In some instances, when one doesn't know what to do, doing nothing is the appropriate choice. Rather than make a wrong decision, the Michigan resident chooses to make no decision. However, when it comes to estate planning, this decision to not make a decision can be costly.
Gray divorces, or divorces between individuals who are 50 years of age or older, have their own specific set of issues. When older couples divorce, there are usually more assets to consider as well as a decreased ability to bring in an income in the future.
Which estate planning tools do I need? This is a common question among Michigan residents as they look to the future and the best way to handle their property. There is often confusion regarding the need for a will, a trust or perhaps both. Additionally, many individuals express concern related to trust and probate administration.
How and when to transfer assets to beneficiaries can be a difficult decision for many Michigan residents. Some prefer the traditional process of wills and probate. Others, however, look for ways to save and make the process easier. A careful analysis of how the trust and probate administration process affects the individual's estate can help one decide the best way to transfer assets.
When a person who owns a business faces divorce, the end of his or her marriage may also threaten the business itself, and many people who depend on the business. In most cases, the easiest and most effective way to prevent these potentially disastrous consequences is to protect the business using a prenuptial agreement, but many business owners do not have the foresight to do so, leaving the success of the business potentially dependent on the success of the marriage.
The end of a marriage will inherently bring about change to the lives of everyone involved. For individuals in Michigan who are facing divorce, many may consider it vital to take steps to protect their financial futures throughout the process. However, with little to no experience in the area, some may be uncertain how a similar process might affect this area of life, potentially prompting a need to seek guidance on how best to approach the situation.
When a Michigan couple decides to end their marriage, many decisions will need to be made. Who will keep which assets and be responsible for which liabilities are often just the beginning. Custody issues often come in to play as terms of the divorce agreement are settled.