After a person dies or becomes incapacitated, an heir or family members may have to engage in a scramble and search for important documents and assets. They may not know whether these documents are kept in a lawyer's office, a safe or a shoebox under the bed or have passwords to gain access to important information. An important part of estate planning is consolidating this important information in one place accessible and known to family members.
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.
A trustee has the important duty of managing property for another person's benefit. Because this is an important position of trust and an obvious target in family disputes over trusts and estates, a trustee may face the risk of accusations of mismanagement or theft.
Changes to the federal tax law effectively excludes 99.9 percent of all Americans from federal taxes by providing a $11.18 million estate exemption to single persons and $22 million to married couples. However, well-reasoned estate planning can help people in Michigan ensure that their inheritance will pass on as intended, lower the possibility of family disputes and reduce costly lawsuits.
Everyone needs to take part in long-term care planning for the day they need to cover medical expenses for their old-age and cannot make important decisions. However, people face obstacles when they do not have a spouse or child to act on their behalf under a power or attorney, health care directive or trusts.