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Durable Powers of Attorney – Essential for Everyone

Durable Powers of Attorney – Essential for Everyone

When thinking about estate planning, typically people will focus on naming the beneficiaries of their estate and making arrangements so that the estate can avoid probate when they pass away. In many cases, this is accomplished by the preparation of a will, a living trust and/or certain other probate avoidance documents. While all of those documents are an important part of the overall estate planning process, durable powers of attorney for financial matters and health care are just as important. In fact, regardless of whether they have an estate plan, every adult should ensure they have these two durable powers of attorney.

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Understanding the Benefits of an LLC

Understanding the Benefits of an LLC

If you have ever been interested in starting your own business, you may have come across the terms “limited liability company” or “LLC,” but you might not be fully aware what this actually means. A limited liability company (LLC) is a business entity that protects its owners (or, members) from being personally liable for the debts of the company. While this alone is not unique to an LLC (as several other entity types also offer levels of protection for the members) the LLC is unique because it combines various characteristics of other entity types, which together make it one of today’s most preferred legal structures for companies.

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Lady Bird Deed – Michigan Estate Planning Toolkit

Lady Bird Deed – Michigan Estate Planning Toolkit

Michigan is one of only a small number of states that recognize the use of a Lady Bird Deed (also known as an Enhanced Life Estate Deed) as a method of transferring real property title upon the death of the property owner and avoid the complexities of the probate process.  While not a substitute for a complete estate plan, a Lady Bird Deed may be a tool worth considering depending on your specific situation.

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Estate Planning is for Everyone

Estate Planning is for Everyone

You can’t take it with you when you go.

Everything you own will pass to someone else when you die. If you have a will, you have the right to specify who gets what when you die. If you don’t have a will, by default, a body of law (the law of intestate succession) gives you an estate plan.

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