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Wealthy individuals who have built a considerable legacy often hope that they can transfer as much of that nest egg as possible to the next generation without losing much of that value in federal taxes. In 2020, the estate tax exemption is $11.58 million per...
Typically, a last will and testament is valid in the State of Michigan if it includes ALL of the following: It is in writing. MCL 700.2502(1)(a). It is signed by the testator or in the testator's name by some other individual in the testator's conscious...
A surviving spouse has significant inheritance rights when it comes to the deceased spouse’s estate. Even if that spouse was disinherited in the decedent’s last will and testament, he or she may still be able to claim a spousal election against the terms of...
In Michigan, “a person shall not purchase, carry, possess, or transport a pistol in this state without first having obtained a license for the pistol.” MCL 28.422(1). Anyone looking to obtain or purchase a handgun must fill out an application at a local law...
A conservator in Michigan has the authority to manage the protected person's estate. This can be a misleading phrase because the protected person is still alive so there is not an estate in the classic sense that someone died and property must be administered and...
In the mobile society that we live in, it is becoming increasingly rare to live in one place for very long. Sometimes, our adventures don't just limit us to moving between different states but also different countries. If you come to live in Michigan from other...
Whether or not an item of personal property belongs to a decedent's estate is not always an easy determination. When it comes to real property or a vehicle, it is easy to determine legal ownership by simply looking at the title or deed (assuming that the real estate...
In many cases when parents are either divorced or legally separated, there is an obligation for the non-custodial parent (or joint-custodial parent with higher income) to pay child support to the custodial parent (or joint-custodial parent with lower income) for the...
Consider the following scenario: a wealthy socialite crashes his luxury car into a family sedan driven by a couple and their two young children. The socialite blew through a stop sign and was clearly at-fault, but it resulted in severe and permanent injuries to...
A revocable living trust is a very useful estate planning tool that can help your beneficiaries avoid the expense and inconvenience of probate. Essentially, a grantor creates a legal document that authorizes the trustee to hold legal title to and manage his or her...