Last week, we discussed protecting your special needs child or other loved one who is developmentally disabled and/or legally incapacitated. As we talked about, if you are your loved one’s primary caregiver or caretaker, proper planning dictates that you designate …
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Protecting Special Needs Loved Ones
You may have a special needs child or other loved one who is developmentally disabled and/or legally incapacitated. Since his or her birth, you have been the primary caregiver. Have you thought about what would happen if you could no …
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 …
Self-Funding Trusts Can Be Dangerous
You have done more than the majority of people in the state of Michigan, you have an estate plan. And as part of that estate plan, you have a trust. When you had your trust drawn up, you were told …
Pay Me Now or Pay Me Later
When you are doing your estate plan, there are costs all along the way. There are costs to implement your plan. When circumstances change, there are costs to update your plan. If you do not update your plan when needed, …
Elder Financial Exploitation Is Not Always So Obvious
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 …
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 …
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 …
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. …