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January 2018 Archives

Inherited property and tax liability

Beneficiaries in Michigan who received an inheritance in 2017 may be facing this tax season with trepidation. Will they owe taxes on what they inherited? In most cases, the answer is no. Michigan does not have an inheritance tax, so receiving assets as a result of a descendant's death does not result in tax liability. However, if inherited property was sold, there may be taxes owed depending on the situation.

What is intestate succession?

Losing a loved one can be devastating, but it can be even harder when your family member or spouse has passed away without leaving a will. While you are grieving, you hardly want to spend your time caught up in legal battles over division of the estate between surviving family members. Is there a legal precedent that allows for fair and equitable handling of your deceased loved one's estate under Michigan law?

Divorce and asset distribution

Couples going through a divorce in Michigan have a lot of decisions to make regarding living situations post-separation, child custody, spousal support and asset division. There are numerous factors that affect how property and other assets are divided between spouses, and some result in equal distribution while others do not.

Spendthrift provision and its uses

People in Michigan who are worried their beneficiaries will waste their inheritances may choose to add a spendthrift provision to their trusts. This provision has other uses as well, and it is a powerful way to manage assets and ensure they will be protected long after the owner has passed.

Healthy co-parenting after a divorce

Divorce is challenging for Michigan couples, but sometimes they are so focused on their own needs and grief they forget about their children's best interests. Child custody is a major decision in the divorce process, and the healthiest outcomes are those in which the parents take a co-parenting approach to keep the negative effects to a minimum.

Should you have a revocable trust?

People in Michigan who are looking to manage their assets may want to consider a revocable trust. Also known as a living trust, this is a popular tool people use for estate planning. In addition to a will, a trust helps many protect their money while they are still alive as well as after they have passed away. While a living trust is a good choice for many, people should also consider its downfalls before making a decision.

Contact Information

Bebout, Potere, Cox & Bennion, P.C.
821 North Main Street
Rochester, MI 48307

Phone: 248-805-1959
Fax: 248-651-8923
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