As a business owner, it is essential to have an estate plan in place to protect your business, assets, and loved ones. The Probate Pro offers three reasons why business owners need an estate plan: 1. Yes, Business Owners...Accidents Happen If you suddenly became ill or injured, does someone else have access to the bank [...]
Unless the estate is extraordinarily large (the exemption is $11.7 million for 2021), you should receive the inheritance from your loved one (in Michigan) without any probate taxes! Inheritance taxes are taxes that a person needs to pay on money or property they have inherited after the death of a loved one. The Probate Pro [...]
Probate isn’t a commonly known field of law, but you would be remiss in protecting yourself if you didn’t know what probate is. So, what is it? Probate is a broad field of law that includes important legal hearings and procedures such as deceased estates, guardianships, conservatorships, trusts and more. For any regular Joe Six-Pack, [...]
Everything you need to know about a Will: The Basics In the state of Michigan, a valid Will must comply with MCL 700.2502. It must be in writing. It is recommended that it be drafted and executed with the assistance of a competent estate planning lawyer. A requirement under Michigan law is that it must [...]
Many families around the world have a canine, feline or other type of animal companion that’s in their lives. While there’s no biological relation, they’re often treated like family. When it comes to family, you always want to leave them protected. Through a comprehensive estate plan, you can protect your family and assure your assets [...]
We always talk about what an estate plan is and what needs to be in an estate plan. More importantly, we have explained time after time why it’s so important to have an estate plan in place. So once again, let’s go over why it’s so important to have one and why building that plan [...]
Earlier this year, financier Jeffrey Epstein was found dead inside his jail cell in New York City. Interestingly, two days prior to his death, he wrote an estate plan and will. As estate planning attorneys, we’ve been asked if putting an estate plan together right before death is a common thing that happens. The answer [...]
What is an Estate and an Estate Plan? When people hear the word “estate,” some may think of movie-like mansions, sprawled across the mountains with swimming pools and acres of land. However, an estate refers to any assets that you have. This means anything that belongs to you. An estate plan contains a variety of [...]
On occasion, we tend to forget where we've placed things. It could be losing track of where you placed the car keys inside the house, or your wallet. Believe it or not, a will can also be misplaced, despite the importance of the document. It may not be the result of forgetting where it was. [...]
Funeral and burial expenses are things you just don't like to think about. If not the expenses, then at the very least, you don't like it because you're saying goodbye to someone you've loved or cared for greatly in your lifetime. If those don't even move the needle, then think about this: the decedent's estate [...]
