As part of estate planning, you must let your loved ones know about your end-of-life desires. You may not feel prepared to have this conversation, but your children, relatives and friends deserve to know your desires. AARP offers tips for broaching the subject. Do not...
3 mistakes first-time executors make
If a loved one died and named you as the executor of his or her estate, you may feel unsure about where to start. While you are likely familiar with this person's wishes, there is much more to this role. As executor, you are responsible for completing all the...
Implementing a tax strategy in your estate plans
As you immerse yourself in the estate planning process in Michigan, you quickly discover that a major element of this task is limiting the potential liabilities your estate may face. Settling your debts and structuring your estate so as to minimize (or even avoid) the...
Is it time to review your estate plan?
Michigan residents like you put a lot of time and effort into creating an estate plan. Unfortunately, this plan does not last forever. You need to update your estate plan to ensure that it remains true to your current life situation. But when should you update it? Are...
Your estate plan and a guardian for your child
Many millennials may not automatically think that they need to create an estate plan. That, however, is far from true. Many elements of an estate plan can benefit people in the millennial generation, especially once they become parents. Identifying a person or people...
3 common estate planning mistakes to avoid
Proper estate planning gives you the opportunity to maximize the value of your assets and allows you to make informed decisions about the handling of your estate. Estate planning is a unique process that allows you to customize what you want to happen with your...
What do you know about managing an aging loved one’s finances?
Your aging parents may not only need help physically, but financially, too. You do not have to send them money, but you want to help them manage the funds and protect their financial health. AARP offers suggestions on how to manage another's money the right way....
Does Michigan have an inheritance tax?
Michigan does have an inheritance tax. However, this should probably not concern you while making a new estate plan or considering the value of the estate of a recently lost loved one. It only applies to older cases. This does not, however, mean that your assets...
What are Michigan’s intestate succession guidelines?
Perhaps the most complicated aspect of estate planning in Trenton is determining which of your heirs will inherit your assets (as well as what and how much they will receive). The last thing that you want is for your decisions to cause contentions amongst them once...
Getting remarried? Remember your estate plan
Many families today come together via remarriages. A second or subsequent marriage offers people the opportunity to start fresh and enjoy the benefits of a positive partnership after a previous divorce or loss of a spouse. These marriages, however, also raise unique...