Michigan residents have a lot to consider when they think about their estate plans. One of the biggest factors to look into is how they want their property distributed after their deaths. Certainly, family members and close friends come to mind, but some individuals may also be interested in using estate planning to leave some of their estate assets to charitable organizations.
The holidays are over, and people are turning their attention to hopes and plans for 2019. Some of these plans include real estate purchases. According to local experts, the 2019 market in real estate will probably resemble the 2018 market. In northern Michigan, that spells good news as the local market was very healthy in 2018.
A new year has arrived and along with it a multitude of resolutions made with the best of intentions. Many of those resolutions will be broken by February. There is one resolution that should be made and kept in Michigan. Resolve to review or establish estate planning in 2019.
When you have children, a good majority of your life revolves around the needs of your children. If you and your spouse are planning to divorce, this doesn't change. You want your children to have what they need to thrive throughout the process and beyond.
January is a popular month for ending marriages. The number of people seeking divorce spikes significantly after the holidays are over. Some Michigan couples decide to wait until this busy time of year is over to move forward with this process, while others find that the holiday season brings to light and emphasizes the issues that often indicate one or both parties are ready to divorce.
As the new year begins, the change in alimony brought about by the tax law passed last year goes into full effect. The implications for couples considering divorce in Michigan are not inconsequential. Under the previous law, the person paying alimony was able to deduct the amount of alimony from his taxable income, and the recipient paid income tax on the amount received.