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Will I Get Stuck With Family Member’s Debt After They Die?
I often get asked by beneficiaries of a deceased family member’s estate if they are personally responsible for paying off the family member’s debt. The answer is generally “no” but it depends upon the debt and how connected you are to the family member’s finances. As...
Making Another Person Joint On Your Bank Account is NOT Good Estate Planning
I received a call the other day from a client who had made her bank account joint with her daughter so that her daughter could access the account on her behalf if needed. My client has a revocable living trust and a durable power of attorney, but chose not to use them...
What is a “Ladybird” Deed and should you have one?
The name “ladybird deed” allegedly comes from the type of deed used by President Lyndon Johnson to pass property to his wife “Lady Bird” Johnson. These are also often referred to as enhanced life estate deeds. With a ladybird deed, the grantors (owners) give property...
HOW TO CHOOSE THE RIGHT PATIENT ADVOCATE FOR YOU
Most of us know it is important to have a Power of Attorney for Health Care, or as I prefer to call it, a Designation of Patient Advocate, to name a person as patient advocate to make our medical decisions in the event we are unable to make them for ourselves. But it...
Special Estate Planning Rules if You or Your Spouse is a Non-U.S. Citizen
Traditional estate planning strategies generally are based on the assumption that both spouses are U.S. citizens. However, if you or your spouse is a noncitizen, special rules apply that may require additional planning. Here’s a look at how the rules are different...
If you die without a Will, how are your assets distributed?
If a person dies without a Will in the State of Michigan, which is called dying “intestate”, then the person’s assets are divided in accordance with the Michigan Laws of Intestate Succession. These laws apply to assets the decedent held in his or her name alone....
My Office Is Back Up And Running With Safety Protocols In Place
Now is a good time to act My office building, Americenter, is now open Monday through Friday from 9 am to 5 pm. I am now able to meet with clients in the conference rooms, provided certain protocols are followed. We all must wear masks and maintain safe...
Governor Allows Remote Signing/Notarizing Of Estate Plan Documents in Michigan
On May 5, 2020, Governor Whitmer signed Executive Order No. 2020-74 “Encouraging the use of electronic signatures and remote notarization, witnessing, and visitation during the COVID-19 pandemic” until June 30, 2020. Before the executive order, the witnessing and...
Something Important To Do During The Coronavirus Crisis – Update Your Estate Plan
Many of us are staying at home due to COVID-19, including myself. I am working in my home office and am available for telephone or video conferences. This might be a good time to update your estate plan documents and certainly, if you or someone you know has no estate...
Create A Digital Estate Plan
Name agents in your documents to deal with your on-line accounts. In our increasingly digital age, much of our social and financial lives are played out on-line or in the cloud. That means that our digital footprints will eventually outlive us, leaving family and...