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 …
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Retirement Plan Options
There are lots of different types of retirement plans out there. Among others, there are IRAs, 401(k)s, 403(b)s, 457(b)s, TSAs, and pensions. What are they? What do they do? And how are they taxed? Today, we will discuss the most …
Retirement and Second Careers
You have retired from your job of 30+ years. However, you are still young and have quite a few years left for working. Working for yourself is something you have always wanted. And you have found the perfect business for …
Understanding Step Up Basis
In President Obama’s State of the Union address last week, he spoke of closing tax loopholes used by the wealthy. One of those “loopholes” that is in Obama’s gun sights is what the White House has dubbed the “trust fund …
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, …
Legal Definitions
Most attorneys, including myself, use legalese. Some attorneys use more legalese than others. Although much that I write is in plain English, there are some legalese words that I have to use because there is no understandable substitute. Today we …
Your Pet’s Life Without You
You have a pet. Fifi your French poodle or Puff your cat has become part of your family. You may have a horse or two, a bird or even a lizard. You couldn’t imagine what life would be like without …
Charitable Gift Options
You have decided to set up an endowment for your favorite charity or as a memorial to a loved one. You would like to leave a legacy so that your gift keeps on giving. The principal would stay invested and …
TIPA 2014 Extenders
On Friday, December 19, 2014, President Obama signed the Tax Increase Prevention Act of 2014 (“TIPA”). As part of TIPA, the Feds changed the tax laws for 2014 retroactive to January 1, 2014. TIPA reinstates certain tax breaks for individuals …
Do You Know Your Beneficiary
Over half of Michiganders have done no estate planning. You may still have a plan, but you may have not written yourself. You may have done your own mini estate plan with beneficiary designations or joint ownership. This may have …