Trusts for Pets
December 9th, 2024
Establishing a pet trust as part of your estate plan will ensure that your companion animal is well cared for if you become unable to look after them because of death or disability. These types of trusts are explicitly allowed under Michigan law (MCL…
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Categories: Estate Planning
Updating Your Estate Plan
November 27th, 2024
Life is full of changes, and significant events such as marriages, divorces, births, deaths, and changes in financial circumstances can all impact your estate plan. While a comprehensive estate plan is a snapshot of your life at the time it was creat…
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Categories: Estate Planning
Accredited Investors in Michigan
November 11th, 2024
In Michigan, the definition of an accredited investor largely mirrors the federal definition provided by the U.S. Securities and Exchange Commission (SEC). Michigan follows federal guidelines for who qualifies as an accredited investor — especially…
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Categories: Business Law
What is an Asset Protection Trust?
October 3rd, 2024
An asset protection trust is a legal structure that is designed to shield assets from creditors, lawsuits, and other potential liabilities. These types of trusts are particularly useful for high-net-worth individuals or those who are in professions t…
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Categories: Estate Planning
Managing Delinquent Customers Before Resorting to Litigation
August 19th, 2024
“Creditors have better memories than debtors.” – Benjamin Franklin Generally speaking, consumer debts are those debts that arise out of a contract made primarily for personal, family, or household purposes. While these debts can som…
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Categories: Business Law
Naming an IRA as a Trust Beneficiary
July 11th, 2024
When a trust is named as the beneficiary of an IRA (Individual Retirement Account), the trust is inherited by the account when the owner passes away. Naming an IRA as a beneficiary of a trust has significant estate planning, financial, and tax implic…
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Categories: Estate Planning
Property Held as "Tenants by the Entirety"
June 29th, 2024
In Michigan, the concept of “tenants by the entirety” refers to a form of joint property ownership that is available only to married couples. This type of ownership has unique implications when it comes to protection against creditor clai…
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Categories: Estate Planning
Steps to Document Loans to Friends and Family Members
May 22nd, 2024
If you agree to loan funds to a friend or family member, it’s vital to have documentation in place to help ensure you are repaid in accordance with the terms to which you agreed. However, documenting loans to friends and family members is very impo…
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Categories: General
LLC Membership Redemption vs Cross Purchase
May 9th, 2024
When an LLC member decides to sell their membership interest, there are generally two methods by which the transaction can occur — redemption of membership interest and cross-purchase. Each method has various pros and cons, depending upon your obje…
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Categories: Business Law
Byron “Pat” Gallagher Appointed as Acting Jackson County Public Administrator
April 26th, 2024
This year, Byron Gallagher was appointed as the acting Jackson County Public Administrator. His experience in this role is extensive. He had also been appointed as the acting Eaton County Public Administrator in 2023 and has been serving as the Ingha…
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Categories: Notable News