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Estate Planning

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21 07, 2020

Estate Planning Checklist

July 21st, 2020|Estate Planning|

Planning for the management, transfer and division of your estate upon your eventual death or disability is not something many people consider until it's too late. Estate planning is an essential thing everyone should do, regardless of the current value of your assets or where you’re at in life. This is why establishing and following an estate planning checklist is extremely vital for your future. The goals of estate planning are to avoid any hassles or confusion, reduce costs and to minimize time spent in probate court - or avoid it altogether. It is wise to [...]

10 06, 2020

Guardianship and Conservatorship in Michigan

June 10th, 2020|Estate Planning|

Guardianship and Conservatorship in Michigan Unfortunately there are times when an individual is unable to care for themselves or their affairs, and require assistance by an outside party. When this type of assistance is required, a guardian and/or conservator is appointed to handle the individual’s affairs. In Michigan, this is done through the probate court system, which strictly oversees the process to ensure an individual's best interests are met. Because guardianships and conservatorships effectively take away an individual’s rights and freedoms, Michigan probate courts take this very seriously and require an annual review of guardians [...]

21 05, 2020

Estate Planning Documents

May 21st, 2020|Estate Planning|

Many people consider an estate plan as a necessary legal document for retirees. Although this is true, an estate plan is vital at all stages of adulthood. In fact, an estate plan is vital in case of an emergency. For example, if a person becomes unable to handle their financial affairs, who can legally take care of their obligations? Also, if parents of young children are in a terrible accident, who will care for their children? These concerns and other emergencies are legally addressed in a well written estate plan. This article provides information on [...]

15 05, 2020

Special Needs Trust

May 15th, 2020|Estate Planning|

Everything You Need To Know About a Special Needs Trust When someone has a child with special needs or is caring for an adult with a physical or mental disability, the thought of leaving this person alone without proper care is frightening. If the person providing care were to suddenly pass away or become incapacitated, there’s a lot of uncertainty as to how the adult or child would receive care. Luckily, with proper estate planning, necessary documents can be established to alleviate these concerns. This article provides background on a special needs trust (SNT) and how [...]

21 04, 2020

Trust Protector

April 21st, 2020|Estate Planning|

In 2010, the Michigan Trust Code defined the term “Trust Protector” as someone appointed to watch over a trust that will be in effect for a long time. The appointed person must ensure the trust is protected from any legal changes. This also protects beneficiaries and mediates disputes over estate matters. A trust protector only has specific powers granted by the trust document. The settlor and the attorney writing the trust document establish these powers which may include the following: Amending the trust if laws change Changing future distributions based on beneficiaries’ life circumstances Removing a [...]

1 04, 2020

Estate Planning During The Health Crisis

April 1st, 2020|Estate Planning|

The Coronavirus (COVID-19) has had a significant impact on people throughout the world. This health crisis has changed people’s day-to-day life and many are uncertain as to what the future holds. If you’re reading this, we wish you and your family health and safety throughout the remainder of this crisis and beyond. On a personal note, our law firm has been adapting to these new changes through the use of modern technology. We’ve been working remotely to accommodate client needs. Also, more than ever, we’re getting calls from a significant number of young people and those [...]

1 04, 2020

Who Can Override a Power of Attorney

April 1st, 2020|Estate Planning|

Who Can Override A Power of Attorney? A power of attorney (POA) is a legal document between two or more people. One person (the “principal”) grants another person or persons (the “attorney in fact” or “agent”) the authority to act on the principal’s behalf. This article focuses on legal aspects surrounding A power of attorney including who can override a power of attorney in the event of a disagreement. Reasons to Override A Power of Attorney A principal who is of sound mind may decide to change their agent designation at any time. For [...]

9 03, 2020

Life Estate

March 9th, 2020|Estate Planning|

What Is a Life Estate? A Life Estate involves property ownership. In Michigan, an Enhanced Life Estate Deed, or Lady Bird Deed is also a popular option. Michigan also has a Quit Claim Deed for passing on property and defining property interests. Each of these documents helps heirs avoid Probate Court. Of course, each situation is unique and contacting an experienced attorney who specializes in estate planning is highly recommended. Sound legal advice helps you decide which one of these documents works best for your family. What is the Purpose of a Life Estate? [...]

