While many “school choice” proponents cheered President-elect Donald Trump’s nomination of Republican donor, businesswoman, philanthropist and Michigan native Betsy DeVos as education secretary, there are some questions about what will happen regarding student loan debt relief. Trump’s higher education policies have yet to be defined. According to the Associated Press, during an October speech in… [Continue Reading]
Is Social Security or Pension Income Safe from Garnishment?
What happens if a creditor obtains a court order seeking garnishment of your wages, but your income comes from Social Security or a pension? The rules can be a little tricky, so here’s a quick Resnick Law guide to understanding your rights: Can Social Security be Garnished? Typically, your Social Security can’t be garnished. Most… [Continue Reading]
“Bypass” Trusts and Estate Planning
A few years ago, Congress changed the estate tax laws and introduced the concept of estate tax “portability.” This has had a significant impact on estate planning by married couples. The idea behind portability was to simplify the estate planning process. Previously, in order to take advantage of each spouse’s maximum estate tax exemption,… [Continue Reading]
School (Bus) Rules!
The beginning of September brings with it the promise of the crisp, cool days of fall, the green of summer melting into the golden hue of autumn and, of course, the re-emergence of familiar yellow school buses on the road, shuttling their small charges morning and afternoon. With hundreds of thousands of school children on… [Continue Reading]
Penalty-Free Savings for Qualified Individuals
People in Michigan with disabilities will soon be able to save for qualified expenses without jeopardizing their access to state and federal benefits. Lieutenant Governor Brian Calley signed legislation in October of 2015 creating the Michigan Achieving a Better Life Experience program, and it’s getting ready to launch. “By the end of this year, people… [Continue Reading]
7 Tips to Managing Your Digital Footprint Before the Hereafter
In last week’s blog, we discussed the potential hazards your heirs may face by not planning ahead to manage the chain of custody regarding your digital assets by incorporating them into your estate plans. Whether they have sentimental or monetary value, managing the inheritance of your digital footprint is as critical as your other real… [Continue Reading]
Who Gets Your iTunes After You Die?
From bank accounts to Facebook, PayPal and more, a good chunk of your personal and financial life now exists online — and that digital footprint can long outlive your actual one. Failing to account for digital assets in your estate plan could put your heirs at risk of getting caught in a web of potential… [Continue Reading]
Get it in Writing: The Statute of Frauds
Like much of Western jurisprudence, English common law is the foundation for the American legal system, which includes a 17th Century law known as The Statues of Frauds. Traditionally, the Statute of Frauds requires a written executed document, signed by both parties, the following circumstances: Contracts in consideration of marriage, including prenuptial agreements. Contracts that… [Continue Reading]
Basics on Mortgage Foreclosures
Despite the substantive decline in mortgage foreclosures since the height of the Great Recession, in June 2016 there were nearly 100,000 homes across the country in some stage of the foreclosure process, according to RealtyTrac. The crisis may have subsided, but historical trends continue to show an average of 80,000-120,000 homes in some stage of… [Continue Reading]
Divorce and Bankruptcy: A Perfect Storm
Divorce and bankruptcy are two areas of the law that can often overlap, affecting each other in many ways. Depending on which Chapter of the bankruptcy code a debtor files for relief may affect obligations granted in a divorce decree or settlement. When a person files for bankruptcy, “automatic stay” provisions come into play and… [Continue Reading]
