Galloway and Collens, PLLC
248-284-1990
248-284-1990

Posts tagged "Estate Planning"

Planning the distribution of assets to stepchildren

An estate plan involves the use of legal instruments such as wills and trusts to distribute the assets of an estate. Many families are blended from more than one biological family, so estate planning often involves stepchildren. Readers in Oakland and Mccomb counties will want to learn more about planning an estate for stepchildren.

Michigan church ordered to surrender endowment to school

Incorporating an endowment into an estate plan allows Michigan residents to lend financial support to cherished foundations beyond the planner's own lifetime. Estate planning strategies typically include establishing specific conditions to preserve assets, regulate distribution and prevent inappropriate spending. A recent dispute involving a Michigan church demonstrates the role a detailed estate plan can play in protecting beneficiaries.

New scholarship program created by $2 million estate endowment

For many people in Macomb County, drafting a will represents a real opportunity to give something back to the community they care about. Early on in the estate planning process -- or even before it begins -- some individuals define a number of entities or organizations they want to help. Other people decide to start a new legacy altogether by creating a charitable foundation.

Trustees asked to improve disabled beneficiaries' lives

In many cases, trust beneficiaries are disabled, and Michigan residents who are in charge of trust administration may need to take steps to better a disabled beneficiary's life. In doing so, it's important to be aware of the legal rights of everyone involved.

Readers in Oakland County might be interested in some recent news about trust administration. On Dec. 31, a surrogate judge ordered two trustees to answer for the lack of use of an account that was provided to a disabled beneficiary. The judge is said to have criticized the trustees for failing to note the needs of the disabled man and failing to improve his life by spending the funds in ways that could help him.

Inheritance and estate taxes remain a key part of estate planning

Planning for inheritance and estate taxes is essential to ensure that your loved ones and beneficiaries receive the maximum amount of your assets when you pass away. Estate planning relies on careful knowledge of both tax implications and existing laws that can affect the value of an inheritance. Those looking to preserve assets for their heirs should strive to understand how current and upcoming changes to laws may affect the value of their estates.

Many include charitable donations in estate plans

There are many Michigan residents who have favorite charities. Maybe it is a charity that provides support and research to patients battling certain illnesses, like cancer or heart disease. Or, maybe it is a religious congregation that one feels particularly connected to.

Michigan court denies benefits in frozen sperm case

The determination of heirs is not always a cut-and-dried process. When disputes arise, probate courts oversee estate administration and are often called in to determine how wills, estates and benefits will be divided amongst heirs. Those who are attempting to unravel the will of a deceased loved one should seek to understand how current laws and rulings may affect their cases.

Lincoln's unwise decision

An estate plan provides guidance to families going through a difficult time. Sometimes, serious illnesses or injuries can occur without warning, leaving once-healthy people unable to state their final wishes. An effective estate plan will save grieving loved ones the added stress of figuring out the wishes of the deceased, dividing assets amicably, and avoiding overpayment of taxes.

Estate tax exemptions to expire, future tax implications unknown

The expiration of the Bush tax cuts in 2013 has left many Michigan residents wondering what the future holds for federal estate tax exemptions. If Congress is not able to work out a deal with regard to these exemptions, the inheritance tax implications are going to affect many estate planning professionals and their clients in the upcoming year.

Fidelity study identifies estate-planning issues

Estate planning requires the use of legal instruments, such as wills and trusts, to implement an individual's wishes after they die. It's a very important consideration in a person's life, but a recent study by Fidelity Investment shows many parents do not discuss their estate planning needs adequately with their adult children.

  • SuperLawyers 2019
  • dbusiness - Top Lawyers
  • Lead Counsel Rated Attorney
  • Rainbow Image
  • Senior & Caregiver
  • 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 248-284-1990.

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 Phone: 248-284-1990 Fax: 248-545-2520 Huntington Woods Law Office Map