You have decided to buy a business. You have been talking to the seller and have agreed in principal to the sale. The seller wants you to sign a letter of intent or letter of agreement to show that you …
Articles
Protecting Inheritances
Many people use joint ownership and beneficiary designations as their own do-it-yourself estate plan. Sometimes it works, if all the stars line up. Unfortunately for many families, the stars do not line up. We see time and time again situations …
Are You Able to Sign Your Estate Planning Documents?
There is a firmly embedded principle in our legal system that in order for you to sign legal documents, you must possess the mental competence to reasonably understand the nature and effect of your action. This competency is tested at …
Keeping the Family Cottage in the Family
You own the family cottage, farm or waterfront property that you and your loved ones have enjoyed for years. You want your loved ones to continue to enjoy the property after you are gone. Is there something that you can …
Medical and Mental Health Care Decision Making for Your Young Adult Child
Another year has gone by and it is the graduation season again. It is now time for my annual column for young adults. If you have any adult high school or college-aged children, do you know who can make their …
Preventing Uncapping Property Taxes
Property tax assessments seem to be going up and up. Local tax assessors are on the lookout for opportunities to “uncap” property assessments, which increase the property taxes on your real estate. Since Michigan adopted Proposal A in 1994, the …
Who Does What, When?
When you are doing your estate plan, you have to choose people for certain things. For what jobs do you have to make a selection and what are their duties? Who do you want to benefit, or to not benefit …
Be Prepared
You fall and break your hip. Or you have a stroke. Or you have a heart attack. Or you or your spouse end up in a nursing home. What are you gonna do? What are your loved ones gonna do? …
How to Collect from the Dead Guy
You’re owed money by someone to whom you’ve loaned money or provided services and before you get paid, the guy dies. What are you gonna do? I was in my doctor’s office this past week and he had a patient …
How Long Do You Keep Financial Records?
We regularly get the question of “How long should I keep my _____ records?” The _____ can be tax, estate, trust, bank, etc. The answer to that question is not always so simple, because it depends upon the type of …