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Thursday, August 8, 2019

Here's Why You May Need a Revocable Living Trust in Michigan


A revocable living trust allows an individual to retain complete control over his or her assets while maintaining the ability to amend or revoke the trust at any time. However, the assets in the trust remain available to creditors. Therefore, while this type of trust is not for everyone, it may be beneficial to certain individuals for the following reasons. 

Control over distributions to beneficiaries 

A revocable living trust gives the trust creator (trustor) control over the way in which assets are distributed to beneficiaries. This is particularly useful to parents who have concerns that their children may waste the trust assets they receive.
Read more . . .


Monday, July 15, 2019

Creating a Living Trust as Part of Your Michigan Estate Plan


Effective estate plans have many components. And while most people are familiar with wills and trusts, few understand the benefits of living trusts. Living trusts have many benefits, including flexibility and the avoidance of probate. If you're interested in learning about how a living trust can improve your estate plan, please review the information below and contact an experienced Read more . . .


Friday, June 21, 2019

Avoid These Common Estate Planning Mistakes


Everyone should have an estate plan in place. However, prior to beginning the process, it's imperative to consult with an experienced Michigan estate planning attorney. In addition to ensuring that your estate planning documents are valid and enforceable under Michigan law, an experienced estate planning attorney will help you avoid common estate planning mistakes.
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Tuesday, May 21, 2019

Your Michigan Estate Planning Questions Answered


If you have questions about the estate planning process, you aren't alone! Estate planning is a complicated process that requires the assistance of an experienced Michigan estate planning attorney. At Keating Law, PLC, our experienced Michigan estate planning attorneys are happy to answer any and all questions you may have about the process. Frequently asked estate planning questions include:

  • What do I need to put in my will?
  • Do I need to name a guardian for my children?
  • Do I need to establish a trust for my children?
  • Who should I choose as executor of my estate?
  • Do I need a power of attorney?

In order to help you get started with the estate planning process, please review the answers to these common questions below, and contact us as soon as possible for a free consultation.
Read more . . .


Friday, April 12, 2019

Michigan Estate Planning 101


Estate planning is the process of anticipating and arranging for the management of a person's estate during his or her life and after death while minimizing associated taxes. A typical estate includes things like:

  • Real estate
  • Bank accounts
  • Stocks and bonds
  • Vehicles
  • Retirement accounts
  • Personal property 
  • Insurance proceeds
  • Dividends 

Below is some additional information about estate planning in Michigan.

Why you need an estate plan


If you die without an estate plan in Michigan, the state will create one for you based on existing laws. Unfortunately, however, estate plans crafted by the state don’t account for your unique circumstances or wishes. Rather, the state relies on statutory guidelines to determine how your property will be distributed.


Read more . . .


Thursday, March 14, 2019

Estate Planning: Things to Consider for Michigan Business Owners


Estate planning is the process of arranging for the management and distribution of an individual’s assets following incapacitation or death. For some individuals, a small business is included among the assets to be distributed. Unfortunately, however, some business owners fail to account for their business assets during the estate planning process, leaving interested parties little direction on how to proceed. Therefore, it is important that each business owner who wishes to control the direction of his or her business after death engage in estate planning. Typical estate planning considerations for business owners include: 

1.
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Tuesday, February 5, 2019

Choosing an Estate Executor in Michigan


Estate planning is essential, especially for individuals who are retired or nearing retirement. And to ensure that your wishes are properly carried out, it’s important to choose the right estate executor. Your estate executor, who is an individual specifically appointed to manage your estate in the event that you become deceased or otherwise incapacitated, should be someone you can trust. Below are some tips on choosing an estate executor in Michigan. 

When possible, go with legal or financial experience

Although your executor doesn’t need to be a lawyer or financial professional, it is advisable that you choose someone who has at least some experience in both areas.
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Tuesday, January 15, 2019

Here’s Why You Need an Estate Plan

If you want to provide for your loved ones after your passing, you need an estate plan. Without an estate plan, your assets will be distributed pursuant to state law—leaving your loved ones little say in the matter. Therefore, if you want to avoid state intervention in the asset distribution process, you should contact an experienced estate planning attorney as soon as possible to begin the process. In the meantime, here are a few more reasons why you need an estate plan. 


Read more . . .


Tuesday, December 11, 2018

Things to Consider When Choosing an Estate Planning Attorney


When you are trying to choose an estate planning attorney, there are certain things you should consider before making your final decision. By obtaining certain information from prospective estate planning lawyers, you'll be able to determine who can best serve your needs. Below are some things to consider when choosing an estate planning attorney in Michigan.

 

Specialization

When it comes to estate planning, specialization is important. In other words, you should choose an attorney who focuses heavily on estate planning.
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Monday, November 5, 2018

Incorporating Cryptocurrency Into Your Estate Plan

The witty and wise Benjamin Franklin once said, “...in this world nothing can be said to be certain, except death and taxes.” We can think of no better quote to sum up the developing cryptocurrency economy. The owners of Bitcoin and other digital currencies have a vision for what they hope digital currency will evolve into, but for now, all that they can be assured of is that their assets will be taxed, and that someday they will die. Savvy crypto-holders are preparing for these two eventualities by incorporating their digital assets into their estate plans.

What is cryptocurrency?

If you are reading this post, you most likely know what cryptocurrency is from a technical and cultural standpoint. So, we’re not going to go into that. What we are more interested in is what the law says cryptocurrency is.


Read more . . .


Monday, October 8, 2018

What to Ask Yourself about Estate Planning in Michigan

Estate planning is an important process, and it’s something that everyone should undertake at some point in their lives. However, before getting started, you should ask yourself several questions, including:

  • Who will be my children’s guardian?
  • What types of things should I put in my will?
  • Who will be my estate’s executor?
  • Do I need a power of attorney?
  • Do I need to establish a trust for my children?

Depending on your familiarity with the estate planning process, you may or may not know the answers to these questions…and that’s okay! At Keating Law, PLC, we realize that not everyone has experience with estate planning, which is one of the reasons that our experienced estate planning attorneys are always eager to answer any questions you may have about the process. In the meantime, though, below is some basic information to help you get started with the estate planning process.

Who will be my children’s guardian?

It’s important to designate a guardian for your children during the estate planning process. If you fail to name a guardian, however, this decision will be placed in the hands of the court.

What types of things should I put in my will?

Your will should include, at a minimum, the names of the people chosen to receive your property and the property to be distributed. However, certain types of assets and property should be omitted, including certain kinds of retirement accounts and life insurance policies.


Read more . . .


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