As we discussed last week, there is no shortage of trust and annuity peddlers out there ready to take advantage of seniors. There has been an epidemic of elder financial exploitation in our country. It is reported that the number …
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Trust Mill Scammers Alive and Well
As we discussed in a column earlier this past summer, the State Bar of Michigan Elder Law and Disability Rights Section and the Probate and Estate Planning Section have been promoting A Living Trust Education Initiative. The goal of the …
Retirement Plan Distributions
You may have a traditional, Roth or rollover IRA or other retirement accounts. The funds that are held inside these retirement accounts grow (hopefully) income tax free. The contributions to non-Roth accounts have not yet been taxed. The contributions to …
Estate Assets Subject to the Deceased Creditors
You have bank accounts and other assets that you want to leave to your loved ones. You also have a few debts. Do you know what debts would have to be paid with those assets. Generally, your assets will need …
Financially Train The Kids
As parents, our job is to prepare our children to be self-supporting and self-sufficient productive members of society. The time to start this preparation is when they are young, when you can instill in them, good financial habits. If you …
Leaving Your Legacy
If you are like most people, you are charitably minded. Studies show that more than 80 percent of Michigan residents give annually to nonprofit charitable organizations. However, have you ever thought about what happens to those nonprofits after you are …
Is Equal Fair
You have worked hard over your entire lifetime and have accumulated a lot of stuff, including your home, stocks, bonds, mutual funds and other investments. You have been thinking about what will happen to it all when you are gone. …
Protecting Your Baby
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 …
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 …