Warren Estate Planning Blog
Why being a landlord isn’t as easy as it seems
Being a landlord in Michigan can be a great way to earn additional income and be your own boss while managing a property ownership business. Plus, your income tends to increase as you purchase and lease out more homes and apartment units. However, this role isn't as...
Altering estate plans
Compiling a comprehensive estate plan has many potential upsides. Creating a will or a trust that keeps beneficiaries from dealing with Michigan interstate laws might make things less stressful and more productive for survivors. Crafting other elements of an estate...
How to prepare for future estate tax changes
High-net-worth families in Michigan have a short window to take advantage of the higher estate and gift tax exemptions offered by the Tax Cuts and Job Act (TCJA). If these are allowed to sunset on Jan. 1, 2026, estate gift and generation-skipping transfer tax...
Factors responsible for the alarming rise in credit card debt
Credit card debt is rising in Michigan and the rest of the country. The average borrower carries a balance of $6,000 on their credit cards, which is enough to pay for a couple of months of rent or mortgage for most people. Here are some key factors contributing to the...
Pour-over wills and living trusts
If you are creating an estate plan, you may have decided to use a trust as your primary tool for distributing assets to your Michigan beneficiaries. Many people prefer a living trust because it allows them to make changes to it, unlike an irrevocable trust. However,...
Deciding who gets the family heirlooms
In Michigan, when families consider how to treat heirlooms in their estate plan, it’s essential to remember these items often represent threads that connect generations; they are not merely objects. By carefully navigating the planning process, you can ensure family...
How to safely include real estate in your Michigan estate plan
Having someone else live in your Michigan home might not be something you're considering. However, thinking about your property's future owners is smart to do before it's too late. Fortunately, by learning estate planning tips, you can resolve home-related matters...
How to resolve incomplete transfers during estate planning
You work hard to accumulate everything in your Michigan estate. Understandably, you want your hard-earned assets to go to people or organizations of your choosing. When mistakes happen during the probate and estate planning processes, they sometimes lead to a problem...
Why a spendthrift trust might be the right choice
If you're a high-net-worth individual in Michigan, you likely want to make sure your children or other heirs are cared for in the event of your passing. And that means not just leaving them money or other assets, but ensuring that they're able to live a secure and...
When should I appoint a professional executor for my estate?
When going through the estate planning process, one of the things you need to do is appoint an executor. However, the task for some Michigan residents may be difficult as they don't have family members or close friends whom they trust to fulfill their wishes. If this...