The Mega Millions lottery recently reached $1 billion, which is the second-largest grand prize in history. Strangely, statistics reveal that lottery winners are more likely to declare bankruptcy than other Americans. If you have come into a windfall from winning the lottery or inheriting from a relative, you need to exercise care when managing this… [Continue Reading]
What You Need to Know about DAPTs
More and more people who are interested in estate planning are learning about domestic asset protection trusts (DAPTs), which offer an important advantage regarding estate taxes and income. DAPTs allow you to appoint yourself as a beneficiary of the trusts. DAPTs are not a wise estate planning tool for everyone, however. Instead, DAPTs work best… [Continue Reading]
Should You Choose a Professional Trustee or a Family Member to Manage Your Trust?
One major consideration when setting up a trust is whom to appoint as the trustee of the trust, responsible for managing the trust assets. Some people choose to appoint family members or friends as trustees, while others prefer to use professional trustees. There is no right or wrong choice when it comes to making the… [Continue Reading]
Prepaid Funeral Contracts
As part of their estate plan, some people choose to arrange their funerals before they die in order to make things easier for their family members or in order to ensure that they get all the things they want at their funerals. When making funeral arrangements in advance, people are generally required to prepay for… [Continue Reading]
Should You Tell Your Beneficiaries Details of Your Estate Plan?
Not many people discuss their estate plans, particularly the provisions in a will, with the beneficiaries of the plan. These matters are often considered private matters that should not be made public. While there may be cases in which it is best to keep the provisions of a will under wraps, having a frank discussion with… [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]
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]
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]
