Contracts are a part of our day to day lives. Once a contract has been made, most might assume that it is binding from the moment that the acceptance has been done. However, most tend to forget that, in certain occasions, contracts can be revoked. Understanding the...
Month: June 2019
Dying without a will compromises the entire estate
Many Michigan residents have comprehensive estate plans that include retirement plans, life insurance policies, trusts, and their will. This last document helps estate administrators distribute a person’s estate to the heirs after they die. When a person passes...
Remarriages and QTIP trusts
Remarrying spouses have many decisions to make about how they may want to blend their families and daily lives. In addition, they also face some unique decisions about how they may share assets or what assets they may retain as separate property. Along with these...
What are the consequences of avoiding your estate plan?
If you do not look forward to working on your estate plan, then you are not alone. Unfortunately, if you do not pay any mind to your estate plan, your legacy could be beyond your control. You will not have the control over your assets to choose how the state divides...
Can you avoid estate taxes?
Part of any solid estate plan is a strategy to minimize an estate's liabilities. One liability that you may believe to be impossible to avoid is estate taxes, yet that is not necessarily the case. Michigan does not levy a state estate or inheritance tax. meaning that...
What is the importance of nondisclosure in the automotive industry?
A non-disclosure agreement is nothing new in employment. Many industries use these agreements to protect sensitive information. A company wants to ensure that an employee does not pass information onto competitors or otherwise use what he or she learns on the job to...
3 advantages of forming a special needs trust
If you have a loved one who has a disability, you know how challenging life can be for that person. While financial support certainly cannot fix everything, it can improve the quality of life for your disabled relative. Still, you do not want to risk your family’s...
Understanding the Foreign Corrupt Practices Act
Most business owners in Michigan understand and comply with federal anti-bribery and anti-corruption laws. These regulations help protect businesses from unfair competition with other companies. One such law, known as the Foreign Corrupt Practices Act, protects U.S....
What to include in a noncompetition agreement
Many manufacturing or automotive companies may realize they need a noncompetition agreement to protect their business. A previous blog covered the basics of a noncompetition agreement. It is also important for people to understand what they should include in this...
What is a pet trust and why make one?
Estate planning is an important way to ensure that the needs of your family in Michigan are taken care of even after your death. But what about your beloved animal companions? There are a number of different ways to include a pet in your estate planning, each with...
