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November 2012 Archives

Special needs trusts serve important purpose for many families

Michigan parents of children with autism or other disabilities may have a desire to protect the future of their children in the event of the parents' deaths. An excellent tool to help parents achieve this goal is a special needs trust. Parents who are considering setting up a special needs trust for their child should understand the laws concerning how these tools work and how to best plan for their child's future with such a trust.

Legal guardian, family more likely to financially abuse seniors

The golden years are supposed to be a time when Michigan seniors might travel, visit grandchildren and do other things they enjoy. Unfortunately, some elderly Americans are too busy dealing with financial abuse from the very people they trust to protect them.

Entrepreneurs put businesses at risk by forgetting estate planning

The entrepreneurial spirit of many Americans has led to the creation of a number of businesses across the nation. However, many of the small and large businesses in Michigan could be in jeopardy because the owners have forgotten to take care of estate planning.

Bush-era tax cuts expiration prompts estate plan updates

It's been a busy time for financial advisors and estate attorneys lately, and there is a very good reason for that: Dec. 31 marks the expiration of tax cuts that have played a massive role in the taxation of estates and gifts for several years. As we have previously mentioned, Michigan residents with $1 million or more in assets need to be aware of how these changes affect estate planning and eventual estate administration going forward.

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