The results of a survey conducted by a leading digital estate planning platform suggest that many millennials in Michigan and around the country are struggling to cope with their financial situations. Almost three-quarters of the 15,000 millennials surveyed expressed...
Estate Planning
Choosing a trustee for your irrevocable trust
Many Michigan residents choose to include irrevocable trusts in their estate plans to avoid the probate process and give them more control over how their estates will be administered and their assets distributed. When an individual chooses to create an irrevocable...
The importance of having advance care directives
Estate plans aren’t the most popular topic, but everyone in Michigan should have one. Some people think this entails only having a will, but there’s much more to it than that. Advance directives are crucial legal documents to include in your plan. Understanding...
How to make your estate plan diverse and inclusive
There is often conflict over what happens to a person's estate and assets after they pass away. When there is no clear will or other estate planning documents, what happens can be largely left up to Michigan judges and the probate process. As a result, a decedent's...
Altering estate plans
Compiling a comprehensive estate plan has many potential upsides. Creating a will or a trust that keeps beneficiaries from dealing with Michigan interstate laws might make things less stressful and more productive for survivors. Crafting other elements of an estate...
How to prepare for future estate tax changes
High-net-worth families in Michigan have a short window to take advantage of the higher estate and gift tax exemptions offered by the Tax Cuts and Job Act (TCJA). If these are allowed to sunset on Jan. 1, 2026, estate gift and generation-skipping transfer tax...
Pour-over wills and living trusts
If you are creating an estate plan, you may have decided to use a trust as your primary tool for distributing assets to your Michigan beneficiaries. Many people prefer a living trust because it allows them to make changes to it, unlike an irrevocable trust. However,...
Deciding who gets the family heirlooms
In Michigan, when families consider how to treat heirlooms in their estate plan, it’s essential to remember these items often represent threads that connect generations; they are not merely objects. By carefully navigating the planning process, you can ensure family...
When should you consider filing for bankruptcy?
Filing for bankruptcy may allow you to discharge credit card, medical and other types of debt without losing property such as your Michigan home. However, there are multiple questions that you should ask yourself before doing so such as what type of bankruptcy to file...
How to safely include real estate in your Michigan estate plan
Having someone else live in your Michigan home might not be something you're considering. However, thinking about your property's future owners is smart to do before it's too late. Fortunately, by learning estate planning tips, you can resolve home-related matters...