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...
Estate Planning
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...
What you need to know about executors in estate planning
When someone dies in Michigan, their estate must be administered. This process can be complex, and often requires the help of an executor. Who is an executor? An executor is someone who is responsible for managing the estate of a deceased person. This professional is...
3 important inclusions for your Michigan estate plan
Your estate plan should be as customized as your wardrobe is. It needs to fit your unique needs and cater to your personal values. While generic documents can work for just about anyone, they won't protect you as well as something you customize for your specific...
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...
Using a living trust with an estate plan can be beneficial
If you're creating an estate plan in Michigan, you may want to utilize a living trust. This action is an excellent way to keep your assets out of probate, which can be a costly and time-consuming process. Choosing this option means you can have your estate managed by...
Involving all the family in estate planning
Adult children often take the lead in helping parents with estate planning. Parents often need help with estate planning but do not want to ask family members for help. Discussing end-of-life plans and wills is difficult for family members. Don't delay a conversation...
5 qualities of a good executor
Choosing an executor can be a daunting task. While your will can include multiple moving parts, finding a trustworthy individual who can act on your requests requires thoughtful consideration. You may love and care for your family. However, that doesn't mean all your...