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...
Estate Planning
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...
The benefits of estate planning
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...
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...