I am occasionally asked why I usually prepare separate trusts for married couples instead of a joint trust. The reason is very simple, it is what most of my clients want. Once I explain all the benefits and burdens of …
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Essential Estate Planning Documents
Many people think of estate planning as death planning. However, estate planning also includes lifetime planning which would be making sure that you are taken care of in the event you became incapacitated and also that your property is taken …
Retirement Plan Distributions
You may have a traditional or rollover IRA or other retirement accounts. The funds that are held inside these retirement accounts have not been taxed and grow (hopefully) income tax free. You are taxed on the retirement funds only when …
I’m A Trustee What Do I Do Now
You may have been named as successor trustee of Mom or Dad’s trust. Do you really know what that entails? Do you know what your obligations are? As a successor trustee, your primary duty is to preserve and protect the …
EP Docs When You Move
So you have your will, financial power of attorney and health care power of attorney and maybe a trust that was prepared in Michigan and you plan on moving out of state. Or you just moved to Michigan from another …
You Can Provide For Your Children
You do not want to disinherit your children, but money management skills were not one of the talents that God has given them. The kids went through Grandma’s inheritance in less than a year. You may not want that to …
Don’t Forget to Update Your EP
So you have completed and signed your will or trust. You are done and you can put it away until it is needed, right? Wrong. Just because you have completed your estate plan doesn’t mean that you don’t have to …
Taking Care of Fido
You may have a cat or dog which you likely consider a member of your family. You may even be more concerned about what happens to your pet than what happens to your children or your spouse. It costs money …
Do You Need To Update
Many people wonder if they should update their estate plan or if their existing estate plan is adequate to meet their needs. I recommend that people review or have their estate plan reviewed annually, to make sure that it is …
Children’s Accounts May Need to be Probated
In an attempt to do their own mini-estate plan, many people add their children’s or grandchildren’s names to financial assets. These assets could include saving accounts, checking accounts, Christmas club accounts, CDs, life insurance policies, annuities, U.S. Savings Bonds, etc. …