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 »
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 »
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 »
