Northern Michigan has been enjoying a surge in corporate and residential real estate and that trend is continuing. There has been a significant amount of corporate real estate growth. As so often happens, the health of the residential market has followed suit.
"No one gets out of here alive" is often a good-natured statement that people may make regarding their mortality. The truth is, no one lives forever and planning for one's legacy is not something to be taken lightly. When people in Michigan consider estate planning they may give little consideration to what actually can go into an estate plan. It is not a one-size-fits-all proposition.
The fastest growing age group in Michigan and elsewhere in the country consists of those 55 years of age and older. They are known as the baby-boom generation, those who were born in the years after World War II. As they near retirement age, or are already retired, there are special issues regarding retirement planning and estate planning that they and their loved ones should be aware of.
Planning for retirement is important to your security as you grow older. If you are like many couples in Michigan, you and your spouse probably created a retirement plan. Whether you opened your own savings account, used an employer-sponsored 401k or have a pension coming to you when you retire, it's important that the amount you have set aside reflects the age at which you intend to retire and the standard of living you hope to maintain.
Commercial real estate has been on the uptick for Northern parts of Michigan and Grand Traverse County for a while now. Growth in commercial real estate frequently spurs growth in residential development and the Traverse City area is no exception. A new residential development is under way for the Hammond Road area.