Credit card debt – and debt in general – is a normal way of life for many Americans. In fact, it is not unusual for some individuals to have more credit card debt than assets. This is a concern, not only because of the high interest rates that cr…
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In an attempt to help Michigan residents with making end-of-life decisions, the Michigan legislature enacted the Funeral Representative Designation Act (“the Act”), which went into effect on June 27, 2016. The Act allows you to choose a funeral r…
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Many Michigan residents have beloved pets that they consider to be members of their family. Especially for individuals who have no children or whose children have grown up and no longer live at home, pets can be a great source of comfort and affectio…
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The Michigan Qualified Dispositions in Trusts Act of 2016 created a way for Michigan residents to protect their assets from creditors during their lifetimes. Previously, only a few states provided for the creation of an irrevocable trust, also called…
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When most people think of a trust, they are referring to a traditional revocable living trust, which is a common estate planning technique that is designed to easily transfer assets to the trust’s beneficiaries after death without the hassle and ex…
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Many Michigan residents own real estate outside the state. Whether it is a Florida beach house, a Kentucky lake home, or a Wisconsin cabin in the woods, you will have take extra steps to ensure that you include that property in your estate plan. If y…
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When you pass away, a fiduciary, whom you have usually chosen in your estate planning documents, is in charge of administering your estate, settling your debts, and distributing your assets to your heirs or beneficiaries. A fiduciary is most often an…
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Long-term care is a popular topic these days, as the American population continues to age; the need for long-term care in America is greater than ever before, and only will grow over the next few decades. The costs of long-term care are simply astron…
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When you are engaging in estate planning and writing your will, you are likely to consider tangible assets first, such as real estate, vehicles, antiques, and bank accounts. However, it is equally important to consider the disposition of intangible i…
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There are many life events or changes that may cause you to change the beneficiary of your will or trust. Some of these changes as positive; for instance, you might marry and want to make your new spouse the beneficiary of your will. On the other han…
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