Michigan has an anti-lapse statute. When you understand how these work in conjunction with estate planning, you can ensure your assets go to your intended beneficiaries. Additionally, you could prevent your estate from triggering probate litigation after you pass away. People build estate plans to make things easier for their loved ones. With that in mind, let's go over the impact an anti-lapse statute can have on your estate and how you can plan for it.
Estate planning is vitally important. Although we have said it before, it bears the need to be repeated: estate planning is a selfish act that you do for the benefit of those you leave behind. Without one, your family has the monumental task of navigating settling your affairs. For instance, im...
The laws surrounding cannabis can be confusing. Many people grew up under the premise that marijuana was a Schedule 1 controlled substance. These drugs have a high potential for abuse and possess no medical use. On a federal level, it continues to live under that classification. However—and this ...
To better understand the beneficial power of attorney, you must first know what you lose by not having one. No one plans on being incapacitated or seriously injured. But if it happens, we have loved ones and family members to take care of us, to talk to the doctors on our behalf, to pay the mor...
A business succession plan is where business and estate planning intersect. If you own a business, you must have a plan for how it will run without you. If something were to happen to you unexpectedly, would the company continue in your absence? Even a significant majority of family businesses ...
Intellectual property is extremely valuable. To prove it, consider the following: Think about your favorite fast-food chain. If someone had the power to erase every store in the world magically, would that company still be worth money? Absolutely. Despite their inventory and stores being gone, ...
When the subject of estate planning gets brought up, people may quickly think either of the following: Estate planning is only for the elderly Estate planning is only for the wealthy Estate planning is for both groups of people—and they are for you as well. You would have a challenging ...
Whether you are buying your first home or the one you plan to retire in, the key is to focus on what you can control. When you enter a competitive seller's market, you can be quickly overwhelmed by how much the process relies on other people. For instance, the seller has to accept your offer....
For many couples who are creating their estate plan, choosing a guardian for their minor children is the most challenging part of the process. It isn't uncommon for parents to take more time on this piece than the others. People create estate plans because they want to control their assets, pro...
Prenuptial agreements are more common than you think. There is no shame in creating one, nor does having one make your relationship with your future spouse any less significant. Though no one goes into a marriage planning for it to end in divorce, they still happen nonetheless. Statistically, m...
The coronavirus pandemic has disrupted practically every aspect of American life. Whether closed by government order or by concerns about public safety, millions of businesses around the country have seen their operations come to a halt. Despite the overwhelming effect of COVID-19, it is not a ...
The economic and personal upheaval triggered by the COVID-19 outbreak is likely to warrant a review of your estate plan, no matter how thorough you think it is. As Americans cope with health fears and financial volatility, it's worthwhile to determine whether a will, trust, advance medical direc...
The biggest excuse we hear from people as to why they don't have an estate plan is “I don't have anything, so I don't need one” or “maybe when I accumulate more wealth, I'll think about getting one.” This is a mistake. Estate planning is not just for people that have accumulated assets or wealth...
