Each year, the federal tax exemption amount increases, decreases or remains the same due to inflation. Estate taxes are for all types of taxable incomes from a few thousand dollars to a few million. There are new details about 2022 estate tax exemptions that should be...
Estate planning in Michigan can be a complicated process. Some people try to simplify estate planning by putting everything into their will – a huge no-no for estate planning. Should you list all of your assets in the will? It’s important to list any assets and their...
Writing a will and setting up trusts for your heirs is only one part of estate planning in Michigan. You also need to name an executor to oversee your estate after your passing. However, do you know what an executor does and why it's essential to designate the right...
Are you getting ready to plan your estate in Michigan? This can be a complex and tricky procedure at the best of times. It can be even more difficult to figure out if you are a person with a high net worth. If this is the case, you will need to carefully plan each...
A revocable living trust may be an effective tool for retaining control over assets such as a car or your Michigan home. This type of document allows you to hold property outside of your estate, which may be ideal for minimizing your estate tax bill. Furthermore, as...
Couples in the midst of the estate planning process in Michigan may be interested in evaluating the use of bypass trusts so that a surviving spouse doesn't have to pay estate taxes or achieve other tax benefits. The passage of the Setting Every Community Up for...
No one in Michigan likes to think about death, but it is a reality that we all have to face at some point. To protect your assets for your family or loved ones, you must have an estate plan in place. Here are the key elements of estate planning and why it is so...
There are specific federal exemptions under current law that allow most people to avoid paying taxes on their wealth when they pass away. The current federal exemption limit generally excludes most of Michigan's population, as it is set at $12.06 million for...
New parents in Michigan want to give their children the best. This means you need a will to ensure that your children are provided for. What is a will? A will is a legal document that is part of a person's estate plan. With a will, you can plan for the future and...
Family members are often chosen to act as the trustee in Michigan when a person dies. However, you may want to utilize a corporate trustee if you're planning your estate and you don't feel confident about this choice due to family dynamics or a complex situation....