Many people who make charitable donations a regular part of their lives while living look for ways to continue their legacy of generosity after their deaths. In addition, arranging for charitable gifts after one's death can also be an important part of tax planning. Although trusts have many different potential purposes and uses, many people choose to use them to make bequests to organizations they wish to support.
As we've indicated on this blog, discussions regarding estate planning aren't the easiest to have with a spouse or other loved ones. Certainly, this is a barrier that people may need to overcome in order to create an effective will.
There is a plethora of estate planning options for Detroit residents who want to avoid probate litigation and reduce personal liability. Neither lawsuits over personal property nor family strife pertaining to the distribution of assets are desirable consequences of estate planning. In particular, Michigan real estate owners may want to consider a few important tools for avoiding future problems with probate.
Getting the financial house in order and managing an estate can be a complex and time-consuming operation. Even for many Michigan residents whose lifestyle is less ostentatious than others, estate planning is an important matter. But for one extremely wealthy polo club owner, estate planning was taken to a new level when he made the questionable move of adopting his adult girlfriend.