Estate Planning

Life estates can be an excellent tool for Medicaid planning, probate avoidance and tax efficiency, but there are potential problems to look out for. Knowing the implications and risks of a life estate is essential in determining whether it is appropriate for your situation. In a life estate, two or more

Expecting parents and new parents frequently have many discussions about the futures of their children. It can be exciting to choose the name of a baby. Dreaming about high school graduation, college and the opportunities for the future are exciting times. There are other topics expecting parents and new parents

Published in the Ferndale Patch By Mera McKenna (Patch Staff) – January 24, 2017 4:00 pm ET OAKLAND COUNTY, MI — What would happen to your Facebook page if you were to pass away tomorrow? It’s a grim question – yet one we should all be asking ourselves according to

Many people delay writing a will. Perhaps it’s due to fear of the unknown, or anxiety at the thought of the end of life. It’s understandable. You may have thought about what you’d like to happen when you die, but you’re afraid to put it in writing because it feels

In past generations, family members, fiduciaries and other individuals often had to scour through safe-deposit boxes, desks and boxes to gather documents and photos left behind by a loved one. As our culture continues to move further away from paper toward a paperless society, more and more assets and memories

When most people hear the phrase “estate plan,” they usually associate the task of allocating assets, assigning executors and beneficiaries, and establishing trusts to elderly folks with money. What is actually the case is that most individuals who have assets benefit from developing an estate plan. In the past, drawing

Unmarried couples who live together in Michigan face a unique set of legal matters related to estate and probate planning. Couples who live together but aren’t married may be doing so for a variety of reasons. Usually, these types of couples are younger and do not believe in the institution

No matter how much we try, we cannot predict the future. The best we can do is to prepare for it. If you are at any point unable to manage your assets and affairs, you will want someone in charge of all of these things whom you have chosen and

In this digital age, our values have shifted to incorporate digital assets on a level similar to our personal belongings and assets. Accordingly, estate planning and its practices have changed to include these assets. Your digital footprint and memories are not only valuable to you but also your loved ones.

While it is important for everyone to outline exactly what their wishes are for their assets and minor children, it is particularly important for single parents to ensure no stone goes unturned when legally outlining what their wishes are in the event of their passing. Michigan parents who are raising children

Business creators work tirelessly to ensure success, but that may all be in vain if proper provisions are not in place to protect the business later on. An appropriate estate plan covers both personal and business interests. Michigan business owners can benefit from creating an estate plan specifically for the

The idea of leaving children an even amount of funds or assets in the event of a parent’s passing may seem natural and an easy decision for parents to make. However, real life issues and varying family situations can make it a challenge to avoid conflict between adult children and

Estate plans are highly personal endeavors. Because each Michigan family is different, there may not be an exact day or month that is appropriate for the updating of an estate plan. However, many leading experts agree there are specific life or family events that require updates be made to estate

There are a number of documents to consider as part of an estate plan and some of those documents relate to end-of-life care and health care decisions. While millennials may be just starting their own families or venturing out into the world, an estate plan is something all need to

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

When most people think about an estate plan, they may naturally think of a will and not much else. Depending on the size of the Michigan estate and the number of beneficiaries, an estate plan can be comprised of a multitude of documents. It is important to understand which documents

The holiday season typically brings family members to the table who may be absent throughout the year. Considering that all family members may be in the same place at the same time, many experts believe the holiday season is the perfect time of year to disclose or make an estate

At the beginning of marriage, most couples do not want to think about the possibilities of anything other than continued wedded bliss. However, all couples must face the reality that the unexpected is possible. Part of this reality is to discuss and share feelings and facts about creating an estate

Creating an estate plan is not just for married couples who want to ensure their spouse and/or children are cared for after their passing. Single people of all ages also need to consider having a comprehensive estate plan in place and periodically updated. Michigan singles are as concerned with their assets

Regardless of one’s age or health, unexpected circumstances can leave a young person incapacitated and unable to make important health or financial decisions for him or herself. This is why it is essential that people of all ages have estate plans in place, and that they update those plans as life

There are many ways to manage and leave behind assets for loved ones. While doing so by a last will and testament is an option for many, it may not necessarily be the best option for the unique circumstances of your family. The creation of a trust can be a useful

When creating estate plans, families often make provisions for minor children, including the financial care and guardianship of those minors. However, minors grow up and often head to college. When a Michigan family sends a now-grown child to college, it may be the perfect time to sit down and rethink an

Just as everyone’s estate is unique and valuable to them and their family, the process of creating an estate plan also needs to be unique and address the individual needs of those who are affected by that estate. However, many people think the process simply entails creating a will to

It is estimated that a large majority of young people have not thought about estate planning. The creation of an estate plan is often thought of as an elderly issue or an undertaking to be tackled once a certain level of wealth or assets has been accrued. However, young adults

The task of creating a comprehensive estate plan can be overwhelming and confusing for some. Breaking up the creation of an estate plan into steps is recommended as a way to tackle the process and ensure it is done correctly. Similarly, it is important for Michigan families to weed out steps

Some people may wrongfully assume the estate planning process is for families with children or couples with valuable assets to divvy up or protect for the other party’s future. Everyone, particularly single Michigan residents, needs to ensure that a proper and well-thought-out estate plan is in place as soon as

Couples with children may be apt to go about the estate planning process in a timely fashion as they realize the importance of protecting minor children and ensuring proper care of those children should something happen to both parents. Michigan couples who don’t yet or won’t ever have children should

Typically when people marry, they merge all they have and start a new life together. Part of that merging of two lives is preparing for the future with each other. For any couple just starting out in Michigan, it may be a good idea to think about working on an

While everyone may know they need an estate plan and the importance of taking care of affairs in the event of one’s passing, it may be overwhelming and confusing to understand the terms involved. Knowing the definition of basic terms associated with a comprehensive estate plan is the first step

The thought of sitting down to put together a will may naturally be unappealing, as people prefer to focus on enjoying life rather than contemplating what would happen to their belongings if they died. Failure to develop an estate plan, however, may mean that a person’s family members in Michigan