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September 2014 Archives

What to learn from celebrity estate planning mistakes

Celebrities often help guide popular culture, but they can be poor guides when it comes to financial matters. To ensure a valid will, minimize probate and provide for other special desires, Michigan residents can take a lesson from some well-known celebrities and their estate planning blunders that came to light when they passed away.

When trusts are beneficial in Michigan

For some Detroit residents, the trust may be an essential part of a durable estate plan that results in both tax savings and timely fulfillment of final wishes. Others will find that their needs are better met through other tools of estate planning. Before researching the options of a living trust, special needs trust or other types, benefactors may be best served by understanding some guidelines.

Using bypass trusts for Michigan estate planning

One of the key goals of estate planning for individuals and couples is to reduce the tax burden on the estate as much as possible, allowing more of the assets to pass to heirs and beneficiaries. This is more difficult when an estate is large, but one of the tools used to protect the value of assets in such cases is known as a bypass trust. This type of trust utilizes different strategies to take advantage of several tax deductions, and when a couple uses it, both if their wills contain similar language.

Power of attorney does not work for all Michigan residents

At one time, power of attorney was less commonplace, but it has risen in popularity. Many people automatically think of a power of attorney as being the primary solution to protecting an incapacitated person. However, it does not have unlimited power under Michigan law, and if the person drafting the document fails to include detailed instructions, making such arrangements can have negative consequences for that individual and his or her family.

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