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Is Your Bypass Trust Still Right For You?
Under the estate tax rules in effect a few years ago, any unused exemption of the first spouse to die went out the window, and the surviving spouse was left with only his or her single exemption. Therefore, if the first spouse to die simply left everything to the...
Married Couples: Current Rules May Dictate Estate Changes
The American Taxpayer Relief Act made permanent changes to the federal estate and gift tax rules. Here are the basics: The federal estate tax exemption is $11.18 million for estates of individuals who die in 2018 (up from $5.49 in 2017). A 40% tax rate applies to the...
Trustee Duties of Care to the Trust Beneficiaries
If A = B and B = C, then A = C. This is the “transitive property of equality” that we learned in our remedial algebra classes so long ago. Is there a transitive property of fiduciary duties? We know that the trustee owes duties of care to the trust beneficiaries. We...
The Waters Case – a Textbook Example of the Headaches, Heartaches and Expense from Inadequate Estate Planning
Without specific estate instructions concerning distribution of tangible personal assets, such as household furnishings, jewelry, artwork, china and silver, tools, collections etc., family members can be left guessing what a deceased person would want – or decide to...
Avoid Family Feuds When Distributing Assets
In the days after a person dies, some family members may decide to take matters into their own hands. These individuals may have a key to the home and decide they are going to take items they want. Before the Will is even read, furniture, jewelry, artwork and other...
The Biggest Estate Plan Mistake: Losing the Documents
Often, people go to great lengths to create a suitable estate plan and then fail to keep track of the paperwork and particulars. The problem for many people is forgetting where their estate plan paperwork is located. Or, not communicating to their family where the...
New Michigan Limited Scope Representation
Many low and medium income individuals and small business owners involved in a legal dispute are left with the choice of suffering without access to justice or attempting to represent themselves. As the number of self-represented litigants in Michigan continues to...
Have You Had a Change in Your Life Recently?
If so, you may want to revise your estate planning documents to reflect these changes. Here are some situations when your Living Trust and Will should be updated. You get married. Jointly held property will pass to your spouse automatically upon your death. You should...
Keep Tabs on Your Living Trust When Refinancing Your Home
Refinancing your home? Don't forget to examine the implications on your living trust. One homeowner recently took advantage of low interest rates to refinance his home and reduce monthly payments. Unfortunately, he didn't realize that his lender required that the home...
17 Fascinating Things You Never Knew About Thanksgiving
1. The first Thanksgiving was actually a three-day celebration. Today, Thanksgiving is one day — maybe two if you count Black Friday. But apparently the Pilgrims wanted to party even harder. Governor William Bradford organized the feast, inviting the Plymouth...