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Do It Yourself Plans & Bad Advice Can Wreak Havoc

Posted on 05/25/2014

If you are like 70% of Americans, you have no formal estate plan. However, after receiving free advice from others, you may have attempted a do-it-yourself estate plan using joint ownership, beneficiary designations and/or quit claim deeds. Although this advice …

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MI DNR Act

Posted on 05/11/2014

You or your loved one may have a do-not-resuscitate (“DNR”) order. A DNR order is a document that sets forth your wishes of no resuscitation or other heroic measures in the event your heartbeat or breathing stops. In such a …

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Beware the Annuity Peddler

Posted on 05/04/2014

You may have invested some or all of your nest egg in annuities. Are you aware of all of the terms and conditions of your annuities? Do you know the cost to you when the time comes that funds are …

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Trust Protectors to the Rescue

Posted on 05/01/2014

So you have named your children as your successor trustees of your trust, the personal representative in your will or your financial power of attorney. You may have named your oldest child first as your financial agent because you think …

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Legend:

0-15 Level of risk is low.

You have done a very good job of protecting your estate.

16-30 Level of risk is moderate.

You have done a pretty good job of protecting your estate.

31-45 Level of risk in the "dangerous" area.

  • Examine areas where you are weak.
  • Seek advice from competent professionals that you trust.

46+ Level of risk is "severe".

  • Immediately begin a comprehensive examination of your estate planning needs.
  • Develop a step-by-step plan to plan for your disability and to protect your estate.
  • Seek advice from competent professionals that you trust.

Disclaimer

This website is not designed for do-it-yourselfers. The ideas presented herein are for discussion and educational purposes only. The information presented is the opinion of the authors only and DOES NOT create any attorney/client relationship and is not to be relied upon for any specific person or situation. For specific information regarding your needs, concerns, and plan, you must consult with your tax advisor, financial planner and estate planning attorney to discuss your situation and obtain advice.

You should not attempt to implement any of the techniques or ideas presented without competent advice. You would not want to do your own brain surgery, why would you want to do your own estate plan? Check with a qualified Attorney or other professional adviser before you attempt to implement these or any other estate planning techniques. It usually costs more to fix an estate planning problem than it would have cost to do it properly in the first place.

Legal and tax issues frequently change, therefore some material may be affected by changes in the laws regarding wills, trusts, taxes, and other issues, or new interpretations of the law since preparing this material. For that reason, the accuracy and completeness of information and the opinions expressed are not guaranteed. The information in this website may be reproduced, mechanically or electronically, in whole or in part so long as the firm information and copyright data are included in such reproduction.