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 …
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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 …
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 …
How to Leave an Inheritance to your Spouse
Are you married? Did you plan on leaving anything to your spouse when you are gone? If so, you have lots of options. There are many ways to leave an inheritance to your spouse. If your spouse is going to …
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 some misconceptions about the use of trusts. Many believe that trusts should only be used if taxpayers have …
Planning For Charitable Gifts
If you are like most people, you are charitably minded and regularly support your favorite charities. However, have you ever thought about what happens to those charities after you are no longer around to make your annual gifts? After your …