How Will Getting a Divorce Affect My Estate Planning
Getting a divorce is never an easy process; it is emotional and stressful for all involved. For younger couples, children and family estate planning are likely a top concern. For older couples, long-term care, retirement plans, and inherited assets may be more significant concerns to think about. Keep reading for some things to consider about […]
When Is Guardianship of an Elderly Parent Needed?
When people think of guardianship, they often think about children or disabled adults who need care. However, guardianship of an elderly or aging adult, is also fairly common. While the process is similar, there are some distinct differences between adult guardianships and minor guardianships. Additionally, the legal guardianship process can be complex. At Michaelson Law, […]
Estate Planning or Elder Law: What Do You Need?
As you get older and begin to plan for living life in retirement, you may hear the terms “estate planning” and “elder law” brought up regularly. There are some clear differences between estate planning and elder law, but they also have some important similarities. Even though these two types of law are technically utilized for […]
Can My Trust Own My Business After Death?
The answer to the title question depends on a few factors, but, in general, yes —your trust can own your business after you die. There are several factors to consider, including the type of business and the type of trust. Is your business a limited liability company (LLC), a partnership, a corporation, or a sole […]
What to Do If a Family Member Dies Without a Will
Estate planning is an important process that includes setting up trusts, wills, and advanced directives. No matter your age or asset level, having a will is beneficial. According to a recent survey, nearly 33 percent of Americans have no estate plan at all, and that includes a basic will. With over a third of the […]
Signs of Elder Financial Fraud and Elder Abuse
Elder financial fraud and elder abuse and two important topics that are important to discuss and be aware of as we age. We like to think that these issues won’t hit us or our loved ones, but elder abuse is much more common than many people realize. According to the World Health Organization, around 1 […]
Estate Planning for Couples with an Age Gap
For couples who get together and are of similar ages, planning for the future is usually a joint effort. Couples who have a significant age gap may have different plans for the future, however. If you are married to someone who is significantly older or younger than you, the future may look different and require […]
Revocable Trusts vs. Irrevocable Trusts
There are many different types of trusts for estate planning purposes. The most common trust types are revocable and irrevocable trusts, and many people wonder if they need one or both to be protected. While there are some similar features, these two major categories of trusts carry different purposes in your estate plan. Both can […]
Reduce Your Risk of Probate Litigation
There are many family circumstances that can increase the risk of probate litigation when someone passes. They all come down to basically the same fight: families disagreeing on how to handle the estate of a loved one who dies. High-risk factors that often bring about probate litigation can include sibling rivalry, a large estate, second […]