When you own your own business in Michigan, it can make estate planning more difficult. Things may get even tougher if you own a farm. Dividing the family farm can be a very sensitive issue to broach with your loved ones because everyone has a stake in what happens with it. So, as you start your estate planning, here are some tips to keep in mind from NorthernAg.
There are different types of wills that you may have in Michigan. One of those is a living will, which is defined by U.S. News and World Report as document that states your wishes on how your health care should be handled if you become incapacitated and unable to express what you want. A living will is often called an advance health care directive.
You probably have heard that having a will is a very good idea. It will make things much easier on those you leave behind when you die. It helps the state know what to do with your assets and can be used to assure minor children are taking care of according to your wishes. Of course, for a will to be valid, it must be legal and meet the conditions of Michigan law.
Under Michigan law, there are options in the type of will you can create. All wills have to be drawn up according to the law. As explained by the Michigan Legislature, one option is the statutory will. This type of will has limits on what you can do with it.
Regardless of a person's age, financial status or obligation to dependents, the decision to organize and articulate a will is one of the best decisions that anyone can make. A person's decision to invest in his or her future and create a meaningful plan for his or her heirs to follow in distributing property, assets and wealth is an excellent way to avoid tension following death. People in Michigan who are interested in finalizing a will may be faced with the task of deciding which method is going to work best for them.
For those in Michigan with little experience in matters of estate planning, the terminology associated with it may be intimidating enough to repel some from investigating the benefits. Nevertheless, because planning one's estate is important, it is worth gaining an understanding of some of the most common terms involved. For example, a fiduciary is someone entrusted with interests of another person, such as someone's stockbroker or attorney. In estate planning, there may be numerous fiduciaries.
Aaron Hernandez died under a cloud of dishonor, committing suicide after one court convicted him of murder and leaving his estate in debt to the tune of at least $1 million. However, there is evidence that some of his final acts may have been to protect his 5-year-old daughter. As many Michigan parents use wills and trusts to establish a secure future for their children, it seems Hernandez may have attempted the same, although his motives are in question.
Too many people get caught up in the idea that an estate plan is only for the obscenely wealthy, those who have multiple homes and millions of assets that they need to protect. The reality is, anyone with assets can benefit from developing an estate plan.
A trust is one element a Michigan resident can include in an estate plan. A trust essentially owns the assets funded to it, and the person who creates a trust assigns a trustee to manage the assets according to instructions provided. When people consider adding a trust to their estate plans, it is often because they are looking for a way to avoid probate or reduce the tax burdens of the estate. However, there are a number of other benefits to this estate planning tool.
Jerry Lewis was known for many things. Generations of people in Michigan and across the world appreciated his brilliant comedy in movies and stand-up routines. Each year at summer's end, Lewis's telethon raised millions of dollars to find a cure for children afflicted with muscular dystrophy. While other children benefitted from Lewis's charitable acts, the comedian's own children did not. The wills and trusts of many celebrities have recently raised eyebrows, and Jerry Lewis may have done the same with his estate plan.