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Year end is a time when we take stock in so many ways. We take a final look at our charitable giving and begin to prepare for tax season. We plan, shop, decorate, and otherwise get ready for the holidays. We have the furnace inspected and hire a snow…
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If you have been named trustee of a loved one’s trust, you may be wondering what is involved in trust administration. Trust administration is the crucial process of properly managing and distributing the trust’s assets in accordance with the wish…
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Sometimes married couples creating trusts want to have a little more control over their assets after one of them is gone while still making sure to take care of the surviving spouse. A qualified terminable interest property (QTIP) trust serves the du…
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Everyone’s life is marked by various stages, and proper estate planning may mean different things at different ages. In general, estate planning needs differ based on one’s place in their individual life journey. When you are a college student wi…
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How does a trust avoid probate? It’s in the details. In my experience, the primary reason most people set up trusts is to avoid probate. So, how does that work? Does the mere fact of having signed a trust cut out the probate court? Not quite. I…
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We’ve been posting, along with many others, about the new federal Corporate Transparency Act. (Read our overview here.) The Act requires most small and medium-sized companies (“Reporting Companies”) to disclose to the U.S. Treasury Department i…
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Why is estate planning vital for unmarried couples? You may think that you don’t need to worry about estate planning until after you are married, but estate planning for unmarried couples is just as important as it is for their married counterparts…
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A recent Michigan Court of Appeals decision has served as a reminder that when it comes to interpreting a trust, clear language regarding your intentions can go a long way in resolving potential disputes and making sure your wishes are fulfilled. In…
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The Michigan Secretary of State (“SOS”) has thrown us a curve. For as long as I can remember, it was possible to title a motor vehicle in the name of a trust. This was routinely done when a vehicle owner’s estate was being probated after death.…
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When done right, an estate plan can help make certain that a person’s assets will be easily passed on to the correct people after death. Not planning properly may cause family conflict, higher tax burdens, and the excessive time and costs of pr…
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