Estate planning, the process of preparing for the transfer of a person's assets after their death, may seem like an unpleasant task. However, creating a plan that outlines how assets should be distributed and who should be responsible for managing them is essential to...
Estate Planning
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....
Using trusts to qualify for Medicaid long-term care assistance
Many nursing homes and assisted living facilities in Michigan and around the country charge more than $100,000 per year for a private room. This is an expense that many American seniors will face sooner or later, which is why planning for it in advance is so...
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...
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...
3 important inclusions for your business succession plan
If you don't plan for your business's future now, obstacles that the company could theoretically overcome could result in its dissolution. For example, as the owner or an executive of the organization, you need to think about what would happen to the business if you...
Are there advantages to a dynasty trust?
Dynasty trusts are one of the most popular estate planning tools today. Dynasty trusts offer many benefits for families to help protect family assets in Michigan from probate and other estate taxes. Estate planning dynasty trust A dynasty trust is a type of estate...
Medicaid eligibility rules
For people in Michigan who are looking ahead to the possibility of needing Medicaid, it is important to understand how assets and income can affect eligibility. The rules can determine whether someone qualifies or what they need to do to qualify. Medicaid rules...
Joint tenancy to avoid probate: Pros and cons
Many people want to avoid probate because the process is long, expensive, and public. One method to avoid the probate process for real property, brokerage accounts, and bank accounts is to title those Michigan assets as a joint tenancy with the right of survivorship...