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Will My Credit Card Debts Outlive Me?
June 21st, 2018
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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What is the Funeral Representative Designation Act?
June 19th, 2018
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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How Can I Ensure that My Pet is Taken Care of After I’m Gone?
June 14th, 2018
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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What is a Domestic Asset Protection Trust?
June 12th, 2018
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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What is a Fiduciary and How Does It Relate to Estate Administration?
June 5th, 2018
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 in America
June 1st, 2018
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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Do I Have to Include Copyrights that I Own in My Will?
May 30th, 2018
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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Can I Change the Beneficiary of My Will or Trust?
May 28th, 2018
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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Does a Trustee Get Paid for His or Her Duties?
May 23rd, 2018
The trustee of a trust is a fiduciary, which means that he or she has a strict duty to follow the instructions of the decedent as outlined in the trust document. He or she also must comply with the law and place the interests of the trust’s benefic…
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What is a VA Asset Protection Trust?
May 21st, 2018
A VA asset protection trust is specifically designed to protect a veteran’s assets while still maintaining eligibility for benefits that are unique to veterans. This is an irrevocable trust, in that the assets cannot be removed from the trust once…
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