Estate planning is the process of setting up your affairs to plan for incapacity and avoid court interference at death. Estate planning provides a private means of transferring assets to the next generation while reducing litigation, taxes and administrative costs. Every estate plan is unique and implements a detailed plan for the individual’s situation. Setting […]
The Basics of Estate Planning Read More »
If you would like to schedule a meeting to review your estate plan, or if you have any questions, please call the attorneys of Wakefield Law, P.C. at (248) 457-9860. *This article is meant for informational purposes only. Please recognize that nothing in this article constitutes legal advice. If you have any questions, comments, or
What To Look For When Reviewing An Estate Plan Read More »
Will and Testament: Wills are legal documents that inform the probate court of your wishes regarding the management of your assets and care for your children. These wishes can include appointing a guardian and conservator for your children, the distribution of funds, and the appointment of a personal representative for your estate. Unlike a living
What is included in an estate plan? Read More »
With No Will With A Will With A Living Trust At Incapacity (unable to handle your financial affairs) Court Control: Court appointee oversees your care, must keep detailed records, reports to court, and may have to post bond. Court approves all expenses, oversees financial affairs. Court Control: Same as no will. No Court Control: Your
Benefits of a Living Trust Read More »
With a push by the Democratic party to return federal estate taxes to their historic norms, taxpayers need to act now before Congress passes legislation that could adversely impact their estates. Currently, the federal estate and gift tax exemption is set at $11.58 million per taxpayer. To put this in comparison, the federal estate and
Election Year Wealth Transfer Strategies Read More »
When a new, or incumbent, candidate is elected to become the next president of the United States of America, you can confidently assume that this new candidate will integrate their political agenda into the current tax code. Therefore, the United States tax code and many other relevant administrative rules are updated frequently to reflect the
The Importance of Reviewing your Estate Planning Documents during an Election Year Read More »
When reviewing your estate planning documents, much of the time with your attorney is spent discussing options for the distribution of assets, who will be your trustee, and who is allowed to obtain critical health information if you become disabled. Something that does not come up as often, but is still critically important, is your funeral
The Importance of Planning Funeral and Burial Arrangements Read More »
When a loved one passes away, the financial stress can be very great for those who were supported by this individual. To help limit the hardship on previously supported family members, Michigan law provides a family allowance that is payable to the decedent’s surviving spouse for the benefit of the surviving spouse and minor children
Family Allowance in Michigan Read More »
Under MCL 700.2402, a decedent’s surviving spouse is entitled to a homestead allowance of $15,000 ($25,000 in 2022), adjusted for inflation. If there is no surviving spouse, each minor child and each dependent child of the decedent is entitled to the same homestead allowance, divided by the number of the decedent’s minor and dependent children. The homestead allowance
Homestead Allowance Value in Michigan Read More »
In Michigan, if a decedent passes away with an estate that qualifies as a “Small Estate”, there is a simplified procedure to distribute assets to the next generation. To qualify for a Small Estate in probate court, the gross estate must be under certain monetary thresholds. This valuation is the total sum of all the
Small Estate Threshold Values in Michigan Read More »
