What makes for a comprehensive will and estate plan?

On behalf of Bebout, Potere, Cox & Bennion, P.C. posted in estate planning on Tuesday, September 20, 2016. For readers that might not yet have an estate plan, there are several reasons to start today. First, Michigan will generally appoint an executor and apply the rules of intestate succession to an estate that doesn’t have …

You need to make an estate plan to prevent intestate succession

On behalf of Bebout, Potere, Cox & Bennion, P.C. posted in estate planning on Tuesday, November 15, 2016. According to a recent estimate, over half of Michigan’s residents have no estate plan in place. Thinking about the transfer of assets in one’s estate can be a daunting task, to be sure. Some may not want …

Unnmarried couples should consider contracts and estate planning

On behalf of Bebout, Potere, Cox & Bennion, P.C. posted in estate planning on Monday, November 28, 2016. Even unmarried couples may benefit from the counsel of a family law attorney. Specifically, an increasing number of Americans in intimate relationships are choosing to live together, rather getting married. According to data from the 2012 U.S. …

Tips regarding the practical aspects of estate planning

On behalf of Bebout, Potere, Cox & Bennion, P.C. posted in estate planning on Monday, January 9, 2017. You may have gone through the work of creating a revocable trust. However, unless you have retitled assets in the name of that trust, all you have is essentially a piece of paper describing a trust that …

Using a Safe Deposit Box as Part of an Estate Plan

On behalf of Bebout, Potere, Cox & Bennion, P.C. posted in estate planning on Friday, January 13, 2017. The safe deposit box is a common place to put expensive items and important documents. These locked boxes are kept in vaults in a bank, which makes them look like very secure locations for things you don’t …

Are certain estate assets difficult to value for the IRS?

On behalf of Bebout, Potere, Cox & Bennion, P.C. posted in estate planning on Monday, January 23, 2017. For readers of this blog, recommending a will may be akin to preaching to the choir. Yet a surprising number of Americans fail to heed this advice, including the late singer Prince. Since Prince did not leave …

How does the Estate Tax Impact a Family-Owned Business?

On behalf of Bebout, Potere, Cox & Bennion, P.C. posted in estate planning on Monday, February 13, 2017. Many people who have heard about the estate tax, also known as the death tax, are worried about how to protect their assets. As estate taxes could wind up compromising up to 50 percent of the value …

When should you discuss your advance health care directive?

On behalf of Bebout, Potere, Cox & Bennion, P.C. posted in estate planning on Monday, February 20, 2017. A comprehensive estate plan can include an advanced health care directive, also known as a living will. This document describes an individual’s treatment preferences, such as hospice preferences and/or life-sustaining measures in the event of incapacity. A …

Can you create a trust for your estate plan on my own?

On behalf of Bebout, Potere, Cox & Bennion, P.C. posted in estate planningon Monday, March 6, 2017. With the wealth of information available on the Internet, individuals may wonder whether they could set up a trust on their own. According to the Michigan State Bar, it is highly risky, although not illegal, for an individual to draft his …