There is some confusion about the taxes that can be imposed when assets are being transferred after someone dies. People hear the terms “inheritance tax” and “estate tax,” and they automatically assume that they are used … [Read more...] about Is There an Inheritance Tax in Michigan?
Medicare is available to senior citizens that have accumulated at least 40 retirement credits, and you can get as many as four credits each year. You earn credits when you pay FICA or self-employment taxes, and in 2021, … [Read more...] about Recognize the Limitations of Medicare
Before we look at payable on death or transfer on death accounts, we should explain what probate is and why people try to steer clear of it. If you utilize a will as your asset transfer vehicle, the executor that you … [Read more...] about Is a Payable on Death Account a Probate Avoidance Solution?
There’s a way to make a charitable gift and yet be able to influence where it goes and how it’s invested. This can be very handy if you want to time your charitable giving for income tax reasons. Read on to learn more. … [Read more...] about Donor Advised Funds: Too Good to Be True?
Irrevocable Trusts have long been an effective, albeit static, estate planning tool. These trusts didn’t always change with circumstance, but now they can. This article explores how. … [Read more...] about Changing “Irrevocable” Trusts Through Judicial and Nonjudicial Modification