estate planning Archives

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.

Estate planning considerations for home owners

When many Americans consider their assets, they consider "stuff" like cars, art and money in accounts. Many people across Michigan neglect estate planning when they feel their assets are too limited to require a will. However, these people often forget about one of the most crucial and complex assets: their homes.

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.

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?