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What is the Difference Between a Revocable Trust and Irrevocable Trust?

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… Read More
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What Are PODS and TODS?

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… Read More
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What Do I Need to Include in a Basic Estate Plan?

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… Read More
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Can’t I Just Use Online Will or Estate Planning Documents?

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… Read More
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Do I Need to Make a New Will if I Just Moved to Michigan and I Have a Will From Another State?

If you just moved to Michigan and you already have a will from Illinois, the good news is that your Illinois will most likely will be perfectly valid under Michigan law. With that said, estate planning law is very different from state to state, and t… Read More
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Should I Put My Adult Child on My Bank Account or Not?

Whether you choose to add your adult child to your bank account depends upon your needs and your objectives in doing so. Some individuals place adult children on their bank accounts simply to make it easier for the children to help them with financia… Read More
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My Brother and I Just Inherited the Family Vacation Home. What Should We Do Now?

Some vacation homes, cabins, or cottages in Michigan have remained owned by different generations of families for years. The concern for passing these homes down from one generation to the next historically was with the “uncapping” of residential… Read More
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What Happens When My Special Needs Child Turns 18?

When your child turns 18 years of age, he or she is an adult. However, when your child has special needs, being a legal adult doesn’t mean that he or she can take care of his or her own financial, medical, and other personal needs. In this situatio… Read More
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What’s the Difference Between Medicaid and Medicare?

Medicaid and Medicare are two separate government programs that provide health care coverage for eligible individuals. However, the two programs are quite different, and vary widely in the types of medical expenses that they cover. The two programs a… Read More
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Is a Credit Shelter Trust for Me?

When Michigan residents are considering how to protect their assets following death, they often consider a variety of trusts. One such trust is a credit shelter trust. This trust is not for everyone, but in some situations, it can be quite beneficial… Read More
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