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estate planning Archives

Divorce, custody and your estate plan

There are many different legal issues which may arise in the wake of a divorce, from calculating child support payments to the division of marital property. However, those involving children, such as a custody dispute, can be very hard. Moreover, there are other ways in which the parents of minors should protect the best interests of their child. For example, this may include making revisions to an estate plan.

How can I prevent conflict between my heirs?

Estate planning can be a complex procedure. Even if you make all the right decisions regarding your assets and property, there might still be conflicts between your heirs. Not only can this greatly draw out the process, it may end up incurring your estate even more money. While you can't always prevent conflicts from occurring, Kiplinger offers the following advice to help mitigate issues between heirs.

Reviewing your estate plan following an auto wreck

There are many reasons why people decide to look over their estate plan, whether they split up with their marital partner or simply have a change of heart. However, some people need to revise their estate plan following a car crash that has brought major changes into their lives, both physically and financially as well. Motor vehicle collisions can disrupt a person's life in many different ways and it is essential for those who are struggling with the consequences of a wreck to do all they can to recover, which may include ensuring that their estate will be distributed properly.

Preparing for your child's college tuition

When contemplating estate planning, parents in Michigan should seriously consider putting money away for their child's future college tuition. Even parents of young children need to start thinking about this, as tuition continues to rise every year. When looking at savings and investment options, parents should begin by determining not only potential tuition but also books and other course-related expenses.

What you should know about advance care directives

You may have already spent some time making some end-of-life plans, but a Michigan will or trust often only addresses part of the equation. At Bebout, Potere, Cox & Bennion, PC, we often provide advice and assistance to clients who want to ensure that their health care decisions are in the right hands.

Who should be the beneficiary of your life insurance policy?

Your primary thought when purchasing life insurance in Michigan is probably to provide for your family if you die suddenly. How that policy is set up and who you name as beneficiary could make a big difference in when your children receive the money, and how much, as well.

Do retirement needs impact your estate planning?

Many Americans may find it easer to discuss retirement needs rather than estate planning. The former may include fun goals, like retirement vacations, perhaps a move to a warmer climate, or simply more time to take up a hobby or check items off one’s bucket list. Thinking about one’s passing, in contrast, often feels more like a duty or an obligation owed to one’s surviving family members.

Should a 529 Savings Plan be part of your estate planning?

A common theme in estate planning is providing for the educational costs of beneficiaries. Today’s post takes a look at an increasingly popular option, tax-advantaged 529 savings plans. This type of plan may help cover school expenses when a child reaches college age.

Can you create a trust for your estate plan on my own?

With the wealth of information available on the Internet, individuals may wonder whether they could set up a trust on their own. According to the Michigan State Bar, it is highly risky, although not illegal, for an individual to draft his or her own trust. Let’s take a look why.

When should you discuss your advance health care directive?

A comprehensive estate plan can include an advanced health care directive, also known as a living will. This document describes an individual’s treatment preferences, such as hospice preferences and/or life-sustaining measures in the event of incapacity. A health directive may also designate a healthcare power of attorney, granting an individual with decision-making authority.

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