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January 2013 Archives

Powers of attorney - more than just a side-note in an estate plan

There are times in life, perhaps in some of our Michigan readers' lives, when a tragedy will bring family members together. An unfortunate situation, such as a car accident or a prolonged terminal illness, can lead to family members gathering at the hospital, hoping for bits of news from doctors and asking themselves what they can do to help. In the most dire of situations, health care professionals may approach the family members for a decision on what course of medical treatment should be rendered. If the incapacitated person is without the right kind of power of attorney, those moments could lead to fractious and fruitless discussions amongst the family members.

What could the "fiscal cliff" deal mean for your tax planning?

The "fiscal cliff" negotiations have come and gone, finally. And although many of our Michigan readers were probably glad to hear it, if for no other reason than hoping that the news might cover a different topic, many will not be able to move on from the negotiations as quickly as they would like. For tax planning purposes, some of the details of the deal that was reached should catch many of our readers' attention, and a recent article in Forbes explored those very details in depth. Some of the changes that will take effect will most likely further enhance the value of trusts in protecting inheritance.

Long-term care could rise to the top of estate planning concerns

The end of one year and the beginning of another probably has many of our Michigan readers thinking of what options are best for them when it comes to financial decisions. As our nation's leaders spend the beginning of the year working toward trying to figure out how much each of us should be paying in taxes, they are also working on changes to some government benefits, which could include Medicaid and Medicare. When the dust finally settles on these issues, our Michigan readers will probably want to make some tweaks to their long term planning, and one recent article has suggested that it may be time for many to consider long-term care insurance.

Looking for a holiday conversation starter? Try your estate plan

Many of our Michigan readers have probably been having a good time in recent days, celebrating the holidays and getting together with friends and family. This is certainly the time of year when many people are ready to relax and catch up and spend time with the people who are most important to them. For some that means days spent shopping, playing in the snow or watching sports together on television. But, a recent article has suggested that many people should take this time together with family members to address another topic: estate planning.

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