estate planning Archives

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.

How to cope with dementia and estate planning

People in Michigan and the rest of the country are living longer. While for the most part, this is a good thing, deteriorating health, and especially dementia, can cause financial and other complications as people age. In the case of dementia, this can be particularly true where estate planning issues are concerned.

Estate planning can protect one's assets and family

People tend to be aware that having an estate plan is a good idea as one gets older. The recent prominent deaths of a couple of celebrities who did not have estate plans served to drive that issue home with many people. While most people in Michigan do not have estates as large as those of Prince or Aretha Franklin, the headaches that could be caused by passing without a will might not be insignificant. Nor does one need to be older before considering estate planning.

Estate planning after death

Much has been said and written of late regarding Aretha Franklin and the fact that she died without a will. While estate planning is the better way to go to ensure that one's final wishes are carried out, failure to do so is not necessarily the end of the world. Certain protections exist in Michigan such as recognition of oral trusts.

Death of Aretha Franklin reminds of the need for estate planning

The death of a prominent citizen of Detroit emphasizes the need of establishing an estate plan. Aretha Franklin recently passed away at the age of 76 and she had apparently done no estate planning. It is said that she did not have a will or trust in place, which may complicate the settling of her estate. She is survived by four sons who have all listed themselves as interested parties. A niece has also requested to be appointed as the personal representative of the estate.

Becoming new parents is a time to consider estate planning

Becoming new parents can be one of the most exciting steps in a young family's life in Michigan. While there are so many things to be considered and provided for the new family member, establishing or reviewing an estate plan should not be neglected. While extensive planning may have gone into expanding a family, it is difficult to plan for the unexpected. That is where estate planning can help.

Estate planning: A tool in the battle against substance abuse

Planning an estate can have many facets to cover many beneficiaries and many situations in Michigan. Trusts can be put in place to help provide for handicapped or mentally disabled relatives. There is a third category where trusts may be the right option. This would include addicted or mentally ill children that a family wants to provide for in their estate planning.

Estate planning is for younger people too

Young people entering the workforce in Michigan and just beginning their professional and family life may see estate planning as something to worry about further down the road. The reality is that, like planning for retirement, it is better to start estate planning sooner rather than later. There are some common misconceptions around this.