If something happened to you and you were unable to care for your minor children, what would take place? If you became incapacitated or died, who would take care of the kids, where would they live and who would make …
Articles
To Fund or Not to Fund, That is the Question
I have received many questions regarding trust funding. One of the most common questions that I receive is “What is trust funding?” Well, trust funding is the proper naming of your trust or individuals as owners or beneficiaries of your …
Who Should You Trust
This past week has been a busy one for attorneys from the State Bar of Michigan Elder Law and Disability Rights Section and the Probate and Estate Planning Section. Last Wednesday, 182 attorneys gave presentations to seniors and their loved …
Beneficiary Designations Unwise
You go to your bank, credit union or broker to open up a new account. You are encouraged to name beneficiaries or joint owners because if something happens to you (i.e. you die), the account “will avoid probate”. You are …
Your Trust As Your IRA Beneficiary
Although I have written about it on many occasions, I am still often questioned by financial advisors, banks and insurance agents if I meant to name a trust as primary beneficiary of retirement accounts. Yes, I meant to do that! …
Probate Avoidance 101
I regularly have people come into my office and say “My estate is simple” and think that not much work will be involved in planning their estate. Their estate plan is usually anything but simple. What you may think is …
Top Estate Planning Misconceptions
As you go through life, you probably have found that there is no shortage of people who want to give you estate planning advice. This may include your family and friends. Very often, estate planning matters are the subject of …
Trust Your Trust
The use of trusts as an estate planning tool has become more prevalent over the last few years. There are, however, still many misconceptions about the use of trusts. Many believe that trusts should only be used if taxpayers have …
EP Drafting State & EP Docs When You Move
You may spend your summers in Michigan. In the colder months, you then head south to a warmer state such as Arizona or Florida. You have your will, financial power of attorney, healthcare power of attorney and maybe a trust. …
Inherited IRAs Reachable by Creditors
Have you tried to do your own mini-estate plan and named your children or other loved ones as beneficiaries of your IRA? If you did, you may end up giving that IRA to the beneficiaries’ creditors. Under both Federal and …