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Tag Archives: Estate Planning

Digital Asset Estate Planning

Did you know you own assets, separate from your real estate and personal property known as “digital assets”? A digital asset is digitally stored content or an online account owned by an individual. Your digital assets have personal value and in some cases significant financial value (think of bitcoin or a domain name). Like other […]

Posted in Beneficiary Designations, Estate Planning |

Michigan Approves Asset Protection Trusts

Michigan recently became the 17th state to allow citizens to form – domestic asset protections trusts –that can shield assets from future creditors and lawsuits. Candidates for this type of trust are those facing liability concerns, high-risk professionals and those with a large net worth. It’s best to set up this kind of trust far […]

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Where are your important papers?

 Do you keep your documents in one spot and is everything up-to-date? These documents need updating; passports, estate planning papers, insurance policies, financial records, property deeds, and passwords, to name a few. Choose a day to review your documents. Do you have a new address or beneficiary to add to a life insurance policy? Want […]

Posted in Estate Planning, Uncategorized |

Estate Planning: Talking About the Inheritance

Many parents find talking about money with their children as difficult as talking about sex.It may be awkward, but talking to your children about their inheritance benefits everyone. If kept in the dark, children may think their parents are “loaded” and expect a significant windfall upon their passing.  They may worry about the cost of […]

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When to Tell “What’s in the Will?”

Most parents are reluctant to discuss with their adult children what’s in their estate plan. For some it’s a reminder of our mortality, others are concerned it may create bickering about who is getting what. However, there can be significant advantages in an open discussion. One advantage is it can allow children to plan their […]

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“Lady Bird” or Beneficiary Deeds

Most clients seek to avoid having their assets at death pass through the supervision of probate court. They are concerned about fees imposed by the court, attorney’s fees and delays in distribution of assets. Fortunately, most of these concerns are exaggerated or unrealistic, but irregardless a direct transfer of assets on death is often the […]

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Letter of Wishes

Dear Trustee… When drafting estate planning documents the dispositional portion, where we actually say what we want, tends to be impersonal and broadly worded.  Providing a trustee with latitude is often a wise decision, as circumstances can change and trustees need leeway to respond to different events. A “letter of wishes” provides an opportunity to […]

Posted in Beneficiary Designations, Estate Planning |

Successor Trustee

SUCCESSOR TRUSTEE Many clients wonder who should be selected as their successor trustee, or if they have a will, the personal representative. The following assumes there is no person who is an appropriate choice and therefore they will be looking for a corporate trustee, typically a bank trust department. When looking for a corporate trustee, […]

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Prenuptials and Estate Planning

PRENUPTIALS AND ESTATE PLANNING Prenuptial agreements are often considered in the context of a potential divorce. However, they should also be considered as part of an estate plan. Prenuptials typically cover three areas: protection of separate property, division of property and inheritance rights. A prenuptial can protect pre-marital or inherited assets from becoming mixed with […]

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Dividing the Vacation Home

A common problem is the summer cottage loved by generations of a family. The problem (among others) is how to pass this to future generations. Not only are there more people to share decision making, there are more, or fewer, able to shoulder responsibility for maintenance and expenses. Adding to the complexity are son and/or […]

Posted in Estate Planning, Limited Liability Companies, Real Estate |