Galloway and Collens, PLLC
248-397-5507
248-397-5507

Steps to take to protect an inheritance in Michigan

For financially stable families in Michigan, a great deal of pride may be taken in the act of leaving a significant inheritance to a family member. However, Michigan residents may want to consider the downside of leaving a family member a large sum of money. For some families, the concern may lie with what a beneficiary will do with his or her inheritance. For other families, concerns may stem from wanting to protect assets from tax or other liabilities.

One tale of an inheritance situation gone wrong involves a man who was a real estate developer. The man took out a $25 million loan for a condominium project. The project failed when the recession hit, and the man defaulted on the massive loan. In the midst of this financial crisis for the man, his uncle passed away and left him a significant amount of money.

The man inherited a co-op worth roughly $20 million. Because of the man's debts, the bank ended up with the inheritance. According to experts in the field, if the uncle had bequeathed the man a trust, the money would have been protected.

For some Michigan families, lessons about how to effectively leave an inheritance may come too late, and fortunes may be unnecessarily lost. However with proper guidance and planning, a family can leave an inheritance that can provide for beneficiaries for some time. Hard-earned wealth that last for generations is possible when trusts are created and individual family needs and situations are taken into consideration early in the estate planning process.

Source: observer.com, "A Matter of Trust: Simple Ways To Protect Your Inheritance", Alyson Martin, April 9, 2015

No Comments

Leave a comment
Comment Information
  • dbusiness - 2016 Top Lawyers
  • dbusiness - Top Lawyers
  • Lead Counsel Rated Attorney
  • Senior & Caregiver
  • American Appartment Owners Association - Member since 2015
  • Same Address
  • ICLE Contributor
Email Us For A Response

Contact Our Metro Detroit Attorneys

Our law firm is ready to help. Contact the real estate and estate planning attorneys at Galloway and Collens, PLLC, by calling 248-397-5507.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

26075 Woodward Avenue Suite 200 Huntington Woods, MI 48070-1341 Toll Free: 888-349-0309 Phone: 248-397-5507 Fax: 248-545-2520 Huntington Woods Law Office Map