Watching a parent lose their independence is a deeply difficult experience for any adult child. Yet, it becomes even harder when their safety and health are at risk. Occasional forgetfulness is a normal part of aging. But when a parent's choices begin to put their...
Estate Planning
Can you change or revoke a living trust in Michigan?
A living trust can help you manage your property during your lifetime and explain what should happen to your property after your death. Many people choose a revocable living trust because it gives them flexibility as their lives change. If your family, finances or...
3 estate planning documents new parents should not delay having
Welcoming a child into the family often shifts priorities in unexpected ways. Parents begin thinking not only about their children's daily needs but also about their long-term security. While many people assume estate planning is something to address later in life,...
Choosing the right personal representative for your will
Creating a will in Michigan involves many important decisions. One of the biggest is choosing your personal representative. This person will manage your estate after you pass away. It may help to appoint someone you trust. Here are some key traits to consider when...
3 ways to prevent family conflict when writing a will in Michigan
Creating a will can help you protect your loved ones and ensure your wishes are honored. However, estate planning can sometimes lead to family disputes if not handled thoughtfully. If you are writing a will in Michigan, here are three strategies that might help...
5 ways to include your business in your estate plan
As a business owner, you may have spent years building a business worth protecting. Now you want your children to benefit from that work one day. A standard estate plan may cover your personal assets, but it rarely accounts for an operating business. In Michigan, if...
What happens to your business during the probate process?
Probate is a process where the court validates your will, settles debts and distributes assets to the right people. Understanding what this process does and how it can impact your company can help you prepare your loved ones for what comes after. Business operations...
Can I legally restrict how a guardian spends my child’s money?
Yes, it is often possible to limit how a guardian uses your child’s money by using estate planning tools that separate care from money management. You may achieve this by naming a trustee instead of relying on a guardian to handle inheritances, which lets legal duties...
3 estate planning strategies for minimizing estate tax risks
Certain financial obligations can diminish what beneficiaries inherit from an estate. The financial obligations of the decedent can consume a portion of their resources after their passing. The personal representative administering the estate may need to pay off debts...
3 documents, other than a will, to strengthen an estate plan
Typically, wills are testamentary instruments. They only take effect after a person dies. As such, they provide protection for beneficiaries and others with an interest in the decedent's estate. The decedent may have enjoyed peace of mind from knowing they could leave...