On December 8, 2016 Michigan’s Governor signed into law the Qualified Dispositions in Trust Act. The Act went into effect on March 8, 2017. This new law makes it possible for the first time for people to create a Domestic Asset Protection Trust (DAPT) in Michigan that benefits the person who created the trust. Michigan …
MICHIGAN ESTATE PLANNING ENTERS THE 21ST CENTURY. Read More »
Bitterly referred to by many as the “death tax”, the federal estate tax applies to transfers of wealth when a person dies. And because of its effect of charging an additional 40% tax to the assets of an estate that were likely already subject to income tax while the owner was alive, the estate tax …
What Will It Mean If The Estate Tax Is Repealed? Read More »
Earlier last year, I wrote articles about when it might be appropriate to update an existing estate plan and the consequences of dying without any estate plan at all. However, there is an important related question that I have not touched on yet, and that is: what should be done to determine if it is …
What You Can Do To Determine If The Time Is Right To Begin Your Estate Plan Read More »
Q: Does a living trust protect my assets? A: This trust is a great way to pass an inheritance but it will likely not help you through other situations. Here are my top tips on what a living trust does not do and mistakes to avoid. Your living trust does not: 1. Provide asset protection …
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