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Posts tagged "trusts"

You and your family - are you part of the "sandwich generation"?

Ever heard of the "sandwich generation"? Most of our Michigan readers probably haven't, but apparently this is the term that some use to refer to the children of baby boomers, mostly because these are the people who will find themselves supporting both their parents as they age and require long-term care, and their own children as they set out to attend college.

Pet trusts and modern estate planning for Michigan residents

Readers in Oakland County likely already realize that a will is a primary estate planning tool. A will can be the bedrock around which all other estate planning devices revolve. Wills are known for helping estate planners avoid intestacy and carefully designate how property should be distributed to heirs and beneficiaries.

How would Michigan residents benefit from LLCs and trusts?

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.

Estate planning mistakes Michigan residents should avoid

Detroit-area readers may have noticed that previous posts usually mention the need for a comprehensive estate plan. Whether your goal is to avoid litigation between family members, ensure your wishes are followed in the distribution of your assets, or set up long-term care options, comprehensive estate plans can prevent an untold number of headaches.

Should Michigan business owners consider trusts?

When Oakland County residents think of establishing a trust, they may think of one aspect in particular: trusts are complicated. While that can be true, the real benefits of trusts are worth the effort when it comes to tax planning or protecting an inheritance. This is true not only for individuals thinking of individual estate planning; trusts can also be an extremely useful for small business owners who intend to eventually pass their business and assets on to beneficiaries.

Whitney Houston's estate plan a reminder for Michigan residents

Readers in Michigan have likely heard about the untimely death of Whitney Houston. While the death of the great pop star is certainly a tragedy, it has served as a reminder to everyone, young and old, of the importance of a well-crafted estate plan.

Entrepreneur adopts girlfriend to protect estate

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.

Michigan probate ruling overturned in Rosa Parks case

Oakland County residents will be interested to hear of a recent court ruling with regard to the estate of the late civil rights icon Rosa Parks. In what was said to be a sternly written order, the Michigan Supreme Court overturned a previous decision handed down by a Wayne County probate judge and the Michigan Court of Appeals. The original probate dispute centered on a $10 million memorabilia collection and the intellectual property rights of the late civil rights activist.

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