Where Do My Assets Go if I Die Without a Will in Michigan?

Posted by on Nov 16, 2017 in Estate Planning, Probate | 0 comments

The legal term for someone dying without a Will is “intestate”.  When someone dies intestate, they essentially have their Will written for them by the State Legislature.  There is a set of rules and priorities for determining who receives the assets of an intestate decedent, and the rules are different depending upon the marital status of the decedent and whether the decedent had children or surviving parents or siblings.

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Your Family Will Not Lose Half of Your Estate to Taxes or Probate

Posted by on Oct 24, 2017 in Estate Planning, Estate Tax, Probate, Probate Admin, Tax | 0 comments

When faced with the question “what do you want to accomplish with your plan?” many clients respond that their primary objective is avoid “giving half of their stuff to the government”. While this is a very commonly cited goal of Estate Planning, it is not a realistic concern for the vast majority of clients.

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What We Do.

Posted by on Oct 28, 2015 in Business General Counsel, Business Planning, Estate Planning, Federal Taxes, Litigation, Probate, Tax | 0 comments

We are Ready to Help We are not like the “TV commercial attorneys”.  This is not meant to disparage the personal injury, disability or workers’ compensation attorneys who advertise on television, but we are in a completely different business than those lawyers.  By all means, if you are hurt in an automobile accident, give us a call.  We would be happy to refer you to an attorney who handles those matters.  We, however, will not be the attorneys representing you in those cases. Our Practice Areas So, if we are not suing for injuries, what is it we do as attorneys?  The simple answer is that...

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Jointly Held Property: Good or Bad Idea?

Posted by on Jun 15, 2013 in Litigation, Probate, Real Estate, Tax | 0 comments

A frequent question that comes to us as lawyers is whether or not it is a good idea to maintain jointly held property.  The context of these issues often relate to situations where parents want to put their children’s name on their bank accounts or where siblings hold real estate jointly that once belonged to parents.  These questions about jointly held property come up with regard to all different types of property such as investment accounts, bank account, real property and even interests in debt where a party or parties are owed money pursuant to a promissory note.  Frequently the...

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When the Estate Plan Destroys the Asset Protection Plan

Posted by on Dec 10, 2012 in Estate Planning, Probate, Probate Admin | 0 comments

A recent case in Florida highlights the importance of having an Estate Planning attorney who also understands the rights of creditors to attack assets of a decedent.  In Morey 2004 v. Everbank, and Air Craun, Inc, 37 Fla. L. Weekly D1739, the proceeds of a life insurance policy would have been exempt from the creditors of Mr. Morey had they been paid to an individual beneficiary, or even to a trust that contained the correct language to insulate the asset from Mr. Morey’s creditors.  But because the policy named Mr. Morey’s living trust as the primary beneficiary, and the trust...

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Estate Planning Myths v. Fact

Posted by on Nov 9, 2011 in Estate Planning, Probate | 0 comments

We hear a lot of misinformation while assisting families with estate planning and probate proceedings.  Unfortunately, it is often the case that important decisions are made based on this misinformation.   Below are just a few of the many estate planning myths we hear on a regular basis: Myth #1:  A Large portion of my estate will go to the government in the form of Estate Taxes This statement is true for a very small percentage of Americans.  The reality, under current tax law, is that only those who die with a net worth in excess of $5 million ($10 million for a married couple) will owe...

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