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
Heirs of a millionaire are suing the hospital that took care of her for the last 20 years of her life, alleging that the facility overstepped its bounds to get money before her death and to be included in her will. Relatives say the case, which has garnered international attention,
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
For many wealthy people, setting up a charitable family foundation is a way to create an enduring legacy. When family members associated with the trust disagree, though, it can lead to probate litigation. Longtime Detroit Pistons owner William Davidson created a family foundation prior to his death so that causes
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
Let’s talk about joint ownership of estate assets in Michigan. In particular, let’s talk about when a parent decides to add his or her child to an account. In all likelihood, when the parent dies, ownership of the whole account will pass to the child. But what if there are
If you own a successful business in Michigan, no matter what your age is, it’s time to start thinking about passing the business on to your successors. Many admirable entrepreneurs are so immersed in business operations that they become in large part defined by decisions related to the company, so
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
How can people in Michigan plan for the unfortunate but real possibility that their heirs and beneficiaries will encounter debt problems or some other financially draining event such as divorce? This question too often goes unaddressed in estate planning, and the money that well-meaning estate planners intend for their loved
Family members need support after the death of a loved one, and estate distribution in Michigan often poses a particularly complex set of problems for grieving families. In the worst scenarios, matters such as undue influence have to be addressed in probate court. Detroit-area residents may be interested in a
Estate tax laws have changed in the United States, and many Wayne County residents will need to revise their estate planning documents to keep up with the times. In anticipation of the changes, high-earners throughout the country established trusts in 2012 and took other estate planning measures to protect assets
When you have significant assets and the desire to preserve a legacy, you sometimes need a few brainstorming sessions to cover all of the bases. It is also important for Oakland County residents to draft estate planning documents to ensure that your wishes are carried out; otherwise, unexpected decisions may
In our last post we discussed the importance of making plans for the end of your life — both death itself and the years leading up to it. As we grow elderly, we become much more vulnerable. Our bodies don’t work as well and we may have a difficult time keeping
When we talk about estate planning, the focus is often on how your assets and property will be distributed after you die. But Michigan residents should realize that it’s also important to consider your needs as you become elderly or in need of significant — and costly — health care.
The success or failure of a business corporation often depends on how smoothly the ownership and administration of the business is passed from the deceased founder to the heirs. Merely focusing on proper estate planning and ignoring estate administration can lead to prolonged litigation, which may affect the overall stability
An estate plan involves the use of legal instruments such as wills and trusts to distribute the assets of an estate. Many families are blended from more than one biological family, so estate planning often involves stepchildren. Readers in Oakland and Mccomb counties will want to learn more about planning
Incorporating an endowment into an estate plan allows Michigan residents to lend financial support to cherished foundations beyond the planner’s own lifetime. Estate planning strategies typically include establishing specific conditions to preserve assets, regulate distribution and prevent inappropriate spending. A recent dispute involving a Michigan church demonstrates the role a
A person’s death may be felt by a wide range of people, but it is usually up to surviving family members to deal with the difficult task of finalizing the estate of the deceased. This can become complicated if some of the heirs do not agree with the terms of
High-value assets can be good investments. However, passing along such assets to family members or beneficiaries is not always simple. When a person dies, an inventory must be made of both debts and assets. Any debts must be paid before the intended recipients can inherit from an estate. Proper estate
For many people in Macomb County, drafting a will represents a real opportunity to give something back to the community they care about. Early on in the estate planning process — or even before it begins — some individuals define a number of entities or organizations they want to help.
In many cases, trust beneficiaries are disabled, and Michigan residents who are in charge of trust administration may need to take steps to better a disabled beneficiary’s life. In doing so, it’s important to be aware of the legal rights of everyone involved. Readers in Oakland County might be interested
Planning for inheritance and estate taxes is essential to ensure that your loved ones and beneficiaries receive the maximum amount of your assets when you pass away. Estate planning relies on careful knowledge of both tax implications and existing laws that can affect the value of an inheritance. Those looking
There are many Michigan residents who have favorite charities. Maybe it is a charity that provides support and research to patients battling certain illnesses, like cancer or heart disease. Or, maybe it is a religious congregation that one feels particularly connected to. According to Charity Navigator, charitable bequests — meaning
The determination of heirs is not always a cut-and-dried process. When disputes arise, probate courts oversee estate administration and are often called in to determine how wills, estates and benefits will be divided amongst heirs. Those who are attempting to unravel the will of a deceased loved one should seek
Our law firm is ready to help. Contact the probate and estate attorneys at Collens Estate Law.
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