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 »
Posts Categorized: Realestate
The Family Cottage and Your Estate Plan
Family cottages can be places where families can come and enjoy time together throughout their lives. As the owners of this type of property plan for their estate, they will have to make decisions about the future of their vacation property while considering the needs of their family. Here is what you need to consider… Read More »
What is Right of Survivorship?
Right of survivorship is essentially the power of the successor(s) of a deceased individual to acquire the property of the deceased upon his or her death. In other words, the right of survivorship determines what happens to a certain type of co-owned property after one of its owners dies. The right of survivorship is found… Read More »
The Family Farm and Estate Planning
Michigan is abundant with farmland and, in many cases, these lands are cultivated by family farming businesses. Often, the family will have built their farming business from the ground up and will want to see it continue for generations to come. While this seems like a natural progression, estate planning for family farms can present… Read More »
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 »
Joint Family Ownership of Vacation Properties
Owning a family vacation home would be a dream come true for many families. Having such a place provides families with a place to relax and enjoy time together while creating memories which will last a lifetime. For some families, achieving this dream means pooling resources in order purchase a vacation home while others may… Read More »
When a Reverse Mortgage Could be a Good Option
In many cases, individuals entering retirement have had their home for decades during which it has not only served as a place to live and raise their family but also as an asset which has gone up considerably in values. Although having such a valuable asset is a good thing, it is often the… Read More »
Planning for the Family Vacation Home
For some fortunate individuals, beloved vacation destinations have resulted in the purchase of a family vacation home. Over the years, the home becomes a special retreat where you and your family have celebrated countless milestones and created priceless memories. However, as you plan for the future, you will have to make decisions regarding the vacation… Read More »
And The Survey Says . . . Most Americans Don’t Have An Estate Plan
According to a survey by FindLaw.com, over 60% of Americans don’t have an estate plan, giving them little control over what will happen to their assets and minor children, and no control over issues relating to their incapacity. The survey further broke down estate planning by age: More than half of Americans over age 50… Read More »