I was recently asked by clients to review a trust that had been drafted by another attorney several years ago. The trust, like many others we see and draft here at Wright Beamer, left a gift to a Michigan-based nonprofit organization that had been es…
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Chances are, you may have dozens (if not hundreds) of online accounts. Some accounts may be logins simply for ordering purposes, but others may have important and significant value. What happens to all this when you die? The answer completely depends…
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Regular readers of these postings know that estate planning is a big part of what we do here at Wright Beamer. An often-asked question is: “Why do I need an estate plan?” Avoiding unintended consequences of dying without one is just one of the ma…
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When a minor turns 18, parents no longer have authority to access their child’s medical, school or financial records, or make decisions (medical or otherwise) on their behalf if the child is unable to on his or her own. This may cause delays and ex…
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Near the end of last year, we told you about the increase in the annual gift tax exclusion amount from $14,000 to $15,000 beginning January 1, 2018 (catch up on that topic here). The annual exclusion is a “use it or lose it” opportunity that does…
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In a couple of weeks, Lee Flaherty will be taking part in a dinner and presentation hosted by the Financial and Estate Planning Council for Metro Detroit. Attendees will have a rare opportunity to enjoy the GM Heritage Center, which serves as “…
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“Gifting” is an important estate planning strategy for individuals who wish to spend down their potentially taxable estates or just want to share what they have with others. Federal gift tax is imposed on the giver of a gift (most commonly, money…
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You May Lose Consciousness My client came to me asking for an estate plan because her husband was recently diagnosed with Alzheimer’s. She wanted to make sure they had powers of attorney and patient advocate designations in place, anticipating Husb…
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You are not a United States Citizen You probably thought that because you are in the United States, abiding by all of our rules, blissfully married to your U.S. citizen spouse that all of your spouse’s assets will transfer to you seamlessly upon yo…
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You Mean My Rotten Relatives Will Get My Stuff? I had a couple come into my office to discuss estate planning last week. The husband has six children and twelve grandchildren. He does not have a relationship with three kids and four grandkids. He bel…
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