The prospect of managing long-term care in Michigan is not a pleasant topic. That leaves many people unprepared to deal with care because they didn't think about it or make a plan. It needs to be treated like a portion of estate planning, just like writing a will,...
Michigan trusts are flexible and offer estate owners security today and in retirement. Those who want to dictate how their assets are managed after death use trusts for continuity. Every estate has a beneficiary, be they a person or institution. Beneficiaries are...
Estate administration in Michigan doesn't have to result in what is sometimes called the "death tax." In fact, when properly planned, your estate could pay little to no taxes. The key differences between paying and not paying taxes are in how you store your money. You...
Michigan farmers know that estate planning is an important process. The same is true of succession planning. It can be a difficult and delicate issue for many farmers, but it's essential to your business success and your family's future. So, what exactly is succession...
You might want to start planning your Michigan estate sooner rather than later. Preparing as early as possible is a good way to make sure your estate and family will be taken care of when you're gone. One of the most important things to do is choose an executor....
Thinking about your own mortality is tough. Nobody likes to think about the unknown, and the uncertainty can leave them stressed. This is true for your parents, too. But they may find a sense of relief by taking control over some of the things that seem...
Is estate planning only for those who have married, had children, purchased a home and have now grown old and are thinking of their legacy to their adult children and young grandchildren? Not necessarily. Even young, single adults in Michigan can benefit from having a...
Farming is a tradition and a multi-generational family business for some residents of Michigan. Farmers take pride in operating a profitable business that they can pass on to their children after they pass away. However, are farms subject to federal estate taxes after...
Most residents of Michigan who have reached middle age have heard the term “estate plan” many times, but most people who have heard this term do not understand its meaning. The term “estate plan” can have many different meanings depending upon the financial situation...
One of the most bemoaned aspects of estate administration is probate court. The probate process is often time consuming, costly and often tedious. Thankfully, there are ways to avoid probate in Michigan by utilizing certain estate planning strategies. We will discuss...
