COMMON ESTATE PLANNING ALTERNATIVES – AND WHY YOU SHOULD NOT USE THEM

Probate & Estate Administration

Many people defer on doing anything estate planning-wise, as they do not like to think about the prospect of death, particularly their own death.  In the end they die “intestate” (without a will), or they may have taken some interim steps to dispose of some of their...

Will vs Trust

Probate & Estate Administration

Quite often I am asked by clients:   What is the difference between a Will and a Trust?  They also inquire as to the advantages and disadvantages of each.  Below are some of my responses. SIMILARITIES: As a start, let’s take a look at how they are similar.   Both a...

Homestead Property Tax Relief for Disabled Veterans

Real Estate

On November 13, 2013, that State of Michigan enacted certain statutory provisions that eliminated real property taxes on property used as a homestead for disabled American veterans, who had received an honorable discharge.  In order to obtain such exemption, an...

Portability Election – There Really is a Second Bite at the Apple!”

Probate & Estate Administration

In a surprise announcement, the IRS has recently declared, in Revenue Procedure 2017-34, effective June 9, 2017, that there is now an extended time for estates to file for portability and preserve the unused spousal exclusion.  This applies to estates where there is a...

The Bankruptcy Discharge (Part II): What Can Jeopardize it?

Bankruptcy

In my prior post, I discussed what it means to get a discharge, what debts are typically covered, and what debts you may not be able to discharge if it is necessary to keep certain secured property.  In this article, I will discuss what actions may possibly preclude...