A bare-bones estate plan isn't enough for everyone. Business owners often have a variety of unique challenges to address. When someone owns and operates a business, estate planning protects not just that individual and their loved ones but also the company that they...
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Estate Planning
What are some of the elements an estate plan may require?
Adults putting together an estate plan in Michigan often have personal priorities that they want to address. For many, getting married or having a child is what inspires them to put together an estate plan. They want to ensure that they can take care of their loved...
What are some reasons people put off estate planning?
Everyone needs an estate plan, but most people do not have one. If this is surprising to you, you may be ahead of the game. Only about 1/3 of Americans have already made an estate plan. The other 2/3 are either not expecting to make one at all or are perhaps planning...
How can an estate plan benefit a small business owner?
As a small business owner, you dedicate your time and energy to ensure your enterprise’s success. While you focus on the day-to-day operations and growth of your business, it's really important not to overlook the importance of estate planning. Estate planning goes...
What are some of the elements an estate plan may benefit from?
An estate plan is so much more than “just a will.” In fact, a good estate plan is a comprehensive set of legal documents and strategies that help ensure your assets are protected, your health care and end-of-life wishes are respected and your loved ones are taken care...
How can an estate plan benefit a small business owner?
Business owners frequently have more daily obligations and personal responsibilities than other members of their communities. They are beholden not just to their immediate family members but also to investors and employees. Those responsibilities won't simply...
What are some of the elements an estate plan may require?
There is no universal estate planning solution that works for every person hoping to provide for their spouse, children or other loved ones when they die. Your estate plan may include a variety of documents, each of which you will tailor to your specific...
Knowing when to update your estate plan helps protect your wishes
You may have drafted an estate plan years ago when you first got married or had children. Ever since, you have assumed that those documents will explain your wishes and protect your loved ones if something happens to you. However, the longer it has been since you...
Your retirement savings may not be enough for long-term care
As you get closer to retirement age, you have to think about what your budget will look like when you stop working. You will also need to plan ahead to protect yourself from unexpected expenses and financial hardship. Many retired adults depend on a combination of...
Question: Is your estate plan valid?
People plan for pretty much everything: Where they want to live, where they want to go for vacation, how many kids they want to have and so forth. But, most people never take time to plan what they wish to happen to their future and estate when they are either...