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]
What Happens if a Gift Left in a Will No Longer Exists?
In estate planning, the term ademption refers to a situation in which a gift given in a will by a testator cannot be transferred to a beneficiary because the gift no longer exists or has already been transferred by the time of the testator’s death. A testator is the person who leaves his or her… [Continue Reading]
What is a Life Estate?
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]
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]
Passing on Bank Accounts Through Totten Trusts
There are many ways in which a person can pass on property to others upon death. Some methods take longer than others to get through the probate process, while other methods avoid probate altogether. In fact, most people are advised to use estate planning tools that avoid probate, and this is true in situations where… [Continue Reading]
