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March 2014 Archives

April is ideal for updating medical powers of attorney

Health Care Decisions Month, which occurs in April, is approaching quickly. With that reminder about the importance of making decisions about health care so close, now is the perfect time to review your current health care documents or draw some up if you don't have any.

Michigan bill package tackles digital assets in estate planning

For many people, social media accounts are a big part of their lives. This increase in social media usage has some people wondering what will happen to those accounts when they pass away. For people in Michigan, a five-bill package introduced last month would treat those social media accounts and other digital assets as personal assets for the purpose of estate planning.

Tax isn't the only consideration for estate planning

When you are making plans for dividing your estate after you pass away, you likely want to make the dealing with your estate as easy as possible for the people you leave behind. One way to do this is to have an estate plan that spells out your wishes. With the recent death of Philip Seymour Hoffman, people have been placing the importance of estate planning in the limelight. While it seems as though many people are focusing on what he could have done to avoid estate taxes, that isn't necessarily the most important goal of an estate plan.

The differences between trusts and wills

Estate planning isn't something that many people like to think about, but it is something that is necessary to ensure that your final wishes are followed. During your estate planning process, you might have to decide if you need to have a will or a trust. While both documents can be important for estate planning, they are decidedly different. Michigan residents might like to know about how the two differ.

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