Category Archives: Financial Planning

Property and Health Care Decision-Making Agents for MS Client

Video 4 ImageWe want to share a series of videos (5 total) that demonstrate how Elder Law attorneys can help those with MS.  The forth video focuses on Property and Health Care Decision-Making Agents.  When an individual is diagnosed with MS, preparing for medical and financial decision-making by other people is a necessity. The video outlines what legal documents must be in place to ensure wishes regarding financial management and healthcare will be honored.

These videos were produced through the collaborative efforts of the National Academy of Elder Law Attorneys (NAELA), the National Multiple Sclerosis Society, and Stetson University College of Law.  The videos will be posted on successive days.  Or you can go directly here to watch them all at once.

The elder law team at CMDA is experienced in helping vulnerable clients of every age.  We are available to assist younger individuals dealing with a disability or debilitating illness such as MS.  We help our clients maintain quality of life and preserving independence for as long as possible. We hope you find value from these videos.  We also welcome your feedback.  Contact Gene at CMDA’s Livonia office by calling (734) 261-2400 or by email at nrichards@cmda-law.com.

Coordinating Attendant Care and Available Resources for MS Client

Video 2 ImageWe want to share a series of videos (5 total) that demonstrate how Elder Law attorneys can help those with MS.  The second video focuses on Coordinating Attendant Care and Available Resources.  People with MS, along with their family members, frequently engage caregivers from outside the home to assist in their care and provide respite for the family.  Doing so must be done carefully to ensure all legal and tax requirements are met and eligibility for public benefits is maintained.  This video focuses on the ins and outs of the various options for obtaining needed attendant care.

These videos were produced through the collaborative efforts of the National Academy of Elder Law Attorneys (NAELA), the National Multiple Sclerosis Society, and Stetson University College of Law.  The videos will be posted on successive days.  Or you can go directly here to watch them all at once.

The elder law team at CMDA is experienced in helping vulnerable clients of every age.  We are available to assist younger individuals dealing with a disability or debilitating illness such as MS.  We help our clients maintain quality of life and preserving independence for as long as possible. We hope you find value from these videos.  We also welcome your feedback.  Contact Gene at CMDA’s Livonia office by calling (734) 261-2400 or by email at nrichards@cmda-law.com.

New Tools for Asset Protection and Estate Planning

Asset Protection ImageIndividuals in Michigan seeking to protect assets from creditors no longer have to transfer their assets to Delaware, Nevada or Alaska.  Effective February 5, 2017, the Qualified Dispositions in Trust Act, Domestic Asset Protection Trusts, Public Act 330 of 2016, will allow the owner of trust assets to retain and protect his or her assets from creditors, while still retaining the power to direct investment decisions, the power to veto distribution

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Estate Planning: A Continuous Process

Living Trust and Estate Plan ImageEstate planning is a continuous process and estate plan documents should be reviewed at least every decade and upon any major changes in lifestyle or family structure.

A basic estate plan includes a Will, a Medical Power of Attorney, and a Durable General Power of Attorney for financial matters.

A Will addresses the distribution of assets, paying debts and taxes, and providing guardians and conservators for any minor children.

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Contributing to a Roth IRA through the Backdoor in 2017

Roth IRA ImageMany high income earners believe that they cannot contribute to a Roth IRA.  This is because they are unaware of the loophole they can use by contributing through the backdoor.

The income limitations imposed by the Internal Revenue Service create the perceived barrier.  For 2017, the income and contribution limits for a Roth IRA are as follows:

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