FAQ

  Oftentimes, people are of the mind that estate planning is something that should be done later in life because it pertains to what happens when they pass away. However, creating an estate plan is something that should not be saved for later, as it can be relevant during your lifetime if you ...

Oftentimes, people are of the mind that estate planning is something that should be done later in life because it pertains to what happens when someone passes away. However, when an older gentleman fell on his driveway and was unable to make medical decisions on his own, his son had to jump through legal hoops in order to advocate for him. Here is their story and advice on how to avoid something similar happening to you and your loved ones.

Winter is coming, and so is 2025. In-office seminar on November 12!

Taking a vacation is meant to be relaxing. Whether it is at an all-inclusive resort in the Caribbean or soaking up European history, travelling abroad should be worry-free. However, life and death don’t stop just because somebody is away from home. If a person passes away while in another country, there are several steps to take including handling remains, notifying family members, and dealing with an estate. This process can become complex due to international laws, logistical challenges, and cultural differences.  

Larry King had an estate plan in place from decades ago, but crafted a holographic will, or handwritten will, near the end of his life, revoking his prior will. This led to a legal battle between his son and seventh wife, debating over which will is the correct one.

We have all seen movies or news stories where major legal battles erupt after someone passes away. It is sad, but you truly do not know someone until you share an inheritance with them.

If your estate is contested, the legal process can be lengthy and expensive, delaying the distribution of your assets to your intended beneficiaries. The reasons a court might find your documents invalid can vary depending on the unique facts of your situation.

How Should You Talk to Your Parents if You Suspect Their Financial Affairs Are a Mess? DISCUSSING MONEY IS ALWAYS DIFFICULT—WITH YOUR PARENTS, IT'S EVEN WORSE How can you find out what's going on? Let's discuss a few ideas on approaching this conversation and give you suggestions to help them (and you) get a clearer sense of their financial health.

There are several life-changing events, including changes in the law, marriage, divorce, having a child or grandchild, and losing a loved one. For these reasons and more you may need to consider an update to your estate plan.

Parents of high school graduates often experience a mix of emotions as they watch their children transition from high school to the next phase of their lives.  Parents feel immense pride in their child's achievements, celebrating the hard work and dedication that led to graduation and excitement about the opportunities and possibilities that lie ahead for their child. A freshman year in college is often marked by significant transitions and adjustments as students adapt to a new academic environment, independence, and social life. The Family Educational Rights and Privacy Act (FERPA) imposes certain restrictions on parents' access to their children's educational records once the student turns 18 or attends a postsecondary institution. This means parents no longer have automatic access to the student's educational records. Parents cannot access grades, transcripts, class schedules, disciplinary records, or other educational information without the student's written consent. The lack of access can present real problems. This transition to college comes with a host of new rights and responsibilities, and seeking legal advice can help them and you navigate these changes effectively.

Did you know that once your child turns 18, your parental rights drastically change? You will no longer have access to their medical information, finances, or school records without their consent. As parents we strive to raise well-rounded, healthy, and happy individuals who are prepared to contribute positively to society. While the law considers 18 the age of adulthood, we all know additional guidance and support is needed. College students face significant transitions and adjustments as they adapt to a new academic environment, independence and social life. This transition comes with a host of new rights and responsibilities and seeking legal advice to get the appropriate durable Power of attorney, healthcare power of attorney, HIPPA waiver and Last Will and Testament should not be overlooked. Getting basic estate planning documents in place will help you all sleep better at night. Call our office today to schedule your appointment 248-873-3244.

Under the Federal Employee Retirement Income Security Act (ERISA), your spouse is automatically considered the 100% beneficiary of your corporate retirement account. This means your new spouse will be the beneficiary even if you previously named your adult children or a living trust as beneficiary.

Blue Chip Estate Planning, PLLC helps you maintain control over your assets, deciding who receives what, when, and how. Why should you choose Blue Chip Estate Planning? Robert Steinberg, founder of a registered investment advisory firm with 29 employees and $1.3B under management, has seen communication breakdowns between clients and estate planning attorneys, leading to incomplete estate plans. He founded Blue Chip Estate Planning after meeting Kim Browning, an attorney who truly listens to clients and ensures every detail is managed.

If you want to avoid probate, a revocable living trust becomes the primary estate planning document you need. When people think about estate planning, a lot of times, a last will and testament is top of mind. Unfortunately, a will is only useful once your estate has entered probate. In order to ...

Probate and the Asset Transfer Process We have all watched a movie where the reading of the Will is a turning point of the story. In practice, if you have completed the steps outlined in the funding letter of instruction, your Will should have almost no impact on who is to receive your assets. One of the most misunderstood concepts of estate planning is your Will is your last chance to designate who is to receive your assets and only applies to assets that pass-through probate. 

In years past, an important consideration for many taxpayers was avoiding estate taxes. Estate taxes are owed when your taxable estate (generally your net worth plus the value of any gifts in excess of the annual gift tax limit and the face value of any life insurance that you control) exceeds certain dollar thresholds. 

Eventually you will be unable to manage your own affairs. This inevitability may arise from you passing or becoming disabled. Selecting right individuals to assume these responsibilities is critical to the implementation of your estate plan. Depending on your stage of life there are at least two ...

Once you have decided who will received your assets, determining when beneficiaries should receive their inheritance is often one of the most difficult decisions you will make in preparing your plan. This decision involves a delicate balance between trying to protect your family and how much control you should exert from the grave. In some cases, such as with a special needs child or a child who has demonstrated an inability to handle money, the answer may be never. However, there is no one-size-fits-all rule for determining distribution timing, and recommendations will vary significantly among estate planning professionals.  

The Estate Planning Process For those that have a passion for investing and are willing to commit the time, it is possible to manage your own portfolio.  When it comes to completing your estate plan, you will need an attorney to prepare your documents.  While many general practitioners offer est...

One of the most misunderstood aspects of estate planning is what happens if you die without having prepared an estate plan. A surprising number of people think their assets will be claimed by the state. In fact, each state has statutes that define who is to receive your assets if you die without a plan.  These rules are known as the laws of intestate succession. Unfortunately, they vary by state and often are different than how many people would choose to leave their assets. 

One November 7, 2023, Governor Whitmer signed the Uniform Power of Attorney Act (UPOAA).  The UPOAA was made effective on July 1, 2024, and modifies the Michigan statutes with regard to Durable Powers of Attorney. One of the most important changes is that your Durable Power of Attorney must be signed in the presence of a notary public in order for the document to be considered “durable” and qualify as a “genuine” document.  If the document is not considered genuine, it will not be protected by the UPOAA and if it is not considered durable, the authority that you granted to your agent will terminate upon your incapacity.