» Estate Planning
Business Succession Planning
February 24th, 2025
Most small business owners are justifiably proud of the business they have built or sustained. And they should be! Small businesses, including family businesses, are the lifeblood of the American economy. Many business owners devote their careers to…
Read More
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…
Read More
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…
Read More
Categories: Estate Planning
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…
Read More
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…
Read More
Categories: Estate Planning
Pet Trusts
December 21st, 2015
A trust for the care of a designated domestic or pet animal is valid in Michigan. The trust terminates when no living animal is covered by the trust. The trust will be liberally construed by the probate court to carry out the general intent of the tr…
Read More
Read More
Categories: Estate Planning
Decedent Estate Administration and Will Admission - Statutory Priority for Appointment
February 24th, 2015
Statutory Priority for Appointment: 1. Person, or persons, nominated as Personal Representative in the will. 2. If there is a will, the decedent’s surviving spouse if he/she is a devisee. 3. If there is a will, other devisees. 4. Surviving spou…
Read More
Read More
Categories: Estate Planning
Few Americans Have an Estate Plan
February 2nd, 2015
Studies show that only 30% of all Americans have a Last Will and Testament in place. Even less have set up a power of attorney or patient advocate designation. Why don't the vast majority of Americans have an Read More
Categories: Estate Planning
Estate Planning for Baby Boomers
December 19th, 2013
Originally published in WealthCounsel Newsletter July 2013 The boomers are coming! That’s the gist of the many reports and news stories that have been published in the last few years. It seems that every week there are at least a few new stories wh…
Read More
Read More
Categories: Estate Planning
Michael Jackson's Estate Battle
October 25th, 2013
Even in death, Michael Jackson remains controversial. Jackson’s estate is still battling with the IRS, almost five years after The King of Pop’s death. Read an excerpt from the Forbes articles below: “It’s possible that the legacy…
Read More
Read More
Categories: Estate Planning