Death is not a subject that most Michigan residents want to discuss. Of course, it’s unavoidable, so it only makes sense to prepare ahead of time. A proper estate plan can ensure that a person’s assets are passed onto their intended beneficiaries. Trusts are great...
When it comes to estate planning, much attention is often paid to who receives assets. However, an equally important consideration is how those assets are distributed. Michigan testators often have concerns and desires for how their assets will be used after their...
Many people think trusts are only useful to wealthy families. However, every Michigan family can benefit from having a trust as a part of their estate plan. Out of the many different types of trusts, living trusts can help families or individuals plan for unexpected...
The upcoming era of boomers passing on resources to their children is currently being talked about as the “great wealth transfer.” With boomers holding more wealth than any other generation, before or since, the total amount expected to trickle down to younger...
For many parents, taking care of their next-of-kin is a primary consideration when establishing a comprehensive estate plan. However, depending on the assets a parent has, the most equitable way of dividing assets between multiple siblings can vary. For example, one...
Establishing a power of attorney (POA) for health and/or financial matters is an important part of the estate planning process for many Michigan residents. The basic gist of a POA’s role is that it names an individual -- the agent -- who will be designated to act on...
One of the key tasks people face when creating a comprehensive estate plan is naming their beneficiaries. Beneficiaries are the individuals who will receive the assets left behind in an estate. Naming the right individuals and doing so in the right documentation, is...
When parents think about the future of their families, and in particular about estate planning, those with children often first consider guardianships, trusts and general considerations about how their children will be cared for if something happens to them as...
When people think about estate planning, often they are most concerned with assets. But many wonder what happens to liabilities, or debt, when a person passes away. Individuals with credit card debt, or those responsible for executing the wills of individuals with...
As difficult as it is to think about, every person will die, so it is important to have a plan in place to protect familial assets when this inevitable event occurs. For those in Michigan who have an estate plan, it may be time to review and update some documents....
