Wills….probate….Medicaid….your IRA….healthcare costs….trusts…….. As you move into your later years, there’s a lot to deal with financially and legally. And just one of those many things are trusts. Yet, there’s a lot of different trusts out there and it’s hard to know which one to choose! So today, we want to compare one of the… Read more »
How to Avoid Probate in Michigan Not everyone knows exactly what probate is, but most people get uneasy when they hear the word. According to lawyersinmichigan.com, Probate is the process of distributing someone’s estate after they pass away. It can be a costly and long, drawn out process depending on what kind of plans (if any) are… Read more »
What Is a Castle Trust(tm)? A Castle Trust(tm) is form of asset protection trust used to protect families from the devastating cost of long-term care and lawsuits. It is modern form of irrevocable trust that allows you to remain in control of your assets, allows you to change trustees and beneficiaries, and allows you to… Read more »
What does an elder care attorney in Michigan actually do? Many people are familiar with estate planning, but what does an elder care or elder law attorney in Michigan actually do to help families? Great question. But first, you need to know that not all elder care or elder law attorneys are the same. There… Read more »
The Ladybird deed is a specific type of warranty deed or quitclaim deed that has become popular in recent years because of its many benefits including the ability to transfer property to someone else outside of probate while retaining a life estate in the property. A Ladybird deed’s proper name is an “enhanced life estate”… Read more »
For a variety of reasons, people sometimes want some or all of their assets to pass directly to specific individuals upon their deaths, outside of Michigan probate. One way to accomplish this is to set up a “payable on death” (POD) account for money in a bank account or a “transfer on death” (TOD) account… Read more »
Many of us are lucky enough to have our parents around long enough for them to know their grandchildren and great-grandchildren. If you are one of the blessed, consider yourself lucky. However, there is one thing that you may eventually have to face – a parent who should not live at home alone anymore. As… Read more »
Most people are familiar with a basic Last Will and Testament, but very few people in Michigan know what a Pour-Over Will is. Essentially, a Pour-Over Will is used in conjunction with a Trust, usually a Revocable Living Trust, and it directs that any assets you own outside of the trust at the time of your… Read more »
As Michigan elder law attorneys, our answer to this question is yes and no. In most cases, as frustrating as it is to answer…the answer is it depends. Many states have laws on the books that require adult children to pay for their parent’s nursing home bills if the parent is unable. However, filial laws are very rarely… Read more »
A lot of people complain about high taxes. Looking at what the government takes from your weekly paycheck can be frustrating. But, it could be worse. Even people who don’t complain about taxes (there are a few) and understand it takes money to run the government would complain if they understood that it is possible… Read more »
