This article regarding a last will and testament by Michigan lawyer Nicole Wipp and the Family & Aging Law Center PLLC is not, and should not be construed as, legal advice. It is for general informational purposes only. To better understand how this legal concept can be applied to you, consult with an attorney.
When it comes to wills, people tend to have a lot of misconceptions. What, then, are the facts when it comes to a last will and testament?
If you own assets in your name alone, they may pass from you to the people you love, as long as you leave a Will. Without a Will, your assets pass according to the State’s rules, also known as intestacy. The State may not pass your assets to the people you care about. You should be sure.
Also, you should know that...
This article regarding wills and trusts by Michigan lawyer Nicole Wipp and the Family & Aging Law Center PLLC is not, and should not be construed as, legal advice. It is for general informational purposes only. To better understand how this legal concept can be applied to you, consult with an attorney.
Clients often come to me with ideas about wills and trusts that they learned from friends, neighbors, and the internet. I’ve come to realize that a lot of people think they know about wills & trusts - but they don’t.
Unfortunately, most people don’t ever find out they don’t know, because by the time it comes to light, it’s simply too late. Here are some frequently misunderstood facts about wills and trusts:
Listen and Learn! Nicole's Podcast Episode About Wills (click the orange arrow to listen):
This article about elderly care by Michigan estate planning and elder law attorney Nicole Wipp and the Family and Aging Law Center is not legal advice. It is for informational purposes only. For legal advice on your situation, consult with a qualified elder law attorney.
As our population ages, there’s no question: adult children are increasingly needed to assist parents in times of medical crisis or just simply during the normal aging process. Whether you are a parent reading this, or a child of an aging parent eldercare, here are FIVE things that every adult child of an aging parent needs to know – RIGHT NOW:
As of June 12, 2014, we definitively know the answer – and it isn’t an answer most of you will like. The answer, according to the U.S. Supreme Court in Clark v. Rameker is…NO, an inherited IRA is NOT protected from creditors in bankruptcy.
What are inherited IRAs? Here, we are talking all tax-deferred assets that are transferred to another person after death – except to a spouse. When I say “all tax deferred assets,” I mean IRA, 401k, 403b, IRA annuities, etc. A spouse doesn’t fall under this category because a spouse the one person entitled to actually directly roll over the other spouses IRA into their own (no, contrary to what you believe, your children are NOT allowed to do this! Children must set up...
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