When planning for the future, many people are unsure whether to set up a will, a trust, or both. While both tools provide a means to pass assets to loved ones but their differences are important, especially in Michigan. Every day, we’ve seen firsthand how making the right choice can impact families for generations. Let’s […]
Understanding the Differences Between a Will and a Trust Read More »
Dealing with the estate of a loved one after their passing can be a complex and emotionally taxing process. If your loved one’s affairs require probate court, this adds stress to the grief of losing a loved one. Probate court administration is a procedure that can be time-consuming and expensive. However, for those who have
Avoiding Probate for Small Estates: A Practical Solution Read More »
In August, presidential candidate Kamala Harris disclosed some of her proposed tax policies. Kamala Harris’s proposal brings significant changes to estate planning that would increase taxes and substantially impact how individuals and families manage their wealth and plan for the future. This article covers a few of the proposed policies and their implications. To read
Kamala Harris Reveals Estate Tax Policies Including 55 Percent Estate Tax Read More »
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 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 »
