Sheehan & Associates, P.L.C.

Detroit Law Blog

When should you do estate planning?

Most people know that they need to do estate planning at some point, but they may simply put it off because they're not exactly sure when to begin. How soon will they need that plan? When do they want to get everything in order?

Now, the short answer here is that you should do your estate planning as soon as possible. If you have been putting it off, you're already taking a risk. Car accidents, workplace accidents and medical malpractice take lives unexpectedly every single day -- and those are just three examples of possible mortality. Life is impossible to predict. So is death. It's far better to be ready in advance. If you live a long, healthy life and don't use your estate plan for decades, that's fine. Having it protects your heirs just in case.

Understanding the pros and cons of joint legal custody

If you and your co-parent have joint physical and joint legal custody of your child, it means that you share both time with them and in making big decisions regarding their upbringing. This can have many positive benefits for the child, because it means that both of their parents are able to play an active role in their life. However, it can also mean that certain challenges arise out of conflicting opinions regarding how to raise your child.

If you are currently going through the process of establishing child custody, you may be wondering whether joint legal custody is a desirable choice. The following are some of the pros and cons of joint legal custody.

Why you should stop fearing bankruptcy

Many people who are going through financial challenges can feel like they have nowhere to turn. Much of this feeling can stem from a fear of taking action to try to improve their lives because they worry that these efforts will fail.

Bankruptcy can be a very smart choice for those who have no other realistic way to pay off their debts. However, many debtors have heard myths and horror stories about things that could go wrong in a bankruptcy filing. They often use these anecdotes to rationalize not taking action. The following are some common myths about bankruptcy that you should not be afraid of.

Signs that it's time to file for bankruptcy

It can sometimes be difficult to admit to yourself that you are struggling with debt. There is a certain stigma that surrounds debtors, and many view filing for bankruptcy as an admission of failure. However, bankruptcy can be a powerful tool that, in addition to determination and grit, can help people to turn their lives around.

If you are worried about your financial situation, it is important that you are honest with yourself. The following are some signs that bankruptcy is the best option for you at this time.

What to consider when drafting a business contract

If you have a business, drafting contracts will be an essential part of creating business relationships. Business contracts should be written in a way that protects your interests while at the same time enabling the relationship to be beneficial for both parties.

By writing business contracts comprehensively, you will stand a good chance of being able to avoid disputes and litigation in the future. Make sure to consider the following when drafting a business contract.

Considerations for an heir with special needs

You have a child with special needs. You provide support and assistance right now, but you are very conscious of the fact that your child will need extra help when you pass away. You're considering leaving them the bulk of your money in your will, knowing your other children will understand.

This is a noble goal, but you need to make sure that you go about it the right way. Mistakes made during this process could do more harm than you realize.

How should I approach child custody issues?

Dividing up the family unit is undoubtedly one of the toughest aspects of divorce. No parent wants to have to tell their child that they will no longer live with both parents. The process of explaining divorce to your child will vary according to the child's age. Similarly, the way that you approach child custody should be in accordance with the child's age, too.

When approaching child custody, you should work hard to cast your own emotions aside. You should reflect on what is truly best for your children, and work from there. If you are worried that the process of child custody will create toxicity and stress, it is important that you learn how to act in a way that will minimize negativity.

Wealth protection strategies should influence your estate plan

When starting to think about estate planning, you will likely come to realize the importance of wealth protection. When wealth is not protected strategically, it can become subject to high tax rates at the end of your lifetime. Additionally, assets can be vulnerable to losses if poor financial decisions are made regarding other assets.

It's important that you have a good idea of the options available to you when it comes to wealth protection. By understanding the pros and cons of common strategies, you will be able to make a decision that works best for you.

What are the advantages of filing for Chapter 7 bankruptcy?

Those facing significant financial problems are often confused about the best path to take in order to tackle their debts. There are many businesses in existence that promise to help debtors to pay their creditors; however, they often charge extortionate fees and not all are trustworthy.

Filing for bankruptcy may sound extreme for many, but the fact is that bankruptcy chapters are designed by the government to help debtors to be successful. Those who are able to complete a bankruptcy program are also often subject to generous debt discharges.

Take steps to prevent a disagreement with your business partner

When you go into business with another person, it's critical that you're both on the same page in regard to your vision for the company, professional goals and responsibilities.

You're likely to disagree with your business partner every now and again, and there's nothing wrong with that. In fact, it's healthy to have differing viewpoints as it gives you the opportunity to look at the issue from a variety of angles.

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Sheehan & Associates, P.L.C.
1460 Walton Blvd , Suite 102
Rochester Hills, MI 48309

Toll Free: 877-600-7891
Phone: 248-218-1473
Fax: 248-650-5368
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