Keating Law Blog

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.

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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.

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Estate planning, which is the legal structuring of the disposition of one's assets, is a process that all couples—both married and unmarried—should consider participating in. However, estate planning is especially important for unmarried couples, as unmarried couples are afforded far less legal protection than those couples who are married. Below are some things that unmarried couples should consider when approaching the estate planning process in Michigan.  

Things to Consider

Who gets the home?  – The family home is an important issue to address during the estate planning process, particularly for unmarried couples who want to leave it to their surviving children while protecting each other’s interests. One way to address this issue is to create a life estate for the surviving partner in the relationship.

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Determining the legal structure of one’s business is a very important decision. A number of factors must be examined when deciding how to structure a business, including the business’s financial health and the nature of activities it engages in. Below is an overview of some of the most common business entity types.

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A Michigan resident recently wrote into MarketWatch’s money-based advice column seeking guidance about what to do when you think your stepmother is stealing money or other assets from your late father’s estate that you believe rightfully belong to you. Sadly, it’s a tricky question with no great answer.

The questioner wondered whether she has a fighting chance to take possession of her late father’s property.

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Estate planning involves structuring the disposition of one's assets. Estate plans should account for expected and unexpected life events, and they commonly address the way in which assets will be distributed in both life and death. Below are some things to consider when starting the estate planning process in Michigan.

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Do children have a right to visit their dying parents? In Michigan, they soon may thanks to the children of Casey Kasem, Mickey Rooney, and Glen Campbell. Regardless of what the law is, this is something anyone who is making an estate plan should think about.

A lot of attention is paid to parental rights, and rightfully so, but as the Baby Boomer generation ages, a new issue is emerging - adult children who are prevented from visiting their dying parents.
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Questions About Harper Lee’s Life Go Unanswered Thanks To Astute Estate Planning

Eight days before her death, Harper Lee, the author of To Kill a Mockingbird, created a new will. Now, two years later, it has been released to the public, but it reveals very little about the author’s last wishes. And that is probably not an accident.

Lee, who was known for her desire to live a private life, made headlines in the year preceding her death by agreeing to publish what was billed as a sequel to her coming-of-age classic. Go Set a Watchman sparked more pre-orders than any book since the last Harry Potter novel, and raised a lot of eyebrows.

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Does The New Tax Law Mean I Need A New Estate Plan?

The answer to this question is the stereotypical lawyer answer – it depends. The “Tax Cuts and Jobs Act” that was signed into law by President Trump in late December will significantly impact large estates, but even folks with smaller estates should make an appointment with their estate planning attorney if it has been a few years since your plan was last updated.
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What Makes A Will Or Trust A Living One?

“Look! It's moving. It's alive. It's alive...
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If you have a loved one with special needs, you are probably an expert at navigating government bureaucracy. Developing this skill set is basically a necessity if you want to ensure your loved one has the quality of life they deserve. It can be scary to think about what will happen to your loved one after you are no longer there to advocate, cajole, and fill out endless reams of paperwork on his or her behalf.

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