The Bankruptcy Discharge (Part I): What is It and What Debts Are Covered?

Bankruptcy

Most people file bankruptcy in order to obtain a discharge of their liability on most debts.  (Note that the discharge provisions only apply to individuals).   A discharge means that the legal liability on a debt has been extinguished and no legal action can,...

Domestic Asset Protection Trusts

Estate Planning / Wills & Trusts, Probate & Estate Administration

One question I get asked fairly often is: “Can I put my assets in a trust and shelter them from my creditors”?   Until recently, my response has been “probably not” unless you want to put them in an “off-shore” entity or place them in trust in another state (such as...

Bye-Bye Dower

Real Estate

Several months ago I wrote about dower rights in Michigan.  At that time, I pointed  out that Michigan remained  one of the few, if not  only, state in the country to retain, for married women alone, what are called “dower” rights.  Dower is defined as the wife’s...

Do I Really Have to Sign My Will?

Probate & Estate Administration

The primary purpose of a Will is to indicate the disposition you would like to make of your property at the time of your death.  In order to make sure your wishes are carried out, the Will must be filed with the County Probate Court and “probated.”  In probate, the...

Are You Entitled to a State Real Estate Transfer Tax (SRETT) Refund?

Real Estate

When real property (land as well as houses and buildings physically attached thereto) is sold in the State of Michigan, the State collects a “transfer” tax at the rate of $7.50 per $1,000 of value.  This tax is typically paid by the seller and collected by the closing...