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August 2018 Archives

Failure to plan for the long-term is costly

Medical care for retirees is expensive. The average median cost of a semi-private nursing home room is $85,775, while the cost of a home health aide is roughly $49,192. These costs cannot be ignored, and there are several guidelines for long-term planning that can help meet these expenses.

What is a durable power of attorney?

If you are like most Michiganders, you have heard a lot about durable powers of attorney but have no clear idea of just what they are, how they work and whether you may benefit from having one. In answer to the first point, a durable power of attorney is a legal document that your attorney drafts for you per your instructions. It designates the person of your choice, called your attorney-in-fact, who will make your health care and/or financial decisions for you in the event you become unable to make these decisions yourself.

Having a say after death

Estate planning is not restricted to the wealthy. Estate documents, such as wills, are necessary for anyone who wants a say on how their property will be distributed after they die. Families of those who failed to make plans are not completely unprotected, however. Michigan law governs the distribution of property for people who die intestate.

Online estate documents have drawbacks

An online storage system for estate documents may be advantageous for those who are tech-skilled. But, all online accounts should be addressed in estate planning documents or access may be denied or accounts may be destroyed. This can allow lawyers, executors, beneficiaries and relatives to have quick access to wills, medical documents and other information.

Country singer's children may contest will

Celebrities may remain in the news for matters unrelated to their talents and accomplishments long after they die. In an estate case that is instructive for Michigan families, a judge in Tennessee recently ruled that the children of country music singer Glenn Campbell may contest two wills that disinherited them.

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