A promissory note is normally given in return for a loan. Classifying transfers as loans rather than gifts can be useful because it sometimes allows parents to “lend” assets to their children and still maintain Medicaid eligibility.
Inheriting real estate from your parents is either a blessing or a burden — or a little bit of both. Figuring out what to do with the property can be overwhelming, so it is good to carefully think through all of your choices. There are three main options when you
Life estates can be an excellent tool for Medicaid planning, probate avoidance and tax efficiency, but there are potential problems to look out for. Knowing the implications and risks of a life estate is essential in determining whether it is appropriate for your situation. In a life estate, two or more
9.2021 – Selected to Super Lawyers – Top Rated Real Estate Attorney 11.2020 – DBusiness Top Lawyers 2021 – Named Top Lawyer 2021 Real Estate 9.2020 – Selected to Super Lawyers – Top Rated Real Estate Attorney 12.2018 -named 2018 Strategic Partner of the Year by the Women’s Council of
By Elizabeth D. Johnson | Imagine taking a walk through a garden or forest, admiring the wildlife, flora, and fauna. Maybe there is a lake or stream that you can sit by and collect your thoughts while absorbing the natural beauty around you. Now imagine that this place you’re in is
It is impossible to know the future and predict what will happen even a month from now, yet there are steps you can take to have more control over your long-term interests. Michigan readers understand that one way to do this is by having a strong and thoughtful estate plan
People often ask if they need to wait until after a decedent’s estate closes in order to sell the deceased loved one’s house. This is a common misconception and nothing could be further from the truth. The sale process may be completed while the estate is open. When a loved
The loss of a loved one can have different effects on each person. You may feel a sense of acceptance and closure, or you could feel that you have unfinished business with the deceased that you may need to address somehow. In the latter case, some people may feel a
Legal issues could arise from a variety of circumstances. Even after a person has passed away, his or her estate could still face litigation if an issue with a will or other aspects comes about. As a surviving family member, you certainly want to ensure that everyone honors your loved
Expecting parents and new parents frequently have many discussions about the futures of their children. It can be exciting to choose the name of a baby. Dreaming about high school graduation, college and the opportunities for the future are exciting times. There are other topics expecting parents and new parents
Most Michigan parents who have special needs children work tirelessly to provide and care for their children. They often give up much of their lives and resources for their children without question or hesitation. If you are one of those parents, you may also want to ensure your child’s continued
Advice for boomers desperate to unload family heirlooms By Richard Eisenberg After my father died at 94 in September, leaving my sister and me to empty his one-bedroom, independent living New Jersey apartment, we learned the hard truth that others in their 50s and 60s need to know: Nobody wants
By: Leslie Mertz Will knew something was wrong as soon as he heard his mother’s shaky message on his phone. When he got to her apartment, he found her sitting in a chair — a lost look on her face and a bank statement in her lap. She blinked up
Published in the Ferndale Patch By Mera McKenna (Patch Staff) – January 24, 2017 4:00 pm ET OAKLAND COUNTY, MI — What would happen to your Facebook page if you were to pass away tomorrow? It’s a grim question – yet one we should all be asking ourselves according to
Many people delay writing a will. Perhaps it’s due to fear of the unknown, or anxiety at the thought of the end of life. It’s understandable. You may have thought about what you’d like to happen when you die, but you’re afraid to put it in writing because it feels
In past generations, family members, fiduciaries and other individuals often had to scour through safe-deposit boxes, desks and boxes to gather documents and photos left behind by a loved one. As our culture continues to move further away from paper toward a paperless society, more and more assets and memories
When most people hear the phrase “estate plan,” they usually associate the task of allocating assets, assigning executors and beneficiaries, and establishing trusts to elderly folks with money. What is actually the case is that most individuals who have assets benefit from developing an estate plan. In the past, drawing
Unmarried couples who live together in Michigan face a unique set of legal matters related to estate and probate planning. Couples who live together but aren’t married may be doing so for a variety of reasons. Usually, these types of couples are younger and do not believe in the institution
No matter how much we try, we cannot predict the future. The best we can do is to prepare for it. If you are at any point unable to manage your assets and affairs, you will want someone in charge of all of these things whom you have chosen and
Many pop culture references made it seem that will contests are aggravated in nature and have effects on the family of those involved. In reality, it’s a legal interest, not personal. If you suspect the will your loved one left is not what they intended it to be, you may
During the probate process, the personal representative (which is sometimes referred to as the executor) will inventory the estate of the deceased. Occasionally, documents or assets that the personal representative knows about may be difficult to find. A missing asset may have been misplaced over time, but problems can arise
In this digital age, our values have shifted to incorporate digital assets on a level similar to our personal belongings and assets. Accordingly, estate planning and its practices have changed to include these assets. Your digital footprint and memories are not only valuable to you but also your loved ones.
Creating an estate plan that works for every family is impossible because families vary greatly, and the needs of one will not fit the needs of all others. Because of family differences and varying dynamics, plans for inheritances can get infinitely complicated. Michigan families can explore their options for creating
The transfer of wealth from one person to another, or one generation to another, can be a complicated and highly personal venture. If someone chooses to pass wealth through the use of a trust, the responsibility of trust administration is a challenging responsibility. Michigan beneficiaries and residents embarking on the
After the loss of a loved one, few surviving family members have the energy to focus on legal issues or potential estate complications. However, lack of action or a misunderstanding of the probate process can result in probate litigation and other legal complications for grieving families. Michigan families can minimize conflict
While it is important for everyone to outline exactly what their wishes are for their assets and minor children, it is particularly important for single parents to ensure no stone goes unturned when legally outlining what their wishes are in the event of their passing. Michigan parents who are raising children
One of the biggest concerns many people have when it is time to begin the estate planning process is what to leave their children, namely adult children. When deciding on what to do as far as an inheritance is concerned, there are numerous options. Michigan families have several approaches they may
Business creators work tirelessly to ensure success, but that may all be in vain if proper provisions are not in place to protect the business later on. An appropriate estate plan covers both personal and business interests. Michigan business owners can benefit from creating an estate plan specifically for the
The idea of leaving children an even amount of funds or assets in the event of a parent’s passing may seem natural and an easy decision for parents to make. However, real life issues and varying family situations can make it a challenge to avoid conflict between adult children and
As many Michigan readers know, estate planning is often associated with people who are wealthy or possess valuable assets. In reality, an estate plan is a practical and beneficial step for people of all income levels. Anything that a person owns, including vehicles, homes or a retirement portfolio is considered
Our law firm is ready to help. Contact the probate and estate attorneys at Collens Estate Law.
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