You may think the importance of estate planning is limited to protecting your loved ones and minimizing taxes. But a properly executed estate plan is also about protecting the estate’s assets from lawsuits and creditors as well. It would be awful to spend all that...
Estate Planning
Should I have an incapacity plan?
We all know that many do not have an estate plan. Indeed, recently (2021), Caring.com surveyed adults, and they found that only about a third of adults even have a will. This means that even fewer of us have an incapacity plan. Some may not even know what an...
What can and can’t a special needs trust be used for?
Your estate plan should be tailored to suit your needs and your vision for the future. In order for you to create that kind of plan, though, you have to know what you want and the estate planning vehicles that can get you there. Figuring out both of those things can...
Is it important that I update my will if I get married?
However, a frequent mistake many Michigan residents make with their estate plans is failing to update their wills after they go through big changes in their lives, such as the birth of a child or grandchild. It may be crucial if after a new marriage. Why might a will...
Are there ways to avoid or reduce estate taxes?
As the saying goes, there are only two guarantees in life and those are death and taxes. While people are taxed on various items throughout their lives, they could also be taxed at their death as well. These types of taxes are known as estate taxes and are generally...
How can I select the best executor for my estate?
No part of the estate planning process is one-size-fits-all, and that includes selecting an executor. The role of an executor, sometimes known as a personal representative, can be challenging. When people write their wills and other estate planning documents, it's...
Basics about trusts as part of an estate plan
Most people who are getting ready to wade into the waters of estate planning have more questions than answers. This is understandable, since there are numerous different options available for any given person who wants to craft a solid, comprehensive estate plan....
Why you need to be careful estate planning in a blended family
On its face, estate planning can seem relatively straightforward. But this is a dangerous assumption to make. In fact, those who mistakenly think that their estate plan is simple often procrastinate putting one together, which can spell all sorts of trouble later....
What are the documents should I include when setting up an estate plan?
When you decide to set up your estate plan, you may not know where to begin. The options may seem overwhelming. In this post we will discuss some of the most important documents in any estate plan: There are four common and important types of documents in estate...
How can I avoid probate in Michigan?
When a person in Michigan dies with a will, that will must go through the probate process before the heirs can receive their inheritance. Probate is also necessary if a person dies without a will. Probate can be time-consuming, costly and the probate proceedings...
