March 2019 Archives

How to calculate and report a gross estate

Thanks to the Tax Cuts and Jobs Act, Americans now have a federal estate tax exemption of $11.18 million. That number doubles for married couples who are combining their federal estate tax exemption. The value of an estate is the total of all assets held wherever they are located. It also includes interests in property as well as property that a person may not directly own but has some form of control over.

Three common mistakes to avoid when buying a business

Buying a business can be a more affordable and less risky path to entrepreneurship than starting a business from scratch. When you buy a business, it probably already has inventory, equipment, trained employees and customers. You are also able to base your purchase off records of past profits and losses instead of projections.

How to plan to live forever

Michigan residents and others may have thought about freezing themselves at the time of their deaths. The goal of taking part in the cryonic process is to keep the body intact until science can figure out a way to cure death. Of course, that can raise some unique estate planning issues. A revival trust is a tool that can help a person preserve financial and other resources on which to live when he or she comes back to life.

Potential for changing irrevocable trusts

For Michigan residents who have worked to develop substantial assets, certain life changes may cause them to rethink earlier estate planning decisions. In most cases, trusts are excellent estate planning options that allow for higher levels of flexibility and privacy, especially for people with significant wealth. Most trusts are revocable, which means that they can later be changed or canceled. However, irrevocable trusts are created with the idea that they are permanent and not subject to amendment.

Using revocable trusts

The details of an effective estate plan will vary from case to case, but it will generally include a power of attorney, a will, medical directives and other legal instruments, such as a revocable trust. Having a revocable trust as part of their estate plan can help Michigan residents address many of the concerns they may have about the management of their estate.

Email Us For A Response

Kalamazoo Office
107 W Michigan Suite 500
Kalamazoo, MI 49007

Phone: 269-270-3500
Fax: 877-567-0404
Kalamazoo Law Office Map

Chicago Office
77 West Washington
Suite 1115
Chicago, IL 60602

Phone: 312-346-1770
Fax: 877-567-0404
Map & Directions

South Haven Office
401 Center St.
South Haven, MI 49090

Phone: 269-637-1191
Fax: 877-567-0404
Map & Directions