Blog
Don’t Deed it and Forget it: A Guide to Ladybird Deed Complications
Ladybird deeds (formally known as Enhanced Life Estate Deeds) are fantastic tools for avoiding probate, but they aren't a "set it and forget it" magic wand. They come with some specific legal and financial quirks that can trip people up if they aren't careful. Here is...
The Missing Piece in Your Estate Plan: Why You Need a Financial Advisor
When most people think of estate planning, they picture a mahogany desk, a stack of legal documents, and an attorney. While the legal "blueprint" is essential, a plan is only as strong as the assets that fuel it. That is why you need your financial advisor to be part...
Power of Attorney and Patient Advocate Designation — Two of Your Most Important Documents
Creating an estate plan is crucial for ensuring that your wishes are honored and your affairs are managed according to your preferences in case you become unable to make decisions yourself or pass away. Two of the most important documents in an estate plan are the...
Putting a Child’s Name on Real Estate Can Be a Catastrophic Mistake
Adding a child's name to the title of real property can have several potentially catastrophic consequences, including tax implications, loss of control, exposure to the child's creditors, and complications with estate planning. Below is a detailed look at several...
Do It Yourself Estate Planning — Why it is worth what you paid for it!
We often run across people who have attempted to complete an estate plan using forms they find online or with the latest zippy law online website. Unfortunately these unsuspecting folks often get what they paid for -- which is not much. Worse yet, the "free" or "low...
Lady Bird Deeds in Michigan
Here is a recent video recorded regarding the use of Lady Bird Deeds in Michigan. These types of deeds are frequently used as part of a comprehensive estate plan. If you are interested in learning more about these types of deeds or if you want to see if this type of...
What Professionals Should be Involved with Estate Planning?
By Charles Penzien Estate planning typically involves the input of several professionals, including a financial advisor, attorney, and accountant. A financial advisor can help you identify your financial goals and devise a plan to meet them, while an attorney can help...
Can my Insurance Agent Do My Estate Planning?
By Charles Penzien Many insurance agents advertise that they offer estate planning as one of the many services they provide for their clients. Others sometimes offer retirement planning as part of their services. Although an insurance agent can provide advice and...
How is a Lady Bird Deed Used in an Estate Plan?
By Charles Penzien A Lady Bird Deed, also known as an Enhanced Life Estate Deed, is a type of deed used in Michigan (and some other states) to transfer real property to one or more recipients while retaining certain rights to use and possess the property during the...
What is a power of attorney and how does it work?
By Charles Penzien A power of attorney in Michigan is a legal document that allows someone (the "principal") to appoint another person (the "agent" or "attorney-in-fact") to act on their behalf in financial, legal, or other personal matters. The powers granted to the...
