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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...
Secure Act – New Law Affecting Beneficiaries of Retirement Funds
The President signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Now, for decedent’s dying in year 2020 and beyond, the Act mandates the maximum period over which an inherited IRA can be withdrawn is 10 years for most non-spouse...
How to Protect Your Parents From Fraud
What can you do to keep predators from scamming your parents out of the money they saved over a lifetime? Part of the problem is that laws designed to protect their privacy can handcuff your efforts to intervene to help. “You'll need your parents’ consent to monitor...
Have Children Over the Age of 18?
It’s important to have them sign Powers of Attorney to make you their agents in case of emergency. Once a child turns age 18, you are no longer the legal guardian and cannot make financial and medical decisions for him or her. Therefore, it is important to have...
Tips to Ease the Burden on your Loved Ones after your Death
You can ease the burden on your surviving partner, or family members, by discussing key financial matters today. Here are steps to get your affairs in order: Gather financial papers. Store deeds, passports, insurance policies, estate documents and the latest...
Gifts and Inheritances are Taxed Differently
Question: I have a tax question that I hope you can help me with. My father passed last year. About six months before he passed, he gifted me a variety of stocks that he had held for years. In total, I received about $100,000 worth of stocks. When my father passed, I...