Update: Lifetime Estate and Gift Tax Exemption Amounts Doubled

As part of the Tax Cut and Jobs Act (the “Act”), passed in December of 2017, the lifetime exemption amount for estate, gift, and generation-skipping taxes was doubled. For 2018, the lifetime exemption amount for estate and gift taxes of $…
Categories: Estate Planning

2018 Estate and Gift Tax Exemptions

The IRS has announced the estate and gift tax exemption amounts for 2018. The lifetime exemption amount for estate and gift taxes is $5.6 million per individual.  That is an increase from $5.49 million per individual in 2017.  This means that an in…
Categories: Estate Planning

Seminar Alert: (Caregiver Seminar: Protecting Our Loved Ones and Ourselves)

Are you overwhelmed dealing with the legal, medical and physical needs of an aging parent or a medically challenged family member? Are you looking ahead to when you need to care for a family member and wondering how to prepare? You’re not alone. Th…

The Fiduciary Access to Digital Assets Act

  Effective June 27, 2016, the Fiduciary Access to Digital Assets Act (“the Act”) allows an individual to designate in their estate planning documents a fiduciary that is authorized to access their digital assets and computer devices.  This…
Categories: Estate Planning

The Funeral Representative Designation Act

Michigan has recently passed legislation that allows an individual to designate in their estate planning documents a “Funeral Representative” (“FR”).  Effective June 27, 2016, the Funeral Representative Designation Act (“th…
Categories: Estate Planning

2017 Estate and Gift Tax Exemptions

The IRS has announced the estate and gift tax exemption amounts for 2017. The lifetime exemption amount for estate and gift taxes is $5.49 million per individual.  That is an increase from $5.45 million per individual in 2016.  This means that an i…
Categories: Estate Planning

Designating A Beneficiary for Your IRA

  Once you turn 70 ½ years old, you must start taking out required minimum distributions from your IRA.  However, if you do not withdraw all of your money from your IRA before you die, naming the right beneficiary for your IRA can keep it grow…
Categories: Estate Planning

Funding Your Trust

Congratulations! You’ve put in place a Trust for your Estate Planning needs to ensure that your Estate will avoid Probate as well as allow you to control how and when your assets will be distributed after you have passed away.  Time to file aw…
Categories: Estate Planning

Failure to Change Deceased Insurance Policy Holder Can Void Coverage

In a recent opinion of the Michigan Court of Appeals, the Court held that the failure to change the named insured on a homeowners’ policy voided coverage. In 2002, Robert McGowan, Sr., purchased a homeowners policy on his cottage with himself as t…

Can I Completely Disinherit My Child?

In a letter to Ann Landers a writer from Manasota, Florida wrote to deliver a message to children and grandchildren: “YOUR INHERITANCE IS NOT AUTOMATIC.  IT’S A GIFT.”  When it comes to estate planning, many people feel this way,…
Categories: Estate Planning

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