Jun 26, 2024 | Real Estate, Trusts & Estates
When a loved one passes away, the emotional toll on the family can be overwhelming. Amidst the grief and the flurry of immediate arrangements that need to be made, there’s also the critical matter of managing the deceased’s estate. One key component of this process is the administration of any trusts that were set up as part of the estate plan. This is where the role of an independent trust administrator becomes vital. In Michigan, as in many states, appointing an independent trust administrator can make a significant difference in how smoothly and fairly the estate is managed and distributed.
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Apr 11, 2023 | Trusts & Estates, Uncategorized
2023 Wills & Estate Planning Study highlights the impact of inflation on the views of Americans regarding estate planning.
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Aug 11, 2022 | Trusts & Estates
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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Jul 26, 2022 | Trusts & Estates
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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May 11, 2022 | Real Estate, Trusts & Estates
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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May 5, 2022 | Trusts & Estates
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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