19 02, 2020

Lady Bird Deed

February 19th, 2020|Estate Planning|

Lady Bird Deed Michigan A Michigan ladybird deed is a type of Quit Claim Deed commonly used in Michigan. This estate planning instrument allows a property owner to maintain control over their property while alive and transfer it to heirs upon their death. A ladybird deed falls under the Michigan Land Title Standards (6th) 9.3 which governs this method of property transfer. An experienced estate planning attorney can advise you if this type of deed is appropriate for your needs. Advantages of Lady Bird Deeds Numerous reasons exist to include a ladybird deed as part of [...]

9 11, 2019

Estate Planning Trusts

November 9th, 2019|Estate Planning|

Guide to Estate Planning Trusts in Michigan According to survey results, most Americans believe that estate planning is important, but only 57% of people have a will. Trusts and estate planning are highly important responsibilities to take care of. If left unattended, an intestate death can result in unmanageable costs for family members as well as time-consuming legal complications. Nobody wants to leave their affairs in a mess, or cause their loved ones to be left in the middle of a legal battle. Fortunately, estate planning does not need to be difficult. Read on to learn [...]

10 10, 2019

Probate Without A Will

October 10th, 2019|Estate Planning|

No Will? There's Still a Way: A Guide to Michigan's Probate Laws According to survey results, over half of the adult US population does not have a will. Statistically, we are more likely to start drafting wills as we get older. However, in some cases, this does not happen, which can lead to a person passing away without a legal will. This is also termed dying intestate. If this has happened to a family member of yours, do not panic. Fortunately, there are provisions for you to carry out probate without a will. Read on to find out [...]

20 08, 2019

Michigan Estate Tax

August 20th, 2019|Estate Planning|

An estate tax refers to a monetary fee imposed by the state or federal government based upon the value of someone’s estate after they pass away. In Michigan, there isn’t a “Michigan estate tax” persay; however, there are cases where individuals may be required to pay certain taxes after receiving assets. This article discusses aspects of inheritance tax, estate tax, and other relevant points regarding asset taxation in the State of Michigan. Asset Taxation in Michigan Michigan has a state sales tax of 6% and a state income tax of 4.25%. Michigan also taxes pensions and [...]

23 07, 2019

What is Estate Planning?

July 23rd, 2019|Estate Planning|

What is Estate Planning? One of the more common questions our law firm encounters is “what is estate planning?” Before answering this question, it’s important to point out that estate planning is one of the most misunderstood concepts of law. For instance, many believe that this concept is only applicable to super wealthy or elderly individuals. Simply put, this is not true. The short answer to this question is that estate planning is setting up a plan so that your wishes are known in the event you become ill or pass away. This article provides [...]

23 05, 2019

8 Estate Planning Benefits

May 23rd, 2019|Estate Planning|

8 Estate Planning Benefits Estate planning protects you and your family. This protection becomes necessary if you become incapacitated, or when you pass away. Many issues should be addressed in a well written plan. The following article lists a few of these essential points. #1. Providing for Your Family When a loved one becomes incapacitated or passes away a family is under a great deal of stress. This is not the best time for the added burden of financial stressors. Prior legal planning assists a family during this difficult time. A properly written plan ensures [...]

8 04, 2019

Reasons To Update Your Estate Plan

April 8th, 2019|Estate Planning|

Reasons To Update Your Estate Plan Estate plans must be updated regularly for various reasons. Plans reflect life and financial situations at a current time and offer protection in the event you should become incapacitated. However, over the years circumstances may change and estate plans may need revisions.  It is in your best interest to get in the routine of updating your estate plan every three to five years if not more often. Failure to do so may eventually cause issues in probate court. Examples Of When To Update Your Plan Various situations require a [...]

27 11, 2018

Estate Planning Basics

November 27th, 2018|Estate Planning|

Estate Planning Basics There is considerable confusion around the topic of estate planning. Moreover, many people do not want to think about this topic since it naturally involves the thought of passing away. That being said, estate planning remains a very important aspect that should never be ignored or put off. This article discusses estate planning basics and when to establish an estate plan. When To Set Up An Estate Plan? Many individuals think that estate planning is only for the elderly; something to consider only after you have hit the golden years of [...]