The Value of Setting up a Trust for Your Children

The Value of Setting up a Trust for Your Children

The thought of your minor children growing up without you is enough to bring a lump to any parent’s throat. You plan to be with your children to see them grow and enjoy life, but what if something happens to both you and your spouse? You have hopefully planned to leave money for your children through life insurance. What about who would become their legal guardian? If you have significant life insurance and/or assets, your minor children could become wealthy overnight. How would they handle that responsibly?

The answer is that they would need help.

You can take one critical step now to empower yourself to have a say in how your children are raised, no matter what. By creating a will with a trust component, you will be able to choose who acts as a caretaker for your children, who handles their finances and how the assets should be distributed to reflect your wishes.

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Bankruptcy Basics

Bankruptcy Basics

For many individuals, filing for bankruptcy relief can provide a way out of debt and a fresh financial start. But whether or not a bankruptcy filing is in your best interest depends on many factors and your individual circumstances. Read on to learn more about what to consider if you are thinking about filing for Chapter 7 or Chapter 13 bankruptcy.

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Estate Planning

Estate Planning

Whether you are married or single; whether you have adult or minor children or no children, having a comprehensive and well thought-out estate plan is the smart thing to do and is always in yours and your families' best interests. Most commonly, the minimum basic estate plan should include a will and/or a trust, durable power of attorney and patient advocate designation (health care power of attorney).  The power of attorney and patient advocate designation can usually avoid the need for appointment of an adult guardian or conservator in the event of your incapacity.

An estate plan is particularly important in cases of a blended family with children from a prior marriage or relationship and may be drafted in conjunction with a Pre-Nuptial Agreement so as to avoid unintentionally disinheriting your children or other loved ones.  Careful attention must also be paid to situations involving children or loved ones with special needs who may be entitled to receive Social Security Disability benefits, as well as seniors for Medicare and Medicaid eligibility planning along with military veterans who are entitled to VA Benefits.  Careful planning is needed to avoid disruption of those benefits.

Whatever your unique situation presents, creating a comprehensive estate plan will provide you and your loved ones peace of mind that your affairs are in order.

Abraham | Law:  Experienced and Exceptional Estate Planning Representation

Michigan Estate Planning Attorney Mathew J. Abraham and ABRAHAM | LAW have been providing effective legal representation to individuals and businesses for over twenty years.  If you have questions about estate planning or probate issues, you should call ABRAHAM | LAW at 810-750-0440 or submit an online request to schedule an initial consultation.

What Happens If a Person Dies with No Will or Trust in Michigan?

By:  Matthew J. Abraham, Esq., Michigan Estate Planning Attorney

When families lose a loved one, the emotional stress and grief can make it difficult to focus on financial issues.  Unfortunately, surviving family members might need access to assets of a breadwinner’s estate to provide for their basic financial needs like the home mortgage, school tuition, utility bills and even basics like groceries.  When the assets of an estate are tied up in probate, the value of the estate can be diminished substantially, and access to money can be delayed for months or even years if the estate is subject to a contested probate proceeding.  These are just a few reasons that most people try to avoid the probate process.  While the probate of a will can raise significant issues, such as probate costs, delays in distributing residual assets and privacy violations, the situation can be far more problematic when an individual dies with no will or trust at all. 

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Michigan Business Entities- The Limited Liability Company (LLC)

Michigan Business Entities- The Limited Liability Company (LLC)

April 29, 2015 in business, LLCs, Limited Liability Company

BUILD YOUR BUSINESS ON A SOLID FOUNDATION

Many startup companies, entrepreneurs, self-employed businesses, and developing organizations are choosing to organize and form LLCs as opposed to traditional corporations because the LLC is typically cheaper to form, less expensive to maintain and operate, has more options with four choices of federal income taxation, and has fewer annual filing and recording formalities than corporations.  It is important that you build a solid foundation upon which to launch your business endeavor.  Take the right steps by consulting with an experienced business attorney to make sure you are building a solid foundation upon which to launch or expand your vision.

Contact Abraham | Law to get your business off the ground the right way by setting up your Michigan LLC today.

Is an LLC right for you? 

If you have questions about starting a Limited Liability Company, you should contact LLC and corporate business attorney  Matthew Abraham or call 810.750.0440 and determine the best business strategy for you.

 

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Is a Limited Liability Company (LLC) right for you?

So What Type of Business Entity Do I Need?

This is the first question to ask and answer when preparing to engage in or launch a new business venture and even when forming an entity for an established business.  While there are many benefits of forming a limited liability company (LLC), it is important to understand why you should consider forming an LLC over other available types of entities for your business.

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Basics of Estate Planning: Protecting Your Legacy and Your Loved Ones

 

Michigan Estate Planning Attorney

Protecting Your Legacy and Your Loved Ones 

Estate planning is an important process designed to ensure your loved ones are cared for after your death and your final wishes are carried out.  Many people loathe discussing the topic of estate planning, but the reality is that estate planning encompasses more than just death and taxes.  Estate planning allows you to leave a legacy for your heirs, which for many is ultimately the most important thing in life. 

Despite the common recognition as to the import of estate planning, nearly half of all Americans today do NOT have an estate plan

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