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...
Estate Planning
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...
How to resolve incomplete transfers during estate planning
You work hard to accumulate everything in your Michigan estate. Understandably, you want your hard-earned assets to go to people or organizations of your choosing. When mistakes happen during the probate and estate planning processes, they sometimes lead to a problem...
Why a spendthrift trust might be the right choice
If you're a high-net-worth individual in Michigan, you likely want to make sure your children or other heirs are cared for in the event of your passing. And that means not just leaving them money or other assets, but ensuring that they're able to live a secure and...
When should I appoint a professional executor for my estate?
When going through the estate planning process, one of the things you need to do is appoint an executor. However, the task for some Michigan residents may be difficult as they don't have family members or close friends whom they trust to fulfill their wishes. If this...
When you are the executor of your parent’s will
When your Michigan parents leave a portion of their estate for you and have named you as the executor under their will, it can feel like a great honor and a heavy burden at the same time. The role of an executor is not an easy one, and in order to be successful at it,...