June 2018 Archives

Estate planning can mean more than writing a will

Estate planning is a term that keeps appearing in Michigan. If a person has a will is that a sufficient estate plan? A will helps to determine who will inherit one's belongings after one's death. It does not make any provisions for what can happen if a person becomes mentally or physically unable to make decisions regarding finances, health care or other issues. Careful estate planning can cover these contingencies.

Divorce petitions may initiate unexpected restrictions

The decision to divorce is seldom arrived at easily. When children are involved it may be considered even more carefully. Once a couple makes the decision to divorce in Michigan, they may want to proceed quickly with separation and unwinding their previously shared life. They may come up against some unexpected obstacles. There are certain restrictions put in place once a divorce petition is filed in order to protect the rights of all concerned.

Courts typically split retirement accounts in Michigan divorces

People spend their entire working lives developing nest eggs for retirement. In some families, both spouses contribute to the same account. In others, one spouse may have a pension or a retirement fund through work. Regardless of how you've been saving those funds, you're probably worried about what will happen to them in a divorce.

To include or exclude: Financial accounts and estate planning

Estate plans are becoming a little more sophisticated in Michigan as more people become familiar with the multitude of options and tools that are available. For example, having a trust is a way to avoid the lengthy process of probate. In addition to the tools for estate planning, there are also multiple tools available for building wealth and establishing an estate. Included in these are items such as CDs and money markets. How should they be accounted for when considering estate planning?

Estate planning considerations for a special needs child

Parenting a special needs child is challenging.  While there are many more opportunities for special needs individuals to live independently as adults in Michigan, many in the special needs community may never achieve complete financial independence. This can be a source of worry for parents raising a child who may be disabled physically or intellectually. Prudent estate planning can help to ease the parents' concerns.