Changes in transfer tax laws could be coming under the Biden administration, especially with the Democratic party holding slim majorities in the House of Representatives and Senate. During his campaign, President Biden...more
Private practice physicians and dentists are at risk for malpractice claims. Their earning capacity also makes them an attractive target for other claims as they have the potential to be high wage earners. Many of these...more
After much thought and consideration, Alice decided to update her Last Will and Testament to change the amounts her two sons, Bob and Charles, will receive upon her death. Instead of dividing her estate equally between Bob...more
While usually synonymous with one's birthday or the holidays, lifetime gifts can also serve an important role in one's estate planning. In its simplest form, gifting provides for a transfer of wealth and assets from one...more
A deed is a legal instrument commonly used to transfer title in real property (i.e. a residence, parcel of land, or family cottage). Although deeds are typically straightforward, certain legal requirements are necessary to...more
Most individuals own assets that will pass upon the death of that individual pursuant to a beneficiary designation. In fact, in many instances, these types of assets make up a large portion of an individual's net worth....more
An estate plan is often conceived as a plan drawn up during one's lifetime with the stated intention of transferring one's property upon death. The most common forms of estate planning documents include Last Wills and...more
Joint bank account arrangements are as useful as they are common, providing a simple means for transferring an individual's assets to others - either during his/her life or post death by operation of a survivorship...more
The death of a loved one is a difficult and emotional event. In addition to dealing with the loss, family members, friends and/or trusted advisors are tasked with settling the decedent's final affairs, which, in many...more
The vast majority of people who pass away leave behind property to their family, friends, and loved ones. Although there are a number of options available to an individual when planning for the disposition of his or her...more
On December 5, 2016, Michigan joined Alaska, Delaware, Nevada, Utah and South Dakota as one of the 17 states that permit the use of irrevocable self-settled asset protection trusts for purposes of creditor protection...more