If the last time you and your spouse updated your estate plan was more than a decade ago, your estate plan may contain what is sometimes referred to as AB trust planning, which, until 2011, was the a primary way married couples could ensure that both were taking advantage of their Continue reading
Trusts are widely used in estate planning to protect and transfer a person’s assets (money, accounts, property, etc.), sometimes in a tax-advantaged manner. Some trusts are highly complex, with multiple parties, intricate structures, specialized legal terms, and references to arcane Continue reading
Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies
March 2, 2025 Press Release:
The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it Continue reading
On February 27, 2025, FinCEN announced that companies that do not file or update their beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act (CTA) by the current deadlines—March 21, 2025, for most companies—will not be fined or penalized. In addition, Continue reading
The Corporate Transparency Act (CTA) is back on again. Until the next development, the reporting requirement is reinstated and you again have to file. The Federal District Court for the Eastern District of Texas in Smith v. U.S. Department of Treasury lifted an injunction staying Continue reading
Money and property may be the most discussed types of wealth that a person owns, but also consider other family wealth that may mean even more to your loved ones down the line. Your family wealth — family traditions, wisdom, life lessons, experiences, can be built into your estate Continue reading
If you are reading this, you need an estate plan. Why? The short answer is that everyone age 18 and older needs an estate plan. It does not matter whether you are old or young, have built up considerable wealth or are just entering adulthood—you need a written plan to control what Continue reading
Estate planning is one of the most important steps you can take to protect your loved ones and ensure your wishes are honored. There are two general approaches to planning — a will-based plan or a trust-based plan. While both serve to distribute your assets after your passing, they Continue reading
Many believe that estate planning is just deciding what happens to your assets when you pass away, but the reality is that proper estate planning can do much more. While your estate plan should address what happens after you die, your plan should also address what happens when the Continue reading
FenCen reports “In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue Continue reading
Are you recently married? Now is the perfect time to start working on an estate plan. As newlyweds, you are likely in the process of deciding which of your accounts and assets to combine and how to turn two households into one. You may also be setting up new bank accounts and creating Continue reading
A common do-it-yourself approach to attempting to avoid probate that many have heard of is to add children or other individuals to the property title as joint owners with rights of survivorship. When joint owners have survivorship rights and one joint owner passes away, the remaining Continue reading
On December 26, 2024, the Fifth Circuit Court of Appeals reversed its December 23, 2024, decision, reinstating the district court’s injunction blocking enforcement of the Corporate Transparency Act (CTA) and its implementing regulations. Texas Top Cop Shop, Inc. v. Garland, No. 4:24-cv-00478 Continue reading
Small business owners will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) takes effect next year. After a December 3, 2024 nationwide preliminary injunction blocking enforcement of the CTA, a stay of the injunction was issued December 23, Continue reading
You regularly check the balances of your retirement, bank, and investment accounts. But when was the last time you checked the beneficiary designations on these and other accounts?
It may have been years since you first opened an individual retirement account, bought a life insurance Continue reading
In discussions about estate planning, you may have heard terms such as “guardian” or “trustee.” These are the names given to those who will ultimately be tasked with caring for your minor child or managing funds for their benefit. Choosing who would act in these important roles is Continue reading
Studies consistently find that only about 25–35 percent of Americans have an estate plan, a shockingly low rate when you consider that, in the absence of a plan, the state—not you or your family—decides what happens to your assets, including your business interests.
Recent surveys Continue reading
What memories come up when you think back to a beloved grandparent who has passed? You might remember Grandma at her at her home or at the family vacation house during the holidays. Your memory could be of that oatmeal that only she could make in that special way. Or maybe you remember Continue reading
We make hundreds of decisions for ourselves every day—from what to eat to where to vacation. However, what happens if you cannot make decisions for yourself? Who do you want making day-to-day decisions on your behalf and controlling your financial matters?
If you have recently created Continue reading
When establishing a revocable living trust, it is common to name yourself as the initial trustee, allowing yourself to continue to manage your financial affairs while you are alive and well. However, someone else will eventually need to step in to administer your trust when you are Continue reading
When you establish a trust, one of the important decisions you make is choosing the trustee. If you are creating a revocable living trust, you will likely be the initial trustee. You also will name successor or backup trustees to step in and manage the trust’s affairs if you can no Continue reading
If you have established a revocable living trust, congratulations! You are on the right track in creating a comprehensive estate plan. However, you have only begun your trek. While many people believe that because they took the time to create a trust, their estate will automatically Continue reading
It is difficult to imagine the tragedy requiring that someone else raise your children. However, you must consider who you would choose to fill this important role. Otherwise, a judge—a stranger who does not know you or your wishes, your child, your relatives or friends—will determine Continue reading
You may think that if you die while you are married, everything you own will automatically go to your spouse and children. Such a transfer is not automatic, however. Michigan, like all states, has a set of laws that apply to someone who dies intestate, without a will. While the specifics Continue reading