Michigan Estate Planning Attorneys
It’s the time of year for giving...but do I have to pay a gift tax on monies I gift to family or friends? The short answer is “it depends.” The gift tax exclusion is increasing in 2023 to $17,000 (the current exclusion is $16,000 in 2022). This means yo
Medicaid can pay for the long-term nursing home care of individuals who meet certain income and asset requirements. However, if the applicant’s assets and income exceed these limits, he or she may not qualify for Medicaid assistance until the limits are m
Although Joint Tenancy offers some short-term conveniences, in the long run it poses a host of problems that can cost you and your loved ones the expense and headaches you thought you were avoiding. For the vast majority of American Couples, “Till Death
In Michigan, a Lady Bird Deed has many estate planning benefits. By using a Lady Bird Deed the owner of a property may deed the property to whomever they want, usually their children, but reserve for themselves a life estate. They retain the ability to se
Who will carry on the values most important to you? Who will support your family if something happens to you sooner than you expected? Who will receive what, and should anyone know about that in advance? These are just a few of the questions to consider.
Do you have a plan for your future? How will you pay for retirement? What will your retirement look like? And do you have funds or plans if you need long term care support? All of these are important questions to answer. Many people put off planning t
As an adult, you need both a financial plan and an estate plan to help cover all of the different perspectives of your holistic life. Getting professional help with both an estate plan and a financial plan is strongly recommended so that you do not overlo
When a trustee is installed in that role, they have plenty of responsibilities. It’s up to them to carry out this role with a high level of ethics. Sometimes, however, a Michigan trustee wants to step out of the role or beneficiaries of that trust want th
A personal representative is still required to handle the administration of probate in your case and Michigan law spells out the priority for who can be named in this important role. This applies to both informal and formal probate proceedings in Michigan
If you already put together a trust in Michigan but want to change it, this is a big benefit to using revocable tools in the first place. But it’s not as simple as crossing out parts that you no longer want to honor. With an older trust, you need the help