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Estate Planning for Michigan Families and Individuals
Resources
Why Do I Need An Estate Plan?
Thanks to the large federal estate and gift tax exemption (currently, in 2019, $11.4 million for individuals and $22.8 million for married couples), most people do not need estate planning for the purpose of saving
Minor Children
Of course, no one is expecting to die young or while your children are young. But the responsible thing to do, as a parent, is to plan for that possibility no matter how remote it seems. A good estate plan for a young family includes two major features: (1) naming a guardian for your minor children and (2)
What is probate? Do I need a Trust?
A basic estate plan in Michigan includes a Will which deals with your property and allows you to nominate guardians for minor children. It also includes a Living Will and Patient Advocate Designation and a Durable Power of Attorney, both of which allow someone to manage your financial affairs and make
Planning for Incapacity
Death is certain but estate planning shouldn’t contemplate just your death. You should plan for the event, however remote, you become incapacitated and unable to make medical or financial decisions.
Recent Blog Posts
Especially Because of COVID-19, College Students Really Need an Estate Plan Now
I’ve posted about this topic before here and here in general, but with COVID cases rising at college campuses across the country, parents may find themselves scrambling to communicate with doctors from a distance. If your child is age 18…
Read More Especially Because of COVID-19, College Students Really Need an Estate Plan Now
Estate Planning During this Pandemic
I am just going to jump right into it – there is no better time to be proactive about your estate planning. There is nothing but uncertainty for all of us these next few weeks. The best we can do…
What is the difference between a Living Will and a Do-Not-Resuscitate (DNR) order?
Although the terms “living will” or “advance directive” are sometimes used interchangeably with a “do-not-resuscitate order” or “DNR order”, they are not the same thing. A DNR is an order signed by a doctor which indicates that the patient should…
Read More What is the difference between a Living Will and a Do-Not-Resuscitate (DNR) order?
Transferring Vehicles at Death in Michigan
Generally, assets subject to Probate proceedings include those owned in the individual name of the decedent. For example, real property in your sole name is subject to Probate. Other examples: bank/investment accounts in your sole name, life insurance policies that…
It’s National Estate Planning Awareness Week!
In 2008, Congress recognized the need for the public to understand the benefits of estate planning by designating the third week of October as National Estate Planning Awareness Week. That’s this week! Estate planning is one of the most overlooked areas of…
The Benefit of Flowcharts
Going through all of your estate planning documents page-by-page can be overwhelming (and exhausting). Believe me, there’s a reason why estate planning attorneys include all of these provisions and pages. But to make it easier for you in the decision-making…