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 »
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 »
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 »
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 »
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 »
