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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Irrevocable Trust: How do they work and how can they be used?When creating a trust, an important distinction is whether the trust will be revocable or irrevocable. In fact, this determination can have broad-reaching tax consequences and legal ramifications. In many cases, a properly created irrevocable trust will offer the benefit of tax savings and protection from creditors. However, in order to benefit from an irrevocable... Read More »
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Retirement Savings and YouWhen you feel well-prepared for retirement getting ready to stop work can be an exciting time. For those who have some catching up to do, the idea of not being employed may be more concerning. In a perfect world, people entering their 50’s and 60’s will have dutifully saved what they need to retire comfortably.... Read More »
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Living Trusts ExplainedA living trust (also known as a revocable trust), is a type of trust that is established during the life of the trustor (the person who creates the trust, also called a grantor or settlor). It can be changed, modified, or even revoked at the discretion of the trustor. One of the biggest advantages to... Read More »
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Majority of Americans Have No Estate PlansWith the hectic schedule of contemporary life, it is easy to place something like estate planning into the “I’ll get to it later,” category. Perhaps you are young and figure you won’t need a will for about another half-century, or you just don’t have the time to sit down and write up plans for something... Read More »
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Signs That it is Time to Challenge a WillThe loss of a loved one can be a devastating experience. Often the bereaved family is left to plan for their loved one’s funeral and then must face the complicated process of probating their estate. While this burden can often be lessened by the presence of a will, sometimes the family is dealt an additional... Read More »
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Estate Planning and Life InsuranceIt is very common for a person planning for the future to take out a life insurance policy on themselves in order to be sure that their loved ones will be taken care of in the event something happens to them. Therefore, it comes as no surprise that estate planning and life insurance are natural... Read More »
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What Was in U.S. Founding Fathers’ Wills?Here are some of the interesting items and desires in the founding fathers' wills and presidents' wills and estate plans.
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Selecting the Right Power of Attorney AdvocateIn Michigan, part of your estate plan should include a durable power of attorney for finances or “POA”. Your POA allows you to name someone to act in your place concerning your finances should you become unable to do so. While you may not anticipate needing a POA for many years or at all, an... Read More »
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Overcoming the Fears of Estate PlanningWhen it comes to estate planning, talking about wills, or long-term care planning, a lot of people have reservations, or even fears, about their future. One common fear among older folks is planning for the future only to run out of money. This comes up a lot in regard to long-term care planning. But the... Read More »
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Estate Planning for Unmarried CouplesToday it has become increasingly common for people in relationships to choose to devote themselves to one another without getting married. While these couples may share a home and assets, the law limits their ability to inherit from one another outside of marriage. Therefore for unmarried couples who wish their partner to inherit their property... Read More »
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What You Must Have in Your Estate PlanAn estate plan is something that most everyone needs. While many people believe that all they require for their plan is a will, in order to create a comprehensive estate plan, several areas will be need to be addressed. Your Will First and foremost, if you do not have a will or... Read More »
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Set Up for Success : Why Trusts Are So ImportantIndividuals and families often rely on wills to define the future of an estate. While the will is an important estate planning tool that works well, in some instances, it might not be the right document for your situation, as it can lack certain protections. A trust, on the other hand, can be set up... Read More »