In our regularly updated blog, we discuss a wide range of topics of interest to Michigan seniors and their families. Learn what estate planning documents are essential in case of incapacity due to illness or injury, why you might benefit from creating a trust, how to use Medicaid benefits to pay for long-term care needs, and much more. To discuss your specific concerns, please contact our office to request a free initial consultation.
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Phone Scammers are on the Prowl. Here’s What You Can DoPhone scams are as common as ever. Scammers just keep calling, hoping you will give them sensitive financial information. One of the most common scams is the IRS scam: The person on the line says they’re with the IRS and claims that you owe money. If you don’t pay, they warn, you will be arrested.... Read More »
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How will you spend your moment in time?“Time has a way of showing us what really matters” ~ Unknown Author I sat with Nora in her hospital room, having just finished helping her sign her legal papers. Her mind was sharp, but her body was failing. Nora was worn out from a heart attack and several surgeries, and the doctors... Read More »
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The Intersection of Gift Tax and Medicaid RulesOne of the better benefits of the federal tax code is that it allows you to give a specific amount as a gift to another person in a given year completely free of the gift tax. On the surface, this option can seem to be desirable for a person who is aging and seeking to... Read More »
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Social Security Survivor BenefitsThe loss of a financial provider to a family can be a catastrophic event. Not only is the surviving spouse left to cope with the emotional pain of the death of their loved one, but they must also determine how they will meet their financial needs. This becomes even more challenging when that spouse is... Read More »
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Financial Exploitation: What You Need to Know to Protect YourselfEach year, millions of seniors are financially exploited. This exploitation sometimes comes through email, internet, or telephone solicitations or through complex schemes were the victim is tricked into sending money to help an allegedly incapacitated loved one. Another common form of exploitation is when a paid caregiver either steals from their client or manipulates their... Read More »
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Revocable and Irrevocable TrustsA revocable living trust (also known as a living trust) is a trust that the grantor creates during his or her lifetime. The trust provisions can be altered or revoked whenever the grantor wishes. A living trust is useful for managing assets during your lifetime, and protecting you should you become disabled or incapacitated. However,... Read More »
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What is a Grantor Retained Annuity Trust, and Should you Have One?Having an income-producing asset can be a significant source of revenue but, depending on how it is owned, can also be subject to estate taxation. One way to minimize tax and continue to receive benefits from this kind of resource is to place it in a Grantor Retained Annuity Trust (GRAT). Here are some facts... Read More »
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Congressional Battle Is Good News For Estate TaxesThe estate tax is one of the most controversial taxes passed and for about 11 years estate planning attorneys have been wondering what will happen. As Congress debated the fiscal cliff tax changes in December, many feared that estate tax limits could roll back to $1 million, the levels that were in place when Bill... Read More »
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Social Security and Your Retirement PlansThinking about retirement can bring to mind thoughts of travel, spending time with loved ones, and devoting yourself to your favorite pastimes. For many people, their Social Security benefit will be an important piece of funding their future. Here are some considerations about Social Security and your retirement plans. Full Retirement Age If you have... Read More »
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What Happens if I die Without a Will or Trust?The loss of a loved one can be an extremely stressful and emotionally turbulent time. Initially, the grieving family has to make several decisions regarding final arrangements. Then, family members are then left to determine how their loved one left their estate. When there is a will or trust, it is far easier for the... Read More »
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The Ugly Truth About Probate Claims Taking Michigan Homes from Rightful HeirsIn Michigan, a probate law is contributing to situations in which heirs are being denied their rightful property. The law says that if you don’t open an estate within 42 days of a loved ones’ death, either a creditor or a Public Administrator can open the estate, and they can take control of the assets. This... Read More »
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Do You Need a Patient Advocate Designation?End-of-life care is a controversial topic. Not everyone agrees on issues like artificial life support, tube feeding, resuscitation, and organ donation. However, in an end-of-life scenario doctors and loved ones are left to guess what you would want done if your wishes are not explicitly laid out beforehand. This is why it’s so important to... Read More »