If you have a child or loved one who needs financial protection, you may worry that naming a trust as the beneficiary of your IRA will create harsh tax consequences. Many families are told that “all the money must come out within five years,” or…
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When You’re Waiting on Probate, Every Month Feels Longer Than It Should If you are settling a loved one’s estate, you may feel caught between grief, paperwork, and a ticking clock. Families often tell us they worry that probate will take fore…
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Life changes quickly. A marriage, divorce, new grandchild, or the passing of a loved one can suddenly make your beneficiary designations feel out of sync with your estate plan. Many families discover mismatched paperwork only after a major life event…
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When a sudden health crisis hits, it can feel like your family is standing on shaky ground. One unexpected hospital stay or cognitive decline can quickly raise fears about losing rights, being placed under court control, or entering emergency guardia…
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If you have heard a probate horror story from a friend or you are dealing with one in your own family, you are not alone. Many families in Northwest Ohio and Southeast Michigan reach out to us because they simply want a smooth way to pass the house w…
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If you have ever watched a simple item spark complicated family emotions, you are not alone. Many families find that heirlooms and sentimental possessions cause more tension than the major assets in an estate plan. The good news is that you can preve…
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When a loved one needs nursing home care right away, the clock is ticking. Costs can reach thousands per month, savings drain fast, and eligibility rules feel confusing. An experienced elder law attorney can help you act quickly, protect as many asse…
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Small changes can have big consequences in estate planning. When people try to update a will or trust on their own, their family often discovers problems when it is too late to do anything about them. In this article, we explain how estate plan updat…
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Long-term care costs can overwhelm even careful savers. Many veterans and spouses do not realize that Veterans Aid and Attendance benefits for long-term care may help cover these expenses. This VA benefit can provide monthly income to offset in-home…
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Owning a vacation home, rental property, or inherited land in another state may feel like a smart investment. But when it comes to estate planning, out‑of‑state property can create real complications for your family. Without proper planning, your…
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First published in 2020, this comprehensive guide walks you through the essentials of estate planning, giving you the knowledge you need to safeguard your loved ones and their future.
Put in its most simple terms, estate planning involves putting your affairs in order so as to maximize the benefits that your assets can provide to you during your life and to those you desire to benefit from it after your death. Estate pla… Read More
What Does a Proper Estate Plan Include?
A proper estate plan to provide for the needs of your family may include:
An adequate Will or Trust
A written agreement concerning the status of your assets
If you already have an estate plan, it should not be considered permanent. Conditions, as well as your desires, may change. Estate plans should be reviewed at least every two-three years but, additionally, any important change in your life demands… Read More
What Happens if You Don't Have a Will or Trust?
If you do not have a Will or a Trust and have not used other probate-avoiding techniques, upon your death your assets will pass according to the laws of the state which has jurisdiction over your assets. The “state plan” may not provide for th… Read More
What Other Probate Avoiding Techniques Are There In Addition to Living Trusts?
The following methods are often used to avoid probate: joint tenancy title, community property title, bank account trusts, pay on death accounts, life insurance proceeds, retirement proceeds (IRA’S, TSA’S, 401K’s, etc.), retirement pla… Read More
What Should I Bring to My First Meeting?
People often ask what they should bring with them to their initial estate planning consultation (we call this “the Discovery Meeting”) with one of our attorneys.
As we discuss in Our Planning Process, the Discovery Meeting is our oppor… Read More
I Already Have an Estate Plan. Why Should I Think About Changing It?
We find that many people already have an estate plan, but it does not meet their current planning needs. They may have a Will that was prepared many, many years ago, or they may have a trust that prepared more recently, but those plans may not be… Read More
What Does an Estate Plan Cost?
As you might imagine, we get that question all the time. It is a difficult question to answer because fees are determined by the type of plan we put together, and that is determined by your goals, objectives and asset mix. The planning fees can ra… Read More
How Much of an Estate Do I Need to Have In Order to Set Up a Trust?
There is no “bright line rule” for determining whether a person needs a trust as a part of their planning. The answer for any particular person will depend on their own planning needs and planning goals.