Oakland County MI Estate Planning Law Blog

If you are forming a comprehensive estate plan to ensure the effective distribution of your assets after your death, you may not be aware of one emerging area in this field. In today's technological world, protecting your digital legacy is something you can plan for in your overall estate plan.

There are many things to consider when it comes to protecting your digital legacy after your death, and you should include this as a facet of your end-of-life planning. 

Michigan families can experience unnecessary taxes, costly and stressful legal problems and lose inheritances when wills are poorly drafted or do not address common situations. Careful estate planning can help avoid these problems.

Failing to name a secondary beneficiary on insurance policies and retirement accounts is a very common but costly mistake. If a successor beneficiary is not identified after the original beneficiary has died, the estate may be hampered with probate litigation, creditors and other delays.

Even though it is inevitable, we do not like to think about the fact that we won't be here forever. Death is a difficult topic to talk about and even harder to accept. Despite that, it is one that we need to be ready for. This means considering how developing an estate plan could be beneficial. In some instances, an estate plan can be necessary, especially when it comes to long-term care planning.

The estate planning process is daunting and can be complex. Drafting these documents can get confusing, making it important to understand how you can get help and assistance. At Prince Law firm, our attorneys have years of experience helping clients memorialize their wishes in valid written form. WE are dedicated to helping individuals in the Detroit area draft a long-term care plan that meets their needs and goals.

Nowadays, gray divorce is a term that is heard more and more frequently. Gray divorce generally refers to divorce that takes place after a couple has been married for 20 years or more. These are couples who have often already raised a family and are likely near or already in retirement.

The challenges of a gray divorce are unique, especially given that assets in this phase of life are generally more significant. Estate planning - that is, documents and tools that detail the assets and property that make up your estate - becomes particularly relevant in a gray divorce. Here are some key factors to consider in terms of estate planning if you are going through a gray divorce or have already divorced.