I am often questioned by financial advisors, banks and mutual fund companies if I meant to name a trust as primary beneficiary of retirement accounts. Yes, I meant to do that. When we prepare a trust-based estate plan, we also …
Articles
Homeowners May Not Be Responsible for Acts of God
We have had a lot of pretty big storms lately. Along with these storms have come lighting strikes, wind micro bursts and sustained high winds. This has resulted in a number of downed trees. You may have had that ancient …
Indecision No Excuse for Not Planning
If you are like 70% of adults in Michigan, you have done no estate planning. You have not prepared a will, trust or financial or health care powers of attorney. The big question is: Why not? One reason you may …
Professional Fee Abuse Five – Fee Estate Planner
I received a call from a friend of mine a few weeks back. He said “Matt, I have an idea for a column. You should talk about all those attorneys who rip off estates and trusts. You may not be …
Repeal of New 1099 Reporting Requirements
For you rental property owners and businesses who were dreading the implementation of the new 1099 reporting requirements, you need not fret anymore. On Thursday, April 14, 2011, President Obama signed into law the Taxpayer Protection and Repayment of Exchange …
What do I want to be when I retire
It was interesting reading Mike Connell’s column last week because it was a great lead in for my column this week. My wife Emily and I had never gone to the Grand Canyon either. So last month for our 30th …
To Fund or Not to Fund, That is the Question
I regularly get questions from readers regarding the subject matter of this column. I welcome these questions. Oftentimes I am not available to take a call or the question would take more time to answer than I had at that …
Even Estates of the Rich & Famous Can Crash & Burn
If you are like most people, statistically 70%, you have done no estate planning. If that is the case, you are in good(bad) company. There are many others that also have not planned. You would think that attorneys, trained legal …
Them Pesky Beneficiaries NO GREEDY DAUGHTERS
You have been named and are now acting as personal representative of mom or dad’s estate or trustee of their trust. You are a fiduciary, who is someone who handles funds or property of another. You have a fiduciary duty …
Planning for Second Marriages Can be Tricky
You may have been widowed or divorced, so you are now in a second or even third marriage. You both came to the marriage with your own separate property. However, you also may have property that you have accumulated during …