About 90% of the businesses in this country are family-owned or family-controlled, and they are not necessarily just small businesses. These family businesses generate an estimated one-half of the U.S Gross National Product and are responsible for pa…
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The need for future planning confronts all of us at one point or another, and future planning includes estate planning. While you not wish to thing about topics like incapacity and death, they are both a part of life for everyone. Careful planning ca…
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IRAs and other retirement funds often make up the bulk of an individual’s assets. In order to maximize the growth of these investments and protect beneficiaries, individuals sometimes choose to make the contingent beneficiary of the IRA a trust. Th…
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If you create a living trust, you are opting to serve as grantor, trustee, and beneficiary for the trust for the remainder of your lifetime. You are a grantor if you create the trust, which is the case if you creating any type of trust, not just a li…
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Alzheimer’s Disease is a degenerative brain disease that is causes dementia. While dementia can occur for other reasons, Alzheimer’s is the reason behind the vast majority of dementia cases, which causes difficulties with memory, language, proble…
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Payable on death (POD) accounts and transfer on death (TOD) accounts are very similar, in that they pass account proceeds directly to the person of your choice upon your death, without going through the probate process. The only difference between th…
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In today’s age of do-it-yourself (DIY) home repairs, instructional YouTube videos on every possible subject, and Pinterest, it is no surprise that DIY wills and estate planning documents have emerged into mainstream America. Essentially, these form…
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While most people are probably familiar with the concept of a will, they may not have extensive knowledge about what a basic Michigan estate plan entails. There are various documents that comprise a comprehensive estate plan, and those documents may…
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The distinction between probate and non-probate property is an important one for the purposes of estate administration. Essentially, probate property must go through probate court proceedings in order to be distributed to heirs, while non-probate pro…
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Many individuals donate funds, property, services, and volunteer time to charities or non-profit organizations during their lifetimes. Not only is this practice personally beneficial, but it often makes good financial sense, as well. In many cases, t…
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