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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What Should be in Your Will?Deciding to prepare a will is a responsible and prudent thing to do. By setting out where you want your assets to go and how your estate should be distributed you are taking an important step which ensures that your final wishes will be honored. To make sure your will is effective, it is also... Read More »
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5 Ways to Improve Your Retirement PlanThe thought of retirement can bring to mind plans of relaxing and enjoying time with friends and family. However, contemplating the future can also be a source of anxiety for people who do not feel that their retirement plan is in optimal condition. Fortunately, no matter how close you are to retirement, there are always... Read More »
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What is Right of Survivorship?When more than one person owns property together they usually own it in equal parts. When one of the owners dies, this leaves the other owners needing to know how this will affect their ownership. The answer will depend on whether the property had something called survivorship. What is Survivorship? Survivorship means that if two... Read More »
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What is an Annuity Trust?A goal of estate planning is to protect assets while minimizing taxation. For people who own income-producing assets, a Grantor Retained Annuity Trust, or GRAT can be an option for transferring wealth while still receiving income from those assets, and reducing taxes owed by their beneficiaries. What is a GRAT? A GRAT is an irrevocable... Read More »
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What is an Irrevocable Trust and Do I Need One?When you hear the word "trust," you might assume that all trusts are the same. However, there are various types of trusts, and some may be more suitable for your particular needs than others. Depending on your situation, an irrevocable trust could offer significant advantages. Here are some key points to consider about an irrevocable trust: What is... Read More »
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When to Update Your WillFor many people, sitting down to create a will can be a complicated process which involves reviewing drafts of the will document and taking specific steps to make sure it properly signed and witnessed. Often, once the will has finally been properly executed and copies are secured, the person who created the document will consider... Read More »
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When You Need to Update Your Estate PlanPreparing an estate plan can be a multi-step process which, depending on its complexity, can take days, weeks, or even months to complete. After everything is drafted, signed, executed, and in place, many people will file their estate plan away and consider their decisions settled and the matter closed. As time passes however, there may... Read More »
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Do You Want to Work Post-Retirement?A lot of retirees like to work part-time after retirement. It’s a great way to stay active, mentally, physically, and within the community. Plus, it brings in supplemental income a lot of retirees use for discretionary spending, rather that dipping into retirement or investment accounts. For some, working in retirement years is necessary — especially... Read More »
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What is a Living Trust and do I need one?When preparing your estate plan, there are various methods for transferring assets to your designated beneficiaries. One option is to establish a living trust, which gives you, the trust creator, the ability to modify the trust and enjoy its benefits while you're still alive, as well as bypass the probate process after your passing. Here are some... Read More »
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5 Reasons to Hire an Elder Law AttorneyThroughout our lives, many of us have needed to hire an attorney. Early on it may have been that you needed legal counsel for your first real estate purchase or in starting a business. While later you may have required the services of a family law or tax attorney. As we enter into our senior... Read More »
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5 Things to Keep in Mind About ProbateProbate is the process by which a court authenticates the will of a deceased person (assuming the deceased made one). There are a lot of assumptions floating around about the probate process, many of which are actually misconceptions. Here are 5 things people commonly get wrong about probate. 1. If I die without leaving a... Read More »
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5 Common Types of TrustsA trust is essentially a legal agreement between three parties: the trustor, trustee, and beneficiary or beneficiaries. The trustor (sometimes called the grantor or settlor) creates the trust agreement; the trustee is responsible for managing the trust property that has been transferred into the trust; and, the beneficiaries receive the benefits of the property titled... Read More »