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July 2014 Archives

Estate planning and financial planning work hand-in-hand

When some people think of estate planning, they don't think of it including financial planning. When some people think of financial planning, they don't think of it including estate planning. These two types of planning, however, go hand-in-hand. Michigan residents should know about how estate plans and financial plans work together to give your family the best financial future.

Michigan powers of attorney designations have some considerations

When people start the estate planning process, they quickly learn that there is more to it than simply dictating who gets what after you die. Instead, there is a complex system of documents related to powers of attorney that are part of a comprehensive estate plan.

Know what you are signing when using powers of attorney

Michigan residents need to be sure they know what they are signing when they sign contracts for a parent or loved one. Many people who become powers of attorney for a loved one who has become cognitively impaired misunderstand what it means when they sign their own name on a contract. For instance, children of an elderly parent often find themselves in a position where they need to move their parents into a nursing home. If they have a power of attorney for their parent, they are within their rights to sign the contract on their parent’s behalf. However, they may be unknowingly signing as a guarantor for the payments, instead of just signing that they will make the payments for their parent from their parent’s money.

Probate topics: Are you responsible for parents' debts?

When your parents die, do you automatically inherit their debts? Many Michigan residents may be surprised to learn that they have little to worry about when it comes to this estate administration topic; in general, parents' debts are not transferable to their offspring. However, your parents' financial situation can have an impact on the amount you receive through probate or their estate plan provisions. It is important to understand how debt could potentially affect your parents' estate in order to make plans for your own financial future.

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