Sheehan & Associates, P.L.C.

Detroit Law Blog

Choosing the right trust for your circumstances

Trusts are a very common estate planning choice for those who have significant assets. This is true for several reasons, but most notably, it is because holding assets within a trust enables the assets to skip the probate process at the end of the estate planner's lifetime.

Bypassing the probate process means that assets will not be subject to the hefty fees and lengthy timeframe associated with it, allowing those named in the trust to inherit the assets held within it efficiently. If you want to create a trust, but you are not sure which type is best for you, the following are some options.

Are you suffering from divorce-related trauma?

We often conflate traumatic experiences with something dramatic and alien to our everyday life. We may assume that only those who have been affected by war or a near-death experience can suffer due to trauma. However, this is far from the truth.

Any experience that comes as a shock or that rattles our expectations of our future and security can be traumatic. For many people, a divorce can be a form of psychological trauma. Trauma can profoundly affect a person's life. It may cause them to experience regular anxiety attacks or could mean that they are fearful of leaving the house. The following are some ways to heal if you are affected by divorce-related trauma.

What to consider before acquiring a business

Engaging in business acquisition can be a great way for entrepreneurs to create wealth from already established business ideas. Start-ups are becoming increasingly common in today's world, and those who acquire small businesses do so because they see a huge potential for growth.

If you are considering acquiring a business to develop it or integrate it into an existing business that you have, you will know that doing so is no simple undertaking. You should consider the following if you want to acquire a business for the first time.

Will bankruptcy change my life for the better?

Many people worry that filing for bankruptcy will set them on a course of financial hardship and low credit scores. They may worry that they will never again be able to enjoy the quality of life that they have grown accustomed to. However, in many situations, quite the opposite can be true. Bankruptcy has the sole intention of helping a private individual or business to clear their debts so that they can live a life free of financial hardships.

If you are concerned about filing for bankruptcy, it is a good idea to consider the ways that the process could change your life for the better. The following are some reasons why you should consider filing for bankruptcy if you have crippling debts.

What are the disadvantages of not making a will?

Making a will and planning your estate effectively takes time and effort. Many people avoid engaging in the practice of planning their estate because they do not want to spend too much time thinking about the inevitability of death. The prospect of death is a morbid topic, but planning your estate does not need to be. In fact, planning your estate can be an uplifting activity because you can plan how your assets will benefit others in the future.

If you are considering whether you should take the time to create an estate plan, you should first understand what will happen if you do not plan your estate. Dying without an estate plan is known as dying intestate, and it has several possible negative consequences.

How should I approach asset valuation at divorce?

When going through a divorce in Michigan, your assets will be subject to equitable distribution. This is because community property is not recognized in Michigan, meaning that assets will not be automatically subject to a 50-50 split.

It's important to ensure that you get a fair share of marital assets at divorce. In trying to achieve this, many people put effort into trying to maximize the percentage of assets they are awarded. While this is a significant part of the process, it is equally vital to ensure that all assets are valued accurately. If the assets awarded to you are overvalued, you may get an unfair share of the total value of marital assets.

Can I incorporate a business in multiple states?

If you are starting a corporation, you will likely be setting your sights high, and therefore, you may want to do business in multiple states. If you want to start a corporation or a limited liability company (LLC), you cannot incorporate in more than one state. Therefore, you must choose one state to incorporate in, and register in the other states that you do business in.

It's important that you understand how to do business in multiple states before you start because this will ensure that you make the best decisions for your new company. The following are things to know before setting up a multi-state business.

What will happen if I file for bankruptcy?

Bankruptcy has certain stigma associated with it, and many bankruptcy myths are circulated. Because of this, it can be difficult to get a clear overview of what bankruptcy entails. The process of bankruptcy will differ depending on whether you file for Chapter 7 or Chapter 13.

However, some things will be true no matter which bankruptcy Chapter you file for. The following are things that you can expect to happen when you file for bankruptcy as an individual in Michigan.

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.

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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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