What you need to know about the SECURE Act, the SECURE 2.0 Act and the recent finalized regulations, including Inherited IRA Beneficiary RMDs and the 10-year rule. The U.S. retirement system is facing a critical juncture. With most workers required to supplement Social Security with person...
Who is named as the beneficiary of your IRA or other retirement plan account? A Standalone Retirement Trust (SRT) may be a better option!
Everyone knows what a last will and testament is, but do you really understand how it works? Common knowledge acquired through movies, television and even music can be wrong. Clients occasionally will ask: when does the reading of the will take place or how much do I have to leave my estranged c...
Deciding what should be done with your estate—your land and real estate, possessions, financial securities, cash, and other assets—after you die is easy to put off when you're busy living your life. It turns out that even celebrities sometimes procrastinate on estate planning, in spite of having ...
Stamps, figurines, movie posters: Lots of people collect these items, and their heirs find it easy enough after the collectors pass away to put them back into circulation. But what if your eye tends to more unusual objects? Do you have a plan for the 11,000 bottles of hot sauce in your basement, ...
Thousands of U.S. citizens die overseas each year. When it happens, the most immediate concern for their families is bringing them home for a funeral. But when the dust settles, these families, like any other, have to turn their attention to probate issues and settling the decedent's estate. The ...
Caring for a family member who has lost the ability to care for themselves is hard. In addition to providing physical care, relatives can find themselves making difficult financial and healthcare decisions, choices made all the more fraught by conflicting priorities and complicated family relatio...
Say, “What are you doing for the Holidays and New Year?” and most people think you are asking about parties—sharing meals with friends and relatives and ringing in the New Year. With as rough a year as 2022 has been with adjusting to new business practices, market volatility, and soaring inflatio...
In 1948, the heirs of a Saskatchewan farmer walked into a courtroom with a tractor fenderin hand. The farmer, George Cecil Harris, scratched the words “In case I die in this mess, Ileave all to the wife” on June 8 as he lay trapped under the tractor. Saskatchewan law at thetime allowed handwritte...
It's not a surprise that second marriages can be complicated. On the one hand, the support of a new partner is often welcome after losing a spouse to divorce or death. On the other, it means combining assets and blending children from two different marriages into one family unit. The Brady Bunch ...
When a loved one passes away, dealing with the administrative matters of an estate can be a big job. But when someone entrusted as the estate's executor or personal representative fails to administer it according to the law and the deceased's wishes, the experience can become frustrating for ever...
A hundred years ago, an immigrant couple built a beachside cottage and raised a large family there. The kids grew up and built their own cottages nearby, and the beach became a kind of communal area where family reunions would happen spontaneously. As the family expanded into a third generation, ...
One of life's major transitions arrives when a parent's health declines to the point that they can no longer care for themselves, and one of their children becomes their guardian. It may happen suddenly–perhaps after a medical emergency requires a prolonged recovery period. Other times, the reali...
As you plan for your family's future, it's important to think about what will happen to your children if you become incapacitated or pass away. In Michigan, minors can't directly inherit property or assets. This means it is crucial that you create an estate plan that takes this into account. A re...
When we reach certain milestones in life like marriage, the birth of a child or grandchild, divorce, or second marriage, we all know that we should update our estate plans. It can be challenging to make time to take a comprehensive look at how a divorce or remarriage can affect our plans. But in ...
Allegations of child abuse are very serious. There are many laws which address child abuse and the repercussions when a parent who is found to have abused their child. In serious cases of child abuse with aggravated circumstances, the court can terminate parental rights. Recently, the issue of...
In the last few years, cryptocurrency has been all the rage in investing. More than 15% of Americans have traded in digital currency, looking for a reliable long-term way to maintain value. Because digital currencies are limited in number, governments can't manipulate them, and digital currency i...
A special needs trust can be a crucial tool to protect the financial well-being of a disabled person. However, when considering the creation of a special needs trust, recent changes in the law are significantly impacting special needs trusts. Worryingly, gaps in the relevant new law leave many questions unanswered. This means that families should be carefully crafting special needs trusts, reviewing existing special needs trusts, and preparing for any legal changes yet to come. Let’s discuss some issues families should be aware of.
Although the holiday season brings happy memories and cheerful thoughts to many people, for some it is a stressful time and fighting increases. Clients wonder how to initiate a divorce in Michigan and how that process will affect their children. Contact Great Lakes Family Probate & Estates to discuss your options regarding divorce, custody, and parenting time. Call or click today for a free consultation with a GLFPE attorney at 1-888-554-5373, [email protected].
The Build Back Better Act is currently making its way through the legislative process, with the U.S. House of Representatives approving the legislation in November 2021. The legislation is now being considered in the U.S. Senate. Among other provisions, including paid family leave and clea...
For peace of mind over what happens to your assets when you die, an experienced estate planning attorney is essential for navigating the inherently complex process. Given that even the smallest mistake can result in requiring a probate estate to be opened, holding up the entire process of distrib...
The costs of care for seniors are staggering. If you or a loved one experiences an illness or medical condition that requires long-term care—whether medical, personal, or financial—the costs can add up quickly. As with most things, it is far better to be prepared for these potential expenses than...
The markets for digital assets, such as cryptocurrencies continue to grow. More and more information is stored with cloud services, or on a computer system server. Have you thought about allowing someone else to either take control of or to own all of your photographs, emails, music and social media? Have you taken any steps to organize or protect your digital assets? There are some very simple steps that can be taken to protect your digital assets.
Discussing specifics about your parents' assets with them can be very uncomfortable and is usually avoided until life's circumstances force the issue to be raised. Often times it is discovered that had the conversation taken place sooner, assets could have been preserved and court procedures could have been avoided. Experienced elder law and estate planning attorneys provide suggestions on how to find a way to ease into this discussion with with your parents and lead the discussion to achieve results.
With any new presidential administration come new financial priorities, and the Biden administration has been no exception. In 2021, we have some major overhauls to tax and estate law, including the expiration of many pandemic-related credit and assistance programs. Here, we'll summarize some of the major tax and estate law changes for the year and what we might expect looking forward to 2022.
