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Inheritances Archives

Inheritances can get complicated for Michigan families

Creating an estate plan that works for every family is impossible because families vary greatly, and the needs of one will not fit the needs of all others. Because of family differences and varying dynamics, plans for inheritances can get infinitely complicated. Michigan families can explore their options for creating plans that take their unique circumstances into account to ensure members' specific inheritances are outlined and drafted as part of comprehensive estate plans.

Take inheritance into consideration when estate planning

One of the biggest concerns many people have when it is time to begin the estate planning process is what to leave their children, namely adult children. When deciding on what to do as far as an inheritance is concerned, there are numerous options. Michigan families have several approaches they may wish to consider to construct a fair and effective estate plan.

Michigan families should include digital assets in a will

When people consider estate planning and ensuring the proper distribution of personal property, most may only think about physical property. However, digital assets are also part of many Michigan estates in current times. These issues can typically be addressed by specific provisions within a last will and testament.

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.

Inheritance dispute still ongoing for Robin Williams' family

A year after his death, the family left behind by comedian Robin Williams is still having a dispute over items and funds the comic left behind. The inheritance dispute has been ongoing, and both sides will be meeting soon in order to come to some kind of resolution. The dispute currently making news in Michigan and elsewhere is between Robin Williams' wife and his children.

Protect your family's inheritance in Michigan with a will

Most people may know it is important to have a will to express one's last wishes in the event of a passing. But, knowing you need a will and knowing just how important a will is to the protection of a family inheritance can be two different things. Anyone in Michigan who has assets, regardless of how meager, or those who have minor children, should be clear about how an inheritance can be protected with a comprehensive and updated last will and testament in place.

Father leaves unique inheritance stipulations for kids

Someone may work tirelessly for years or decades to create a fortune or amass a certain amount of assets. Deciding how distribute those assets or fortune to loved ones as an inheritance can be a highly personal and creative endeavor. One father recently made news in Michigan because of the unique and detailed stipulations he placed on his daughters if they want to receive their inheritance early.

Issues regarding an inheritance need to be customized

There is no such thing as a standard estate plan or plan for dealing with an inheritance. Each family's needs are unique, and anything pertaining to an inheritance should reflect that individuality. Just as an inheritance in Michigan may need to be customized, it's also important to periodically review an existing estate plan as life changes warrant.

How to pass down a family's business legacy

For family-owned businesses, issues of succession form the center of all estate planning efforts. The manner in which a business is handed down differs for every family, and there is no such thing as a one-size fits-all legacy solution. When addressing the issue, Michigan families should take the time to sit down with their loved ones and discuss the matter at length.

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