Many individuals in Michigan and other states focus on financial and retirement planning but neglect to address their estate planning adequately. However, delaying the estate planning process can lead to costly mistakes. Avoid common mistakes to ensure your assets are...
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Medicaid look-back period and paying for nursing home care
Aging adults can serve their best interests by considering how they will pay for long-term care in a Michigan nursing home years before they may ever need it. Nursing homes cost thousands of dollars a month. At that rate, you will likely deplete the entirety of your...
Singles still need an estate plan
In Michigan, estate planning is essential to an overall financial plan, regardless of your relationship status. A single person with no heirs may think they do not need a will, but if they die without one, the state decides who gets their assets and in what order....
How do you choose an executor for your Michigan estate?
When it comes to estate planning, the most important decision you will make is who will be the executor of your estate. This person will be responsible for distributing your assets according to your wishes. Michigan does not have strict rules when it comes to an...
Unique types of trusts
A Michigan resident might form a trust during estate planning. The trust gives a third party (the trustee) the right to hold assets on behalf of one or more beneficiaries. When the time comes, the trustee distributes the assets as instructed by the trust. The purpose...
What should you know about LLC agreements in Michigan?
The state of Michigan does not require your company to establish a Limited Liability Company (LLC) agreement. However, many companies establish them as part of their business formation due to their effectiveness as a governing tool. Purpose of an LLC agreement...
Five estate planning mistakes to avoid
Michigan residents sometimes make mistakes during estate planning. It's important to approach planning your estate with care and diligence. Below are five common mistakes that occur. Breakdown in communication You might tell your heirs how you plan to handle planning...
An expert’s guide to purchasing commercial real estate
If you're a Michigan investor, you may want to consider expanding your portfolio by investing in property. Many investors earn an incredible living by buying commercial real estate. Before you begin the purchase process, it's good to know what to expect. Buying...
A trust to protect your loved one with disabilities
If you have a Michigan loved one with special needs, it is important to plan for their future. One of the best ways to do so is by creating a special needs trust and naming them as a beneficiary. Understanding a special needs trust This is a type of trust created...
What is an LLC operating agreement?
The business that you start in Michigan can take a variety of forms. You can choose between a sole proprietorship, LLC, and several types of corporations. It will be up to you and your partners to decide the ultimate form that your new venture will take. If you choose...