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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 [...]

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. [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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