An estate plan provides guidance to families going through a difficult time. Sometimes, serious illnesses or injuries can occur without warning, leaving once-healthy people unable to state their final wishes. An effective estate plan will save grieving loved ones the added stress of figuring out the wishes of the deceased,
The expiration of the Bush tax cuts in 2013 has left many Michigan residents wondering what the future holds for federal estate tax exemptions. If Congress is not able to work out a deal with regard to these exemptions, the inheritance tax implications are going to affect many estate planning
Estate planning requires the use of legal instruments, such as wills and trusts, to implement an individual’s wishes after they die. It’s a very important consideration in a person’s life, but a recent study by Fidelity Investment shows many parents do not discuss their estate planning needs adequately with their
An estate plan generally uses a variety of legal instruments, including wills and trusts, to distribute assets after a person dies. The pending estate tax code changes on these assets can have a profound effect on estate planning strategies for many Michigan families if Congress chooses to let them expire.
Many Michigan residents may have an IRA that they wish to leave to their spouse or a child once they pass on. However, without proper planning, much of this inheritance could be lost to taxes. Anyone with an IRA who is in the process of estate planning should understand how
When the death of a loved one occurs and there are no clear instructions left for estate administration or burial, loved ones can be left unsure of what the deceased’s wishes were. Sometimes, even when a will is in place before the death, the family of the deceased can contest
While families sometimes have to turn to a conservatorship in situations where a family member might be incapable of making decisions in their own best interests, these probate litigation issues can become more complicated in matters relating to a person with high level of fame – and assets. A recent
Estate planning can be a complex process, and when the assets involved in an estate are of high value, it’s especially critical to understand all the ways taxes can affect one’s estate. That’s especially true as 2012 comes to a close, because major changes in gift and estate laws for
A conservatorship can be a useful tool for families who have a loved one who may no longer be able to make decisions in their own best interests. Usually these situations arise from an elderly person who may be suffering from dementia, such as Alzheimer’s disease or someone who has
The estate of former Michigan resident Jack Kevorkian recently settled with a museum over the ownership of artwork painted by notorious doctor. Having a trustworthy executor who can solve legal disputes such as these during estate administration is important. The dispute arose when the estate sued the Armenian Library and
When a person owns substantial assets, a will or trust can play an important part in the distribution of these assets. However, some people would prefer a more complex estate plan than simply passing on their assets to their children or partner. If someone gives assets to a charity, either
As we discussed a few weeks back, online or digital assets can be problematic for some Michigan residents as people increase their online presence, the amount of information they access and store online grows. The growing use of email and paperless bill paying has created a situation where vital records
The death of a loved one can be a difficult matter to handle. Emotions are riding high and level heads are few and far between. If the deceased is without a will to specifically advise survivors on how to distribute the estate’s assets and survivors disagree on what should happen
As discussed in last week’s post we will continue this week on the importance of remembering digital assets in estate planning activities. Many in Michigan and elsewhere spend a good portion of their time online performing a variety of activities from gaming to investing and sharing photos. In doing so
Welcome to the digital age where we now have to consider such mundane things as our Facebook login credentials in our estate plan if we want our loved ones to have access to it upon our passing. Many Michiganders often forget about digital assets when planning their estate, both non-financial
Michigan residents may have heard that iconic television star Sherman Hemsley, star of “The Jeffersons” passed away several weeks back. And as is rather common when a celebrity dies, long lost relatives pop up to contest the will and delay probate for whatever reasons. Such is the case with Sherman
As discussed in last week’s post, there are a number of life events that should trigger a review of your estate planning goals and documentation, including a marriage, divorce or death in the family. Often certain aspects of an estate plan are missed in a divorce, such as changing the
If you already have an estate plan in place you are way ahead of the curve. Having a proper estate plan means you care enough about your estate and your loved ones to ensure they are handled appropriately upon your death. Having an estate plan is only one step in
When people in Michigan plan their last will and testament, they do so with the idea their final wishes will be followed to the letter of the law. Even though music icon James Brown’s estate plan specifically states that anyone who contests his will should not receive anything from his
Oftentimes when a child turns eighteen in Michigan and elsewhere it is not considered a major deal, except to the child maybe. But did you know that once your child turns 18 years of age you could be kept out of certain decisions regarding their healthcare, among others? Without a
The State Bar of Michigan is planning on holding estate planning seminars this week in western Michigan with the goal of arming senior citizens with as much estate planning information as possible in the one-hour sessions. The five sessions are part of a total of 28 seminars that will be
We have all heard or read about stories in Michigan and elsewhere involving families in disputes over a relative’s death and what he or she would have ‘wanted.’ Without a solid estate plan, including a will or trust it can be difficult to know, let alone prove in probate court,
Michigan readers of our blog may remember an earlier post that detailed a battle between Zsa Zsa Gabor’s daughter and her husband of 25 years over who should be the conservator of Ms. Gabor’s care and estate. Francesca Hilton, Ms. Gabor’s only child from a previous marriage, is satisfied with
Nobody really knows how long they have left to live, but using one or more of the online actuarial calculators could give you some insight into how you should go about setting up your retirement and estate plan. Retirement planning, estate planning and elder care planning can go a long
After filing a request with the probate judge, the family of the late Joe Paterno was able to get his will sealed and thus unavailable to the public. The family recently reversed that course and gave up their quest to keep his will private. Why did they switch course? Most
When establishing an estate plan it is important to determine how you own something, such as an investment account, real estate property or even a checking account. Consider the example of a couple who brings not only separate property to a second marriage, but children as well, like many blended
You don’t need to have a massive fortune on the scale of Bill Gates or Warren Buffet to benefit your retirement while planning for the future of your estate. For Michiganders thinking about retirement, most likely the kids have grown and you are decades away from end of life issues
With Father’s Day just around the corner we thought our Michigan readers might be interested in a story about the need to protect our elderly loved ones from a variety of threats, including dementia. The story involves the elderly father of Academy Award-winning actress Reese Witherspoon and her brother who
A Chihuahua named Conchita has proven the old adage that every dog does indeed have his day or her day in this case, after a home that was bequeathed to the pooch and two others was recently sold for $8.4 million. Many Michigan residents can probably relate to pampering their
A lawyer is accusing a Michigan judge and two other probate lawyers of conspiracy in attempting to bilk civil rights icon Rosa Parks’ estate out of $507,000 in legal fees, according to court papers. Ms. Parks’ estate consists of several thousand pieces of civil rights memorabilia, including her personal papers,
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