Category Archives: Estate Planning
What is Elder Law?
In our practice, Elder Law refers to planning for the health and economic well being of older adults or people with disabilities. This includes dealing with issues related to long term nursing care, guardianship, retirement, Social Security, Medicare/Medicaid and more. At the heart of this legal work is asset protection and advanced planning. The aging process is […]
Also posted in Beneficiary Designations
Tagged Elder Law
Michigan Approves Asset Protection Trusts
Michigan recently became the 17th state to allow citizens to form – domestic asset protections trusts –that can shield assets from future creditors and lawsuits. Candidates for this type of trust are those facing liability concerns, high-risk professionals and those with a large net worth. It’s best to set up this kind of trust far […]
Also posted in Personal Protection
Tagged Estate Planning, Trusts
Does My Power of Attorney Expire?
Yes, your power of attorney may go stale. Banks and other financial institutions are reluctant to accept a power of attorney over five years old. This reluctance has a valid basis, as powers of attorney can be used to commit fraud. An up-to-date document reassures those granting access to financial information the intentions of the […]
Tagged Power of Attorney
Where are your important papers?
Do you keep your documents in one spot and is everything up-to-date? These documents need updating; passports, estate planning papers, insurance policies, financial records, property deeds, and passwords, to name a few. Choose a day to review your documents. Do you have a new address or beneficiary to add to a life insurance policy? Want […]
Also posted in Uncategorized
Tagged Estate Planning
Your Estate: Give It Way
It’s not easy dealing with the many possessions of a loved one after they pass away. In some cases it can even create family conflict. But you can make things considerably easier for your family and beneficiaries by giving away your prized possessions before you die. Only you know and understand the value and sentiment […]
Also posted in Beneficiary Designations
Estate Planning: Talking About the Inheritance
Many parents find talking about money with their children as difficult as talking about sex.It may be awkward, but talking to your children about their inheritance benefits everyone. If kept in the dark, children may think their parents are “loaded” and expect a significant windfall upon their passing. They may worry about the cost of […]
Also posted in Beneficiary Designations
Tagged Estate Planning, Estate Planning; Financial, Lenawee County
Letter of Wishes
Dear Trustee… When drafting estate planning documents the dispositional portion, where we actually say what we want, tends to be impersonal and broadly worded. Providing a trustee with latitude is often a wise decision, as circumstances can change and trustees need leeway to respond to different events. A “letter of wishes” provides an opportunity to […]
Also posted in Beneficiary Designations
Tagged Estate Planning
Dividing the Vacation Home
A common problem is the summer cottage loved by generations of a family. The problem (among others) is how to pass this to future generations. Not only are there more people to share decision making, there are more, or fewer, able to shoulder responsibility for maintenance and expenses. Adding to the complexity are son and/or […]
Also posted in Limited Liability Companies, Real Estate
Tagged Estate Planning
Planning for your beneficiaries
Historically, when people passed away they left their assets (in the most common scenario) to their children in equal shares. Since most people didn’t have much this made perfect sense. Several things have happened to make this a plan worth re-thinking. First, the current generation that is likely to pass in the next 15 years […]
Tagged Estate Planning
Estate Planning: Leaving Your Assets to an SSI Recipient
When discussing estate planning and beneficiaries, a number of circumstances may arise. An all too common scenario is beneficiaries (most often children) who have disabilities. These disabilities can be from birth, injuries, or just evolve from health issues. If they are unable to work, and receive Social Security Income (SSI), they are extremely limited in […]
