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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 »
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 »
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 »
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 »
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 »
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 »
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 »