Estate Planning
Growing Old Stinks!
Monday, May 10th, 2010As our Baby Boomer generation grows into true “senior citizen” age, we must cast a watchful eye upon a few major concerns. As you might imagine, Alzheimer’s is a very serious, and rapidly growing, disease which impacts cognitive activity. As the elderly lose their thinking, reasoning and memory skills, certain problems arise. Below are just [...]
Succeeding with Succession
Friday, February 12th, 2010Many people often wonder if their estate plan isn’t simply a “one size fits all” document. To the contrary, I attempt to explain: There are a fair number of factors one must consider when putting together a Michigan Revocable Living Trust.
First: Beneficiaries. What age are the beneficiaries? Are they minors? If so, they will need [...]
Special Needs Trust
Tuesday, July 7th, 2009Many families are afflicted by the special challenges of living with a child, parent or spouse who is either physically or mentally disabled. As the caregiver grows older, he or she begins to ponder who will care for their special-needs loved one, once the caregiver passes away. The death of a caregiver can lead to [...]
Pay Now or Pay Later
Wednesday, June 24th, 2009Many folks often wonder why the price difference between a will and a trust is so great. While there is no simple answer, the long and short of it is: You can pay now, or you can pay later. To fully appreciate the implications of this curt response, it would make sense to give a [...]
Oh, It’s Worth It!
Monday, June 22nd, 2009Kipplinger’s website periodically does an online quiz of “Is It Worth It?” wherein you’re asked financial questions on common expenses to determine whether, the expense is worth it. The most recent quiz, and illustrated on Yahoo’s Finance page was whether it was worth the expense of hiring an estate-planning attorney to draft your [...]
Fiduciary Fun for Fido
Monday, June 22nd, 2009Our beloved pets cost us approximately $36.3 BILLION a year in grooming, health care, shelter, etc., yet they are often the last aspect of our estate planning that we consider. This, despite the fact that upwards of 70% of pet owners sleep with their pet!
One provision which the Michigan legislature included in [...]
Estate Recovery & Medicaid
Monday, March 3rd, 2008Because of the recent financial straits of the Michigan government, instead of a spending cut, the Governor implemented an estate-recovery program that will take effect against all Medicaid recipients receiving government assistance after September 30, 2007. What this means is that your estate will now be on the hook for the cost of the Medicaid [...]