You’ve spent your life working hard, accumulating as much wealth for your family as possible. If you’re like most people, all that hard work and saving was directed toward one primary goal: the security of your loved ones. It’s satisfying to consider the nest egg you’ve built to provide for your family when you’re no […]
People are often advised to prepare estate plans so that they will have peace of mind, knowing that their family will be cared for if something happens to them. For many Michigan residents, “family” includes a beloved pet or pets. Michigan law recognizes this, and has enacted a law specifically authorizing the creation of a trust for the benefit […]
When most people designate beneficiaries for their retirement accounts, they often have a “set it and forget it” mentality. After all, these funds are not likely to be accessed for decades, far off in the hazy future. Unfortunately, a lack of attention now to beneficiary designations could lead to heartache, family feuds, and negative tax […]
It’s a topic no parent wants to think about, but every parent must: if something happened to you and your children’s other parent, who would care for your children? The idea is so uncomfortable for many people, and their daily lives with work and children are so busy, that they put off making a plan—sometimes […]
What comes to mind when you think about your estate plan? Most people think about a Last Will and Testament —or “will”—and many people also incorporate a living trust into their estate plans. These two estate planning tools cover a lot of ground. But it’s a mistake to believe that if you have a will […]
Michigan law has provisions intended to protect divorced people’s assets from going to unintended beneficiaries after their deaths. That said, the most effective and efficient way to protect your estate and your intended beneficiaries is not to rely on Michigan law, but to update your estate plan yourself. Here are some things of which you […]
Almost everyone knows they should have an “estate plan.” Unfortunately, not everyone knows exactly what that means, or what it should mean for them. As a result, many people don’t bother with an estate plan, or make one that leaves important gaps that get discovered too late. Here are five common mistakes many Michiganders make […]
It sounds like something out of a fortune cookie: “No decision is also a decision.” As far as your children and your assets go, though, the saying is apt. If you don’t deliberately make choices, someone else will end up making them for you. Chances are, that decision-maker will be a Michigan court. There’s another […]
If you’re a single parent, everything falls on your shoulders, from earning a living, to keeping the house, to helping with homework. You’re so busy, in all likelihood, that you may not even have had time to consider what would happen to your family if anything happened to you. When you do pause to think […]
Where money and assets are concerned, everyone has heard that “you can’t take it with you.” That much is true–but you do have to figure out who’s going to take care of what you necessarily leave behind. That person is the executor of your estate. Being an executor can be a difficult and thankless job. […]
