Our regularly updated blog provides important information about estate planning in Michigan. Learn about key estate planning documents, as well as the special estate planning needs of blended families, singles, parents of special needs children, and unmarried couples in committed long-term relationships.
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Asset Protection Trusts: What are they and are they right for you?An essential goal of estate planning is to protect the assets you have worked all of your life to build. This planning may need to include protecting your assets from creditors while making sure that you are still able to benefit from them. Fortunately, for Michigan residents, there is an estate planning option which offers... Read More »
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What does the New Federal Tax Bill Mean for Michigan Estate or Inheritance Taxes?The proposed tax bill is now in “final form”. What that means is that it will likely be passed early next week. Without walking through the entire jungle of tax cuts for business owners and changes to the individual tax landscape, I thought it would be helpful to summarize the changes that specifically relate to... Read More »
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Irrevocable Trusts and YouTrust can be a mysterious concept. While many of us have heard of a trust, we may not understand the different types and how they may be advantageous for our circumstances. One key consideration when planning a trust is whether it will be revocable or irrevocable. In many cases, when an irrevocable trust is a... Read More »
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What is Portability Election and How Does It Relate to You?Portability election refers to the right of a surviving spouse to claim the unused portion of the federal estate tax exemption of their deceased spouse and add it to the balance of their own exemption. To elaborate, it is an estate and gift tax provision allowing the personal representative (the person in charge of the... Read More »
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The Joint Ownership Exception to the Transfer of OwnershipWhen a family buys a cottage or other vacation home it is often with their intention of passing the home to their children. As the original owners prepare to transfer ownership of the property to their children or other loved ones, there is an option which will help ensure that that the property can be... Read More »
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Why you need an Estate Planning AttorneyEstate planning is an area which at first glance may appear simple. However, the preparations you make for your estate can have long-lasting and significant legal implications for you and your loved ones. If your estate plan is not done correctly, your family will be confronted with complicated issues during a difficult time. Having the... Read More »
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Common Problems of Trustees in Trust AdministrationTrust can serve a variety of functions such as preserving family assets, avoiding estate taxation, and keeping wealth out of the probate process. While these invaluable legal constructs can serve to protect what you have built their management can be complicated. Here are some common problems of trustees in trust administration. The Trustee When a... Read More »
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What Rights Does a Trust Beneficiary Have?Beneficiaries of a trust sometimes do not know a great deal about the rules which apply to them. In many cases, a relative may be the person designated to administer and distribute the trust, but they too might be unclear on the trust details and rules. In these situations, beneficiaries may not be aware of... Read More »
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How does a Living Trust Work?When planning for one’s estate questions sometimes arise as to whether a trust, rather than a will, is the best estate preparation tool. To answer that question it is important to know what a living trust is and how it may work for you. A living trust is a trust created by a person while... Read More »
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Planning for the Future When You Become Guardian of Your GrandchildrenBecoming a grandparent can be one of the most joyous experiences in a person’s life. The grandparent and grandchild bond is often created while sharing special occasions and cherished visits. Ideally, the parents of the children would continue in that role. However, in some cases, the grandparent-grandchild relationship changes due to the parents being unable... Read More »