When someone dies, their survivors are often left to cope with the pain of their loss, plan for final arrangements, and then try to manage their estate. If there is a will (or even absent one), a named personal representative must oversee the distribution of the estate through the probate process. Probate, like all legal… Read More »
Posts Categorized: Retirement
When You Need to Update Your Estate Plan
Preparing 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 »
What is a Springing Power of Attorney?
Michigan Power of Attorney for Finances The term power of attorney can be used to describe various legal documents which grant another person authority to act on your behalf. Depending on how a power of attorney is constructed it might be effective immediately or at some point in the future. When a power of attorney only… Read More »
Communication with your Family About Your Assets
Throughout your life, it’s likely that you will accumulate different assets which range in value. Some, such as your residence, car or personal possessions, will be evident while others like investment accounts or retirement funds may be less visible. While it may seem like you have plenty of time to plan for your estate, without… Read More »
The Implications of a “Gray Divorce”
According to a 2015 study by the Pew Research Center, the divorce rate for individuals age 50 and older or gray divorce has approximately doubled over the last twenty-five years. For couples who had have spent most of their adult lives planning to share their home, finances and future divorce can have significant financial implications…. Read More »
Becoming Parents to your Grandchildren
Grandparents are often there for their grandchildren’s special events, holidays, and may even serve as regular caregivers supporting their family. Sometimes an unexpected event such as parent’s death, incarceration, or addiction can rob children of their parents leaving grandparents to assume the parenting role. Few grandparents expect to be raising their grandchildren. Consequently, this change… Read More »
Medicaid and the Gift Tax
Being able to give a loved one a significant amount of money without having to pay gift tax is a major benefit offered by the federal tax code. This may seem like an ideal way to bequeath funds to loved ones without having to include the amounts in your estate plan. However, for individuals who… Read More »
Medicare Private Fee-for-Service Plans
Getting older can involve developing more complicated health conditions resulting in frequent trips to see different medical professionals. While some care may be routine, often it will also include seeing specialists and undergoing different tests. For Medicare recipients, this can mean not having many options regarding providers and being required to cover co-pays and other… Read More »
What is a Medigap Policy and do I Need One?
When you think of Medicare, you may believe that the program will cover all of your medical expenses. However, this is often not the case. While Medicare covers certain medical costs, it typically does not pay for copayments, deductibles, and coinsurance. These “gaps” in total coverage can leave an individual with a serious medical condition… Read More »
The Benefits of a Protection Trust
For some business owners, debt is a necessary evil. When everything is going well, the business owner will regularly pay the debt. However, changes in business, the economy and life circumstances can come up which may prevent the owner from paying their creditors and place them at risk of losing their property. For other business… Read More »