In some Michigan families, the family all sits down together and irons out the details regarding how one's estate and affairs will be handled when his or her time comes. In other families, there is no discussion or action taken, and the family simply must abide by the court's decisions regarding the loved one's estate. Most family estate planning actions fall somewhere in between these two extremes.
Estate planning and planning for future long-term care needs
Creating a will, naming beneficiaries and selecting an executor are all part of planning for the end of one's life. However, what many Michigan residents fail to realize is that there may be a number of years toward the end of one's life in which he or she may need care beyond what the family is able to provide. The possible need of this care should also be considered as one going through the estate planning process.
Alimony and divorce may be affected by proposed tax changes
In many Michigan families, one spouse earns more than the other. In some cases, one individual works at home to take care of the family while the other pursues career opportunities. In other cases, one individual's career simply is more lucrative than the other's. Both spouses contribute to the family buy in different ways. This difference in financial compensation and contribution to the family can be accounted for in a divorce situation through the payment of alimony.
Divorce can be the happily ever after
Once upon a time, two people fell in love, got married and assumed they would live happily ever after. Fast forward a few months, a few years or even a few decades and that vision of happily ever after has changed. On almost a daily basis, at least one Michigan couple decides that divorce is a part of their happily ever after.
