Background

Preparing assets for marriage should not be thought of as planning for divorce. Instead, the goal is to identify the assets that each spouse acquired before the marriage to keep them separate from assets accumulated by both spouses during the marriage. That way, each spouse is free to dispose of their own property as they see fit, with the added benefit of reducing acrimony between the parties in the event of divorce.

Solutions

These options to prepare assets for marriage may be included with any Core Estate Plan:

• Designate beneficiaries of non-marital assets
• Separate trusts for each spouse
• Domestic Asset Protection Trust
• Pre-nuptial agreement

Background

Liability from judgment creditors can arise during your lifetime or post-death. Solutions to manage such liability can be dramatically different depending on the creditor, amount, and source of debt.  

Solutions

These options to protect assets from creditors can be added to any Core Estate Plan:

• Trusts for beneficiaries to protect their inheritance
• Domestic Asset Protection Trust to protect assets from creditors
• Irrevocable trusts between married spouses to protect assets from creditors of both spouses
• Shifting assets between married spouses based on liability risk

Background

Long term care expenses can be devastating for many families. Reducing these expenses is a priority for anyone without sufficient personal savings or long term care insurance to pay for their own care. Estate planning can provide some relief. 

Solutions

Anyone without sufficient funds to pay for nursing home care may turn to Medicaid for help. Medicaid is a needs-based program, so a clear understanding of eligibility rules is very important. We can help you accelerate eligibility for Medicaid and ensure that the State does not recover your cost of care from your estate. Medicaid planning can be added to any Core Estate Plan. 

Background

The pitfalls associated with failing to plan for post-death support of children cannot be overstated. Without an estate plan, your property may not be distributed and managed for the benefit of your children in the manner that you expect. 

Solution

Core Estate Plans can be customized to prepare for post-death family support. We have multiple options to protect minor children. 

Estate Planning for Children >>>

Background

Business succession planning involves transferring ownership of a business upon the occurrence of certain "triggering" events, including the death of an owner. Without a succession plan, the value and income of a business may be substantially impacted while ownership and estate matters are sorted out. 

Solutions

• Transferring a business entity to heirs upon death is included with Plans 4, 5, and 6. 
• Transferring a business entity to other owners or non-heirs requires an agreement to prescribe the conditions under which a business interest will be transferred.

Business Succession

Planning >>>

Backgorund

Many people are in commited relationships without being married. Michigan does not recognize "common law" marriages no matter how long a couple may have been together. Since domestic partners are not legally related, they do not have rights to inherit property from each other or to make decisions for the benefit of their partner. 

For these reasons, estate planning is imperative for domestic partners. They can easily direct how their property will be distributed upon death, and appoint each other to make important financial and medical decisions. The need for planning is even greater if the partners have children from their current or prior relationship.

Solution

All of our Core Estate Plans are appropriate for domestic partners.

Background

Some people want to provide financial support for beneficiaries who are more likely to waste the money that is given to them. There are many reasons a beneficiary may waste an inheritance:

• Reckless spending habits
• Poor financial management
• Substance abuse
• Gambling addiction
• Unstable relationships or divorce
• Unstable employment history
• Lawsuits

Solution

We can help you to place restrictions on a beneficiary's inheritance for their own protection. Any of our Core Estate Plans that include a trust can be customized for this purpose. 

Background

Second marriages are fraught with potential estate planning problems such as these:

• Disputes between stepparents and stepchildren. 
• Unintentionally disinheriting natural children.
• Leaving assets for minor children under the control of a former spouse.  

Solutions

There are numerous methods to reduce conflict in blended families. Any of these options may be added to Core Estate Plans:

• Separate trusts for each spouse
• Separate trusts for children of each spouse
• Specific gifts for children of each spouse
• Life estate trust
• Pre-marital agreement
• Marital waiver of inheritance rights

Background

Government benefits received by a disabled person may be reduced or eliminated upon receipt of an inheritance. Estate planning can preserve both the government benefits and the inheritance for a beneficiary. 

Solution

A "Special Needs Trust" is used to preserve government benefits for a disabled beneficiary. This type of trust can be added to any Core Estate Plan. Follow the link below for more information. 

Estate Planning for

Disabled Persons >>>

Background

Expenses for estate administration are likely to be higher without proper estate planning. There are a number of reasons that estate expenses may be higher:

• Failure to locate unknown assets
• Probate proceedings
• Conservatorship or guardianship proceedings for minor children
• Malfeasance by a fiduciary
• Delayed distribution of assets
• Disputes by beneficiaries
• Distributions to unintended beneficiaries

Solution

Estate expenses can be substantially reduced with proper estate planning. Any of our Core Estate Plans is suitable for this purpose.

Background

Some famiies own real estate that is particularly important to them - like a family home, farm, or cottage. In that case, they may want to preserve the property for a specific person or for generations of family members.

Solutions

A number of options may be included with Core Estate Plans to manage real estate:

• Life estate trust
• Cottage trust 
• Farm trust
• Option to purchase
• Gift of real estate
• Land contract

Background

Providing care for pets is important to many people. Fortunately, it is simple and inexpensive to do.  

Solution

Any Core Estate Plan may include a Pet Trust at no additional cost.  A Pet Trust is used to set aside money for care of pets and to appoint a caregiver for them. 

Estate Planning for Pets >>>