It's not uncommon for adult children to serve as a parent's executor. However, if you are asked to oversee your mother or father's Michigan estate, it's important that you understand what your duties are. It's also important to understand that you have the right to...
Estate Planning
Standing in Michigan will contests
When someone dies and leaves a will that outlines how they want their assets to be distributed and the beneficiaries that should receive them, Michigan courts will generally accept the document as representing the decedent's wishes. In most cases, the probate court...
Estate planning considerations involving estranged families
Leaving assets and property to heirs can be a complicated process, especially if you have considerable wealth. Yet, it can become even more challenging if family members are estranged from one another. Estrangement from a child, siblings or other family members often...
How estate planning can help dentists protect their futures
Many people in Michigan visit dentists to receive needed care. Dentists spend a lot of time caring for their patients. However, these professionals must also take care of their estates. Estate planning for dentists involves completing several crucial steps. Protecting...
Lady Bird deeds and Michigan estate planning
A Lady Bird deed is an estate planning tool available to Michigan residents. Another name for this deed is an enhanced life estate deed. In addition to Michigan, the deed is available in Florida, Texas, Vermont and West Virginia. You should know a few things about a...
Mistakes trust fiduciaries should avoid
Trust fiduciaries manage and administer trusts on behalf of other people. To serve well as a trust fiduciary, it is essential to balance the financial interests of the trust with the wishes of the trust's beneficiaries. Furthermore, there are regulations to which all...
Benefits of setting up a Medicaid trust
A Medicaid asset protection trust (MAPT) presents an option to people hoping to shield their estates from the expenses of long-term nursing home care. As an irrevocable trust, the MAPT permanently shifts assets out of your control and into the management of the...
Don’t make these 5 estate-planning mistakes
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...
3 tips for choosing the right power of attorney
After working hard and building wealth, you want to ensure that your assets get distributed the way you want upon your death. While you may not get classified as one of the few Americans without some form of estate plan, do you have a plan for if a medical condition...
The facts about named beneficiaries
Named beneficiaries should be a part of your Michigan financial preparedness plans if you wish to leave specified assets to particular individuals. This post will discuss the role of beneficiaries in more detail. Purpose A beneficiary is a named individual you...