice is to create a living trust which allows you, the creator, the flexibility to make changes and benefit from trust assets during your lifetime, and avoid probate after you are gone. Here are some... Read More »
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5 Reasons to Hire an Elder Law AttorneyThroughout our lives, many of us have needed to hire an attorney. Early on it may have been that you needed legal counsel for your first real estate purchase or in starting a business. While later you may have required the services of a family law or tax attorney. As we enter into our senior... Read More »
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5 Things to Keep in Mind About ProbateProbate is the process by which a court authenticates the will of a deceased person (assuming the deceased made one). There are a lot of assumptions floating around about the probate process, many of which are actually misconceptions. Here are 5 things people commonly get wrong about probate. 1. If I die without leaving a... Read More »
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5 Common Types of TrustsA trust is essentially a legal agreement between three parties: the trustor, trustee, and beneficiary or beneficiaries. The trustor (sometimes called the grantor or settlor) creates the trust agreement; the trustee is responsible for managing the trust property that has been transferred into the trust; and, the beneficiaries receive the benefits of the property titled... Read More »
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5 Myths About Advance DirectivesA patient advocate designation (also commonly called an advance directive, medical directive, healthcare directive, health care power of attorney or living will) is a legal document that lays out your end-of-life wishes regarding medical treatment, resuscitation, and other types of end-of-life care. This is a crucial estate planning tool that makes sure your end-of-life preferences... Read More »
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What is Supported Decision Making?When someone has a physical or mental condition which interferes with his or her ability to make decisions, it can be difficult. While fostering an individual’s independent choices is important it is also vital that he or she receives the care they need. One option is to ask that another person be appointed as the... Read More »