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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A Look Back in Time: WHAT HAPPENED IN MARCH 1965?Do you remember March 1965? For some people, it’s a distant memory. For those born after 1965, it’s a month and year in history. Here are three major events that took place in March, 55 years ago. On March 2, 1965, “The Sound of Music” was released in theaters. It starred Julie Andrews and... Read More »
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Planning for the Family Vacation HomeFor some fortunate individuals, beloved vacation destinations have resulted in the purchase of a family vacation home. Over the years, the home becomes a special retreat where you and your family have celebrated countless milestones and created priceless memories. However, as you plan for the future, you will have to make decisions regarding the vacation... Read More »
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Things to Keep in Mind When Selecting a Power of Attorney AgentThe decision to assign power of attorney (POA) to another person is a serious decision that deserves serious consideration. It can also provide a great deal of security and peace of mind for you and your loved ones. Assigning someone to be your POA agent means you are giving them the power to handle your... Read More »
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Understanding Hospice CareWitnessing someone you love suffer as they succumb to illness or disease is emotionally devastating. Although you may be aware of the prognosis, it can be difficult to envision what your loved one will experience during his or her final days. The term hospice care usually surfaces in this situation, but not everyone knows what... Read More »
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Rapper Jay-Z Put His Estate Plans into a SongJay Z, husband to superstar Beyoncé and a successful rapper-turned-business mogul, has released an estate planning themed rap song on his new album.
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Avoiding ProbateWhen you hear the term probate chances are it brings to mind an experience which you or someone you know has had while going through this process. Often, people who go through probate find it to be cumbersome, lengthy, and expensive. For these reasons, many people would choose to avoid having to go through probate... Read More »
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Senior DivorceAs couples plan for retirement, they often contemplate sharing their home and expenses as well as combining defined benefit packages, and social security benefits. When seniors who have been working towards these goals throughout their marriage decide to divorce, their retirement plans can dramatically and abruptly change. Here are some considerations regarding senior divorce:... Read More »
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Ways to Pay for Long-Term CareWhile we all hope to remain healthy and active as we age, there is a possibility that an unforeseen medical condition or accident could limit our mobility and change our medical care needs. While Medicare and supplemental Medicare coverage will cover some costs, these plans and policies will not pay for most long-term care services... Read More »
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Special Needs Trust: The BasicsParents of a child with a disability are often faced with challenges as they plan for their child’s future. Depending on the circumstances, the child may not be able to work or otherwise provide for themselves when they reach adulthood. While the child may be able to qualify for government programs to help finance their... Read More »
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Asset Protection Trusts: What are they and are they right for you?An essential goal of estate planning is to protect the assets you have worked all of your life to build. This planning may need to include protecting your assets from creditors while making sure that you are still able to benefit from them. Fortunately, for Michigan residents, there is an estate planning option which offers... Read More »
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Illegal Foreclosure By Chase Bank: Michigan Court of Appeals Strikes Down ForeclosureMichigan homeowners may be able to challenge their foreclosures as a result of a recent Michigan Court decision. The case is Kim v. JP Morgan Chase Bank, and the Michigan Court of Appeals held that Chase Bank was not authorized to have the foreclosure sale (known as a “sheriff’s sale”) before the bank’s mortgage interest was... Read More »
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What does the New Federal Tax Bill Mean for Michigan Estate or Inheritance Taxes?The proposed tax bill is now in “final form”. What that means is that it will likely be passed early next week. Without walking through the entire jungle of tax cuts for business owners and changes to the individual tax landscape, I thought it would be helpful to summarize the changes that specifically relate to... Read More »