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June 2012 Archives

Probate dispute could get tricky in Kinkade case

Many of our Detroit-area readers are probably familiar with the artwork of Thomas Kinkade. His painting style spawned a huge commercial art enterprise that made him a very wealthy man. Sadly, Kinkade passed away back in April, and although he had a will at the time of his death, a dispute over some of his handwritten notations has resulted in probate litigation.

Do Michigan residents feel obligated to leave an inheritance?

Readers in the Detroit area may be interested in a recent survey showing that just 19 percent of baby boomers feel obligated to leave their children an inheritance. But this percentage is higher than in 2005, prior to the nation's crushing economic downturn, when just 3 percent of baby boomers reported feeling obligated to pass on estate assets to heirs.

Powers of attorney integral to Michigan estate plans

Our readers in the Detroit area may recall our previous discussions about the variety of estate planning tools -- such as wills and trusts -- that can be included in a comprehensive plan. But one instrument that sometimes is overlooked is the power of attorney. Powers of attorney are key parts of an estate plan because they ensure that your wishes are followed -- not when you die, but when you become incapacitated and are unable to make decisions on your own.

Suggestions for selecting a long-term care facility

Our Detroit-area readers have probably seen previous posts that discuss the importance of considering future medical expenses and long-term care when forming a comprehensive estate plan. While it is obvious that no one can predict every aspect of the future, making certain financial preparations can help prevent some of the stress that many people experience in the absence of a clear plan.

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