There are a lot of financial professionals out there. According to industry estimates, there are more than 400,000 individuals who hold themselves out as financial advisors in the United States. You see life insurance agents, stock brokers, annuity salespersons, certified …
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Estate and Trust Administration Legal Fees
A loved one has passed away. You may have been named the personal representative of the estate or successor trustee of the trust. You have never had this job before and you now have to hire an attorney to administer …
Do You Really Have an Estate Plan
You have done more than the majority of people in the state of Michigan, you have some estate planning documents. You have a will, a power of attorney or two, and maybe even a trust. But you also have a …
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, …
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 …
Beneficiary Designations Unwise
You go to your bank, credit union or broker to open up a new account. You are encouraged to name beneficiaries or joint owners because if something happens to you (i.e. you die), the account “will avoid probate”. You are …
Financial Literacy and Aging
It’s a fact of life. As you age, your physiological systems slow down. You probably notice the physical indications of this every day. You do not go up and down the stairs as easily as you used to. It is …
Seven Most Common Trust Mistakes
We haven’t discussed mistakes and misconceptions that many people have regarding trusts in a while. You may have a revocable living trust in your estate plan. Living trusts are very powerful planning tools that you can use for all kinds …
Titling of Assets
So you now have your trust. In addition to your trust, your estate plan should also include, at a minimum, your financial and healthcare powers of attorney and your pour-over will. Your financial and healthcare powers of attorney will allow …