A Michigan 529 plan is more than just a college savings tool. For many, it serves as a valuable component of an estate plan. These accounts allow families to save for education in a tax-advantaged way, with contributions growing tax-deferred and withdrawals remaining tax-free when used for qualified expenses such
Spendthrift provisions are clauses within trust documents designed to protect a beneficiary’s interest by preventing them from transferring or pledging their share before it is distributed. Their primary purpose is to safeguard trust assets, ensuring they are preserved for the long term benefit of beneficiaries rather than prematurely depleted. These
For individuals without a spouse, children, or close relatives, estate planning may not feel urgent. However under Michigan law, the absence of traditional heirs creates unique legal risks. Without a will or trust, the state determines how property is distributed using default rules that often ignore personal values or wishes
It is common for individuals to own real estate in more than one state, whether it be a vacation home, a rental property, or inherited land from a relative. While this can be considered a valuable part of an estate, it also introduces legal complexity if not properly addressed in
There are a number of factors involved in estate planning, particularly surrounding wills and trusts. While these are considered the foundation of most estate plans, life insurance also plays a critical and often under estimated role in estate plans. Properly integrated, life insurance can provide many benefits, including providing liquidity,
As digital assets like cryptocurrencies and non-fungible tokens (NFTs) become increasingly common forms of personal wealth, they are playing a growing role in modern estate planning. Unlike traditional assets, these digital holdings often exist outside of conventional financial systems, making them easy to overlook when creating a will or trust.
Power of Attorney is a critical component of estate planning, giving someone the authority to make decisions on another person’s behalf. This ensures that their affairs are handled in the event the principal becomes incapacitated. There are two primary types of Power of Attorney (POA); financial and medical. These primarily
A Durable Power of Attorney (DPOA) for Healthcare is a crucial legal document that allows an individual to appoint someone they trust as an agent to make medical decisions on their behalf if they become incapacitated. This ensures that their medical preferences are honored even when they cannot communicate their
Family Limited Partnerships in Estate Planning In estate planning, there are many legal tools available to help families protect and manage their estate. One of the ways in which this is accomplished is by the Family Limited Partnership (FLP), which allows family members to collectively own and manage assets while
Estate planning is meant to protect assets and ensure loved ones are provided for after the passing of the decedent. Unfortunately, scammers often prey on those unfamiliar with the process. This has grown exponentially with the recent rise of online services offering wills and trusts. Because of this, it’s more
