Answer: This is a great question. You would be amazed at how many people have older estate plans – 5, 10, 15, 20 years old or more – and have not had them updated. Here is what you should know: Your plan should be updated when you have a change in your family (for… Read More »
Posts Categorized: Estate Planning
How does Remarriage Affect your Estate Plan?
Question: I just got remarried and both my husband and I have children from previous marriages. I am worried that my son and daughter won’t get anything if I die first. Answer: You must take special care to plan if you are in a second marriage because of the complex relationships between step-parents and… Read More »
Legal Planning for Young Adults
Question: My son is leaving for college in a couple weeks. Is there any specific legal planning he needs now that he is 18 years old? Answer: Yes. Your son is now a “legal adult” under Michigan law. You can’t make financial or medical decisions automatically for him anymore. Also, you can’t access his… Read More »
Walk to End Alzheimer’s – Team MTO
Our office and families participated in the Walk to End Alzheimer’s on September 30, 2017. We had a great time walking to support a great cause that affects so many people. The walk generated over $100,000.00 towards advancing Alzheimer’s support, care, and research. If you have a family member recently diagnosed with Alzheimer’s, it is important… Read More »
My mom was just diagnosed with a type of dementia, and has cerebral degeneration and a sleep-disrupting disorder. She has never made a will or put much thought into it until now. Is she still legally able to sign a will even though she has been diagnosed with dementia?
Signing a will while having dementia does not automatically make a will invalid. In order for a will to be valid, the person signing must have “testamentary capacity,” which means they must understand the implications of what is being signed. Generally, your mother would be considered mentally competent to sign a will if the following… Read More »
What are the main mistakes people make when they do their estate planning?
Besides not making a plan (which is a huge mistake all by itself), here are the top three estate planning mistakes I see almost every week: 1. Using “joint ownership” to plan. Do not put your kids’ names on your bank accounts or home without fully understanding the legal consequences. This can be a disaster. 2. Not… Read More »
My wife recently inherited a large estate. We have been married over 20 years. She recently filed for divorce. She says the money is separate property and she has placed it in a separate account. We have lots of joint debt and a home. Is she correct?
Great question. Inheritances are generally considered separate property. Sometimes separate property is considered when awarding alimony. For example, if she was otherwise entitled to alimony, the Judge should consider an inheritance to the extent that it could limit or eliminate the need for alimony. There are only limited circumstances in which a Judge would invade… Read More »
My brother was my father’s primary caregiver for more than five years. He lived with our father in our childhood home until Dad passed away and still lives there now, by himself. I have three other siblings who have been talking about selling Dad’s home and dividing the proceeds equally among the children. Does my brother, who cared for my dad and lives in the home, have any rights to stay in the house, or will he be subject to the majority desire of our siblings?
What can he do to avoid being “kicked to the curb”? It depends on how the house is owned. Sometimes parents will add a child’s name to the house by quit claim deed (not recommended for lots of reasons). If your brother’s name was added to the house, he owns it and has the right… Read More »
My wife was diagnosed with advanced dementia and her doctors are telling me that she needs 24/7 health care, probably in a nursing home. If she moves to a nursing home, will I lose my home and my life savings?
This is a very good question and we work with people every day who are worried about losing their life savings because of high long-term care costs. First, make sure to look at all other options as far as where she is receiving care. For example, an assisted living community may be less costly and… Read More »
I have three teenage daughters. My 14-year old has a disability and she receives government benefits. I have heard about something called a “special needs trust” and was wondering if you can explain how it works.
This is a really important question and it’s good that you are asking about it early. Good planning can make a huge difference in your daughter’s life, as well as helping your other children who may be left with the responsibility for caregiving (on top of their own careers and caring for their own families)…. Read More »