Asset protection planning involves making prudent decisions today to protect yourself, your business, and your hard-earned assets from loss due to lawsuits, creditors or bankruptcies. This type of legal planning is especially prudent for professionals and business owners, whose personal assets could be at risk due the nature of their employment.
Learn more about Asset Protection.
Elder law is another aspect of estate planning, focusing primarily on the needs of families and individuals as they age. Issues of aging include senior housing and home care, long-term (or nursing home) care, guardianships and health care documents, and Medicare, Michigan Medicaid and pre-Medicaid planning.
Learn more about Elder Law & Medicaid.
There are many legal strategies involved in estate planning, including wills, revocable living trusts, irrevocable trusts, durable powers of attorney, and health care documents. New clients often say that they do not have an estate plan. Most people are surprised to learn that they actually do have a plan. In the absence of legal planning otherwise, their estate will be distributed after death according to Michigan's laws of intestacy. Of course, this may not be the plan they would have chosen. A properly drafted estate plan will replace the terms of the Michigan estate plan with your own.
Learn more about the estate planning process.
The federal estate tax is an excise tax levied on the transfer of a person's assets after death. In actuality, it is neither a death tax nor an inheritance tax, but more accurately a transfer tax. There are three distinct aspects to federal estate taxes that comprise what's called the unified transfer tax: estate taxes, gift taxes, and generation-skipping transfer taxes. Legal planning to avoid or minimize federal estate taxes is both prudent and an important aspect of comprehensive estate planning.
Learn more about federal estate tax (death tax) minimization.
Family businesses are the backbone of the American economy. From agriculture to services, technology and manufacturing, family businesses generate an estimated one-half of the U.S. Gross National Product and pay half of all wages earned in this country.
Find out how we can help you preserve your family business.
It is never too soon to begin planning for incapacity. Life’s problems are at least as complex and important as death problems; particularly the problem of incapacity and the cost of quality care. The purchase of Long-Term Insurance, if possible, can ease some of the financial burdens that may occur in the future. However, you should have a Property Durable Power of Attorney and a Health Care Power of Attorney Patient Advocate Declaration prepared. These are very important life time documents, then discuss your wishes with the people you have named.
Learn more about planning for incapacity.
You have planned for your retirement and your savings are in an IRA or Retirement Plan. This is when all of your planning will reach the anticipated pay-off. You will want to minimize income taxes and stretch those dollars to provide for yourself and your loved ones. Don’t let the IRS take your IRA.
Learn more about IRAs and Retirement Planning.
A legacy property could be that special cottage on the lake, a cabin in the woods, that favorite hunting site or fishing hole. One thing all of these properties have in common is that they are a favorite of your family and they want to keep it in the family for future generations. Often families are torn apart when siblings fight over ownership or use of that special family place. Learn the right way and wrong way to leave a special property to your loved ones and how to keep it “in the family."
Learn more about Legacy / Cottage Planning.
We represent both buyers and sellers in structuring real estate transactions, including commercial real estate and farm land and transactions involving corporations and limited liability companies (LLCs).
Learn more about Real Estate Transactions.
Special Needs Estate Planning focuses on providing for the special needs of our loved ones with disabilities when we are no longer there to organize and advocate on their behalf. Parents of children with special needs must make careful estate planning choices to coordinate all of the legal, financial, and special care needs of their children – both now and in the future.
Learn more about Special Needs Planning.
Probate and estate administration are the processes through which estate assets are transferred after death. Assets to be transferred under terms of a will go through probate. Assets transferred outside of a will, such as by operation of law, or those planned for in a trust are handled through an Administration process. Administration also refers to the process whereby assets are transferred by rules of the state when there is no will. We can help make the process easier, more efficient, and provide peace of mind during a difficult time.
Learn more about Probate and Estate & Trust Administration.
"Aid and Attendance Pension" is a special Veteran's Program designed to help veterans and/or their surviving spouses receive the financial support necessary to ensure their continuing care in their own home or in an assisted living or nursing home setting. Benefits may also be available for house-bound individuals that require daily assistance to maintain their health, dignity and safety.
Learn more about Veterans' Aid and Attendance.