When someone receives a life estate in property, he or she does not completely own the real estate. This may lead a person to doubt the value of the life estate. A life estate is a useful way for a testator to pass on property to someone who may only need it for a while,… [Continue Reading]
Independent Contractor or Employee?
When a business makes the decision to increase its workforce, it must also make a decision on how the added workers are to be hired and classified. Generally, a business can choose to hire people as employees or as independent contractors. How the person is classified makes a difference in how the person is paid… [Continue Reading]
Charitable Trusts and Estate Planning
There are many different tax issues that a person wishing to pass on his or her estate must consider. One of these considerations is the tax burden of the estate on future beneficiaries. One way that a person can reduce the tax burden is by passing assets or using income from a trust for charitable… [Continue Reading]
Revoking a Will in Michigan
A person who writes a will as part of a larger estate plan may need to change the will from time to time depending on changes in the person’s life. In some cases, the person may need to completely redo the will and cancel a prior will in its entirety. There are several ways to… [Continue Reading]
Foreclosure Timeline in Michigan
It is difficult for some homeowners to figure out the next step after receiving notice that their mortgage lenders have started foreclosure proceedings. The most immediate concern may be where to go and how long after the process starts the homeowner will be expected to leave the home. Fortunately for homeowners, they do not have… [Continue Reading]
Bankruptcy and Job Prospects
Bankruptcy can impact many areas of a person’s life. After the bankruptcy is concluded, the person filing for bankruptcy has to recover financially and build up his or her credit again. This can make buying a home, renting an apartment, and even getting a job in some cases more difficult. Not all jobs require candidates… [Continue Reading]
A Surviving Spouse’s Rights to a Deceased Spouse’s Estate
Some people who get married after having written a will sometimes forget to change their wills to account for the new spouse. In other cases, a person may simply leave his or her spouse out of the will for various reasons, intending to disinherit the spouse. Fortunately, under Michigan law, the new spouse and the… [Continue Reading]
Forbearance and Avoiding Foreclosure
There are several steps that homeowners can take in an attempt to avoid foreclosure and keep their homes. Some of these steps or programs can be temporary fixes, while others are more permanent and can work to restructure the terms of the mortgage loan in order to make the payments more affordable for the homeowner.… [Continue Reading]
Choosing Arbitration Over Litigation in a Business Setting
Most business owners do not enjoy being mired in public disputes or messy litigation, either with business partners or clients. For this reason, if it is possible, these businesses may choose alternative dispute resolution methods that keep them away from litigation in court and offer more in terms of keeping the details of the dispute… [Continue Reading]
The Best Way for a Creditor to Collect a Debt
Creditors would generally prefer to be able to collect a debt from a debtor simply by sending the debtor a bill and receiving immediate or gradual payment from the debtor. Unfortunately, not all debtors pay their bills on time, and some do not pay the debt at all. When a debtor defaults on a debt,… [Continue Reading]
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