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Estate Planning Archives

Thinking about gifting? Know these estate administration rules

Would you rather that your loved ones receive their fair share of your estate when you die -- or do you want to hand over your assets to the tax man? That is the burdensome question that many seek to answer when they enlist the help of an estate administration professional. Tax rules are not always easy to understand, especially as they pertain to estate planning and annual gifting.

Same-sex marriage brings estate planning benefits

For many Americans, the ruling to permit nationwide same-sex marriage had moral or social implications. In all of the excitement, it is unlikely that many celebrants took the time to think about the effect the rule change would have on estate administration and estate planning. The ability to marry goes far beyond simply being able to demonstrate your love. Marriage is also a legal contract that allows the couple to share finances in an entirely different way. Now, a whole new group of Michigan residents will have access to the benefits associated with tax planning through marriage.

What are the different types of wills used in Michigan?

Michigan allows individuals who are 18 years of age or older and considered to be of sound mind to make a will. A will is a legal document that provides instructions for how an individual wants his or her property to be distributed upon his or her death. An executor, or rather, the person in charge of making sure that everything is done to the individuals wishes is also appointed. There are three types of wills that are considered legal in the state of Michigan.

Robin Williams heirs scheduled for hearing over actor's trusts

While you may think that having a will or trust is enough to settle family disputes over money and property once you have passed on, one really doesn't have to look much further than the ongoing case of Robin William's battling heirs to see how easily things can go wrong without proper planning.

What is a durable financial power of attorney?

A durable power of attorney is a legal way to allow a person to make financial decisions for another person in the event that the other person becomes incapacitated or does not have the ability to make those types of decisions for him- or herself. This type of power of attorney is granted in the form of a document and, if needed, can show others that the person handling the other person's affairs has the legal authority to make decisions on that person's behalf.

The history behind the living will

A living will is a document that states to health care providers what type or types of treatment a person wishes to receive in the event he or she is deemed incapable of communicating about his or her desired medical treatment. It is normally made while a person is still of sound mind and competent enough to make an informed decision about their desired care.

New Requirements for Durable Power of Attorney

In May 2012, Governor Snyder signed Senate Bill 92 (PA 2012, No. 141), which created new requirements for a general durable power of attorney (DPOA) in Michigan. The requirements take effect October 1, 2012 and do not apply to DPOA's executed prior to that date.

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