Living Trusts are documents that provide detailed instructions on how to manage your assets and care for your family at your incapacity and after death. Unlike a will, Living Trusts are private documents and avoid probate court. This allows you to appoint individuals or institutions to best take care of your assets and distribute your […]
Breaking Down The Basics of a Living Trust Read More »
A major change in the federal estate tax was recently signed into law as part of what lawmakers dubbed the “One Big Beautiful Bill Act.” The legislation includes a permanent increase to the federal estate tax exemption, raising it to $15 million per individual (or $30 million per married couple with proper planning). This is
“One Big Beautiful Bill” and Estate Taxes: $15 Million Exemption Here to Stay Read More »
A recent United States Tax Court opinion in ESTATE OF MARTIN W. GRIFFIN v. COMMISSIONER, Docket No. 15938-23, discussed QTIP Trusts and sparked the idea for this Article. QTIP Trusts, also known as Qualified Terminable Interest Property trusts, are an important and useful estate planning tool for married couples. What Is a QTIP Trust?When planning
Understanding QTIP Trusts: A Smart Estate Planning Tool for Married Couples Read More »
A recent case in Huron County Probate Court has raised an important question for estate planning attorneys and individuals involved in probate proceedings: Are disinherited heirs and estate creditors considered “interested parties” in probate matters? The court’s ruling suggests that the answer may be no—at least under certain circumstances. Read the full opinion of In
Are Disinherited Heirs Interested Parties in Probate? Read More »
The Ways and Means Committee’s recent report explores potential changes to tax policy that could impact estate planning strategies. These changes include modification of IRA rules, elimination of Head of Household filing status, reduction of the estate tax exemption, and repeal of the SALT deduction. These proposals could significantly affect how you plan for the
Proposed Tax Changes That Could Impact Estate Planning Read More »
The IRS has released adjustments to the estate tax exemption, annual exclusion for gift taxes, and the marginal tax rates for the tax year 2025. Below are some of the important tax adjustments. For more information, see the IRS publication here. Estate tax credits. For an estate of any decedent dying in calendar year 2025,
IRS Releases the 2025 Estate Tax Exemption Amount Read More »
Estate planning is often focused on the big picture: wills, trusts, and powers of attorney. These are great tools for estate planning but one critical detail often overlooked is who will handle your funeral arrangements. In Michigan, a funeral advocate designation ensures your wishes for your final arrangements are respected. But what exactly is a
Does Your Estate Plan Include a Funeral Advocate Designation? Read More »
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 »
