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 …
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 and minor children whom the decedent was obligated to support, …
A decedent’s surviving spouse is entitled to a homestead allowance of $15,000 ($29,000 in 2020), 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 is in addition …
In Michigan, to qualify for a “Small Estate” in probate court, the gross estate must be valued under certain monetary thresholds. This valuation is the total sum of all the decedent’s assets after the payment of funeral and burial expenses. The Small Estate amount is adjusted for inflation and changes over time. In order to plan for …
A new wrinkle in the estate planning world occurred when Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act. The CARES Act provides economic relief to millions of Americans through economic impact payments (EIP). Unfortunately, Congress sent payments to thousands of deceased persons creating confusion for estate fiduciaries and family members regarding their obligations, …
Estate Planning Implications of Deceased Individuals Receiving IRS Stimulus Checks Read More »
