Estate Planning

Every estate plan is different. Despite the size of an estate or the value of any assets, an estate plan is pretty much the same process for all Michigan residents who want to protect their family and also protect all for which they have worked. For those who have not

Broaching the topic of estate planning can be somewhat uncomfortable for many people. However, it is better to have these plans in place long before they are needed in order to ensure that end-of-life decisions are handled accordingly. Estate planning covers various subjects from creating a will to appointing a

Many people wrongfully assume that they do not need to think about such things as estate planning if they are just starting out or do not have a great deal of valuable assets. Yet, anyone in Michigan who has children would be wise to make estate planning a priority. Also,

Estate plans essentially outline the fate of one’s personal belongings and other assets, such as bank accounts and investments. As technology continues to grow by leaps and bounds, it is becoming more important to think outside of the box when it comes to estate planning. Simply put, it is about

Traditionally, estate planning has been the process of handing down belongings and other assets from one generation to the next. The process of creating an estate plan is highly personal. That is reflected in some recent changes to the process in general, such as for those who do not have

There are many decisions to make when it comes to estate planning. Many may think a will is all that is needed. However, there are other documents and protections that may be needed to complete the estate plan of a Michigan resident. One essential document is a durable power of

The general topic of estate planning may be difficult for some to bring up or think much about. However, anyone who has any kind of assets may benefit from learning more about the process and what it entails, especially the important decisions that must be made. Anyone in Michigan who

When people sit down to decide what will become of their assets, they may think about bank accounts, homes, collectibles or even the fate of a family business. Many people already know that formulating a comprehensive estate plan is vital if there are kids involved. However, people in Michigan may

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

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

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

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

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 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.

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

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.

Many people in Michigan know that Bill Gates and Warren Buffett — the billionaires behind Microsoft and Berkshire Hathaway, respectively — have pledged to give most of their fortunes to charitable causes, rather than thier children. While this is a magnanimous gesture on their part, is it practical for people

Even though no one likes to think about planning for their death, it’s still a vital part of life. Living wills, trusts and health proxies are all important items to have in place. However, in most states, challenges arise for couples who are not married, when it comes to making

When people in Oakland County think about estate planning, more than likely, what comes to mind are physical assets: real estate — including the family home — cars, and household goods. Additionally, retirement accounts or stock portfolios are considered to be assets, and while you can’t exactly hold the contents

When it comes to estate planning, many Michigan families think the best concept to keep in mind is fairness. However, it should be noted that being fair doesn’t necessarily mean that assets should be split equally. While this concept might seem uncomfortable or untoward on its face, it can make

The season for changing estate tax exemptions is upon us. Only four months ago, a so-called “permanent” exemption was created for estates of $5 million or less. However, because there was nothing in the national budget proposal that said Congress couldn’t change the exemption in the future, the “permanent” limit