estate planning Archives

Estate planning and the revocable trust

The need to have a will and other estate documents is widely accepted and practiced in Michigan. As with so many other aspects of modern society, estate planning is full of terms that can almost sound like a foreign language to those trying to make sense of all of the different components. One aspect of estate planning that may create confusion is the use of a revocable trust.

Estate planning should be reviewed when starting a second family

An estate plan should be an ongoing process in Michigan and around the country. Many factors can prompt the review of existing estate planning documents. Some of these include marriage, the birth of a child, a new job or a second marriage. When starting a new family, the needs of the previous spouse and particularly minor children should be considered.

Estate planning is critical for small businesses

The United States is largely a land of entrepreneurs. It was founded by people who fled their homelands in search of a better life for themselves and their families. This entrepreneurial spirit thrives in Michigan and elsewhere around the country as new technologies provide the impetus for the birth of new businesses on an almost daily basis. While estate planning is vital for the protection of one's family, it can also be vital to the protection of one's business.

Estate planning can be a comforting winter task

February weather can be cold, snowy and cruel in northern Michigan. It can be a time to cuddle up in front of the fire with a good book or reflect on the resolutions one made for January that are still not begun. Maybe one of those resolutions was to look into estate planning in light of getting a new job or having a new baby. Both are good reasons to consider establishing a plan. Any adult can, and should, have an estate plan.

Beneficiary designations: Important component of estate planning

More and more Michigan residents are becoming aware of the importance of creating and maintaining estate plans. Most people are aware that wills and trusts and other documents involved in estate planning should be periodically reviewed and updated, particularly in the event of a life change such as a marriage, divorce or birth of a child. There is one important issue that is frequently overlooked and can have negative ramifications down the road.

Using estate planning to make charitable donations

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.

Estate planning is a resolution that can be kept

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.

The new year is a good time to consider estate planning

Another year is coming to a close in Michigan and the new year is looming. With the approach of New Year's Day, people frequently review the past and consider plans for the future. Among those plans may be thoughts of estate planning. But what exactly does that entail and who should be concerned about it?

Estate planning can be a priceless gift

As the year draws to an end in Michigan, one's thoughts may be drawn to a review of the year almost passed and plans for the year about to begin. Plans for the new year may include taking steps to protect one's family for the future. This may include establishing an estate plan to help ensure that one's final wishes are carried out and that loved ones are provided for. What is entailed in estate planning?

Document reviews can assist with successful estate planning

Death is something that comes to everyone in the end in Michigan. Even the co-creator of super heroes is not immune. Stan Lee, the co-creator of such beloved characters as Spider-Man and Captain America recently passed away following a long illness. It's not yet known if he left a will or trust but he had many business managers over the years and had disputes and disagreements with them that resulted in their terminations. A possible lack of cohesive estate planning may cause confusion in settling the estate.