For many people, a real estate transaction is the biggest financial decision they will ever make. While the ins and outs of residential real estate may seem fairly clear, any residential real estate transaction or issue generally can benefit from legal support. The complexities of a residential real estate deal in Michigan, along with the chance that disputes that can arise, are far too risky for anyone considering such an undertaking to tackle alone.
Circumstances that may warrant changing an estate plan
Many people believe that all they need to do is create a will and their estate planning obligations are met until that estate plan is needed. The truth of the matter is that an estate plan should be crafted by any adult with children or any assets, but also that the estate plan is a baseline that may need to be adjusted over time. While most people in Michigan know the importance of having an estate plan to begin with, those same people may be unaware of when or why to alter that plan years down the road.
Trust administration choices vary based on circumstances
No two families are alike, so the ways families choose to distribute wealth and assets will vary considerably depending on the unique circumstances of each family. Before Michigan families begin making decisions about estate planning and trust administration, it is important for them to understand their options. Understanding the different types of trusts and their purposes can help a family to ensure funds and assets are handled according to its specific needs.
Tips to minimize taxes when leaving an inheritance to kids
Most parents are eager to leave assets, including the family home and money, to children when they pass. However, if any form of an inheritance is given without forethought and proper planning, those well-meaning Michigan parents may also be leaving their children with a substantial and unwanted tax bill. It is important to consider the tax implications of an inheritance and any assets given to children before simply signing over property or leaving sums of money in a will.
