Our regularly updated blog provides important information about estate planning in Michigan. Learn about key estate planning documents, as well as the special estate planning needs of blended families, singles, parents of special needs children, and unmarried couples in committed long-term relationships.
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The Powers and Duties of a GuardianWhen a loved one has come to a place in life where it is difficult for them to care for themselves and meet their daily living needs, family members or another entity may need to seek the appointment of a guardian. Once the decision to seek guardianship is made, the person seeking guardianship will have... Read More »
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The Michigan Personal Residence Property ExemptionIn Michigan, as in many other states, municipal, school, and city funding is financed partially through property taxes. In addition to a monthly mortgage, the average homeowner can expect to pay some amount in taxes on their property in order to provide support for these entities. Fortunately, homeowners have the option of claiming a personal... 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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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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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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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 »
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Irrevocable Trusts and YouTrust can be a mysterious concept. While many of us have heard of a trust, we may not understand the different types and how they may be advantageous for our circumstances. One key consideration when planning a trust is whether it will be revocable or irrevocable. In many cases, when an irrevocable trust is a... Read More »
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What is Portability Election and How Does It Relate to You?Portability election refers to the right of a surviving spouse to claim the unused portion of the federal estate tax exemption of their deceased spouse and add it to the balance of their own exemption. To elaborate, it is an estate and gift tax provision allowing the personal representative (the person in charge of the... Read More »
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The Joint Ownership Exception to the Transfer of OwnershipWhen a family buys a cottage or other vacation home it is often with their intention of passing the home to their children. As the original owners prepare to transfer ownership of the property to their children or other loved ones, there is an option which will help ensure that that the property can be... Read More »
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Why you need an Estate Planning AttorneyEstate planning is an area which at first glance may appear simple. However, the preparations you make for your estate can have long-lasting and significant legal implications for you and your loved ones. If your estate plan is not done correctly, your family will be confronted with complicated issues during a difficult time. Having the... Read More »
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Common Problems of Trustees in Trust AdministrationTrust can serve a variety of functions such as preserving family assets, avoiding estate taxation, and keeping wealth out of the probate process. While these invaluable legal constructs can serve to protect what you have built their management can be complicated. Here are some common problems of trustees in trust administration. The Trustee When a... Read More »
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What Rights Does a Trust Beneficiary Have?Beneficiaries of a trust sometimes do not know a great deal about the rules which apply to them. In many cases, a relative may be the person designated to administer and distribute the trust, but they too might be unclear on the trust details and rules. In these situations, beneficiaries may not be aware of... Read More »