People tend to put off anything related to estate planning, as it isn’t a subject many younger people like to think about. Anyone in Michigan over the age of 18, especially anyone with children, may benefit by preparing and executing a will. Those over 18 may also gain by looking
The recent death of movie star Paul Walker highlighted the fact that tragedy can strike anyone at any time. The accident has also turned out to be a lesson in the importance of having an estate plan at any age. Walker’s estate plan, in particular, ensured his only child would
Especially for a wealthy Michigan family, it can be difficult to know how to pass wealth along to the next generation and if it should be done through a will or a trust. Estate planning is a vital financial step for anyone, no matter the income level. However, for those
A person may feel average in many areas of his or her life in Michigan. The individual might view his or her job, marriage and/or financial situation as being mediocre, so he or she doesn’t see the point of going through the same type of estate planning that the “rich
The name Huguette Clark may be unfamiliar to many in Michigan — or across the nation for that matter — but in the arena of estate planning and administration the name doesn’t seem to go away. The woman was a wealthy but reclusive copper heiress who passed away in 2011
Estate planning is a very important step to take to make sure your wishes are known and followed through after you have passed away. Creating an estate plan has many benefits, but many people fail to create an estate plan before it’s too late. Having an estate plan can make
On our blog, we’ve discussed the importance of creating a will before it’s too late. A will puts in writing who will take care of your minor children and who will get your assets in the event of your death. Having a will is very important. Depending on what you
One very important aspect of estate planning for many parents includes passing their inheritance to their children. Deciding how much inheritance to give your kids can be a difficult task, especially since many parents are unsure of how their children will manage their inheritance after they pass away. A new
An estate plan can include a variety of legal documents that document your wishes while you are living and after you have passed away. One of the most important documents to include in your estate plan is a will. A will is a great way to protect your wishes and
For same-sex couples there have been a lot of changes over the last few months. With the United States Supreme Court’s ruling on the Defense of Marriage Act many of the former challenges for same-sex couples have been removed. Michigan residents may be interested to know that under this new
In Michigan, trusts may have a reputation that they are only for the rich. People think of trust funds and with that rich people who are trying to avoid taxes. However, many people do not understand that trusts can be useful for middle class families in a variety of situations.
Michigan residents often understand that it is important to plan for their deaths. However, people may not know exactly how to go about doing that. Estate planning is so important that without the right help, people may end up making decisions that turn out to be mistakes in the long
Americans — including Michigan residents — are quickly ageing. With these increased ages come more medical problems. One medical issue that is particularly difficult is dementia. According to the Alzheimer’s Association one in three American seniors dies with one form of dementia — including Alzheimer’s — or another. These numbers
Many people may think that if they have completed a comprehensive estate plan that once they die things will be taken care of for them. While estate planning is very important, an estate administration process will still be necessary following a Michigan resident’s death. During the estate administration process, estate
Some people understand the importance of planning for their death, while others do not. Even those who understand why it is important have often not taken all the appropriate steps to make sure their final wishes are carried out. According to a study done by the National Endowment for Financial
Many older Americans know that they need to prepare for their death. They need to have a series of estate planning documents in place to deal with their affairs in case of a medical emergency or their passing. These documents — including a power of attorney, health proxy and will
The estate of an American cooper heiress has settled more than two years after her death. The woman died in May 2011 and left behind a $300 million fortune. The woman was not married when she passed and had no children. However, a will contest arose after her family –
Most people want the best for their families when they pass. They want to ensure that their families have the financial security and support they need. Other times, people have valuable property that needs to be maintained for years after a person’s death. People may feel like they have no
The unfortunate reality of life is that no one lives forever. At some point, everyone passes. It is important for Michigan residents to plan for their passing by creating an estate plan. An estate plan can help determine how a person’s assets are going to be distributed following their death.
Following the death of a loved one, families are often eager to make all the final arrangements and settle that person’s estate. This can be a long process that includes finding all the estate planning documents including the will, identifying all the heirs to the estate, dealing with life insurance
No matter how big an estate a person leaves behind when they pass, some issues will need to be attended to. There could be bills to pay and assets to sell or give away. Rarely, do people have zero estate administration issues following their death. In order to deal with
People work their entire lives in order to be able to live comfortably. Over time people acquire personal property that help people enjoy life and eventually retire. A lot of the time, people will have money or other assets that they want to be able to pass on to their
A lot of people in Michigan have prepared a plan for what they would like to see happen when they die. Maybe, with the help of an attorney, they have prepared a will or set up a trust. Maybe they have assigned beneficiaries for bank accounts or written a living
America is getting older. Every year, baby boomers are inching closer and closer to retirement age. As these baby boomers age, they need to consider estate planning issues. While the loss of a loved one is never an easy thing to face, waiting to plan for a person’s death can
Many people prepare wills and trusts during their lifetime to help ensure their wishes are adhered to following their death. Michigan courts generally try to uphold the wishes of a decedent outlined in valid trust documents and last wills and testaments. Competency is one of the requirements for any legal
Farming has a long tradition in Michigan, even though the number of farms and the amount of acreage devoted to farming has decreased steadily over the last century. Still, for many Michigan residents, it is a way of life. However, farmers over 65 are facing difficult decisions these days. They
Poor estate planning could defeat good intentions and actually leave more problems than assets to beneficiaries if estate plan tax implications have not been carefully managed. The recent death of actor James Gandolfini serves to highlight the pitfalls a person could face without a clear understanding of all the tax
Estate planning is an important step everyone should take to make sure their wishes are known and their assets are handled accordingly upon their death. For parents who have a child with special needs, estate planning is an essential tool that should be used to help care for your child.
A years-long probate litigation case was settled in Kalamazoo recently, resulting in a $23 million award for the Kalamazoo Community Foundation. In his will, the founder of The Upjohn Co. requested that 2,000 shares of stock from the company be placed in a fund. Five years after his death, the funds were
According to a recent report, most victims of elder abuse know the person abusing them. Often, it is a family member or a caretaker. Elder abuse has increased since the economy has been struggling. A common form of elder abuse is financial exploitation involving the changing of a will or
Our law firm is ready to help. Contact the probate and estate attorneys at Collens Estate Law.
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