Estate planning takes on many different forms depending on the individual needs of the person. Each person can have different estate planning goals and desires when it comes to how they want their assets distributed following their death. Thankfully, there are many different ways that estate planning can be undertaken. In our modern society, it may be important to use many different estate planning tools in order to meet the goals that the individual has in mind.
Planning for digital assets in estate planning
As most Michigan residents realize, the Internet has become an important part of many people's lives. Through the Internet, individuals gain digital assets that they use in their everyday lives. These include social media accounts, email, online bill pays and other online financial services. As a recent blog post has discussed, digital assets can now easily become part of a person's estate plan in Michigan.
Michigan law handles the distribution of digital assets
Michigan residents are living in the digital age. People do not just have assets in their homes or businesses anymore. In fact, people have a whole slew of digital assets that are very important to them. While people may not think of their social media accounts as digital assets, they are. And, these things do not just go away once a person dies. In fact, people need to come up with a plan on how to handle their digital assets after their death.
What is a Qualified Personal Residence Trust?
There are many ways for Michigan families to plan their estates. The specific estate planning tools that are necessary for a particular family will depend on the facts in each case. It is important for families in Michigan to understand all of their options when it comes to estate planning. There are many considerations that must be taken into account as estate planning is completed.
Using trusts to lower estate taxes
When people think about their lives, they may think about their relationships and the people they love. For many people, thinking about their wealth is not the first thing that comes to mind when they think about leaving this world. While thinking about one's own death can be difficult, it is important for individuals in Michigan to think about what will happen to their assets and their family should they pass away. People might like to think that these issues will work themselves out. However, complex estate planning often needs to be done in order for people to protect themselves and their families.
