People are often advised to write wills as part of their estate planning. Wills are important because they allow a person writing the will the opportunity to decide who gets property from his or her estate. Using a will in conjunction with other estate planning tools can help avoid probate and ensure that family and… [Continue Reading]
Making Gifts to Potential Heirs Before Death
A person wishing to gift certain items or real estate to his or her closest family members and friends does not have to wait until death to make these gifts through a will or trust. It is possible to make these gifts as inter vivos gifts. However, this does not eliminate the possibility of legal… [Continue Reading]
Powers of Appointment
When a person creates a trust to distribute his or her assets upon his death, that person may sometimes name someone and grant him or her power of appointment. Power of appointment in the context of an estate trust refers to a power granted to a person to distribute the trust assets as he or… [Continue Reading]
Filing a Petition for Conservatorship
According to the National Adult Protective Services Association, financial elder abuse is a fast-growing problem affecting seniors. Seniors can find themselves financially exploited by caregivers, religious figures, as well as by family and friends. The financial exploitation that comes with this kind of elder abuse can leave the elderly person without the means to properly… [Continue Reading]
Estate Planning for Blended Families
Joining together two families to make a new family can be a challenging yet exciting new phase of life. This blending of families to form one can happen when two people with children from other relationships decide to get married or move in together and raise the children together. Along with everything else that needs… [Continue Reading]
Choosing a Trustee for Your Michigan Estate Trust
Once a person has decided to establish a trust as part of his or her estate plan, another important decision needs to be made in order to complete the trust formation process – choosing a trustee. Choosing a trustee is important because the person or organization the trust settlor selects to serve as trustee bears… [Continue Reading]
Reverse Mortgages
The television advertisements offering older Americans an opportunity to get a reverse mortgage are well known. They describe offers and terms for homeowners, age 62 years or older, to convert the equity in their homes into money that they can use for their own needs and expenses. Not all reverse mortgages are a bad idea,… [Continue Reading]
Pet Trusts in Michigan
Pets are considered family members by many pet owners. The owners therefore worry about what will happen to their beloved pets after they die and can no longer look after them. Pet owners in this situation may want to ensure that their pets are taken care of by establishing a pet trust with the pet… [Continue Reading]
Disclaiming an Inherited Gift in Michigan
Not every person who receives an inheritance is able to accept and keep the property. A person may seek to avoid an inheritance because of the tax implications of accepting it, to avoid the difficulties that may be associated with reselling the gift, or because the gift is not worth much to him or her.… [Continue Reading]
What Happens to My Debt After I Die?
When a person dies, his or her debt does not always die, too. This can be a major concern for a person with a large amount of debt and who does not want his or her heirs to inherit this debt upon his or her death. The person may own few assets and not want… [Continue Reading]
