Estate Planning
Facts about beneficiary designations in Michigan
Estate planning refers to the process of planning and organizing your estate, including all financial assets, investments, real estate holdings, business interests and personal possessions. Your estate plan should include provisions for who you want to receive your...
When it’s time for the kids to take care of the parents
As parents get older and need to be taken care of, the responsibility often shifts down to the children. Sometimes, the way to share the load is obvious, but it's not always so easy. Either way, it's a mistake to wait until your parents in Michigan need help before...
Considerations when discussing estate planning with your children
One of the biggest challenges of discussing estate planning with your children in Michigan is the fact that it can be a very emotional topic. You may be worried about how your children will react to the news, or you may be concerned about their ability to handle the...
Why you need an incapacity plan in Michigan
Many people don't think about the daily life risk of losing their ability to function independently. However, all it takes is a nasty blow to the head to incapacitate you. In this situation, you would be unable to make health care and financial decisions for yourself....
What is the difference between a TOD account and a trust?
Planning for the future by creating an estate plan is something that can benefit all Michigan residents. If you wish to protect certain property from probate, two options you can turn to are a transfer on death account or a revocable trust. Knowing the differences can...
The importance of an updated estate plan for the family
An unexpected death in a Michigan family can leave survivors in a precarious situation when an estate plan is incomplete or out of date. Family situations can change with time, which means it is vital for people to evaluate their estate plans at least annually. This...
What is a will, and why do you need one?
Michigan adults can benefit from having a will as part of their estate plan. It’s important to understand the role of a will and why you need one. What is a will? A will is a legal document that allows you to specify how you want things to be handled after your death....
Creating an estate plan is essential if you’re a millennial
If you're a millennial in Michigan, you may not have thought about creating an estate plan. As a legal adult, estate planning is essential to ensure your last wishes are met when you die. In addition, it's also critical to plan for the future if you become...
When should you update your estate plan?
Many people go over their estate regularly, usually when they review their business or personal financial plan. You can review your finances once a year, once a quarter, or anywhere in between. However, financial experts recommend reviewing your estate at least every...
Estate planning tips for new parents in Michigan
When you become a parent in Michigan, your life is no longer your own. You've taken a whole new level of responsibility for as long as you live and also after you're gone. And thus, your estate plans should change to accommodate your children's needs. Here's a look at...