Category Archives: Financial Planning

Estate Planning Workshop: Until Death Do Us Part… Then What?

Estate Planning Workshop:  Until Death Do Us Part… Then What?

Tuesday, November 7
6-8:30 p.m.
Livonia Civic Library
32777 Five Mile Road
Livonia, MI

A spouse’s death is possibly one of the most devastating events one can experience.  On top of the immense grief, many also feel the overwhelming burden of “what to do next.”

Join Linda Davis Friedland, an estate planning attorney at CMDA, along with other professionals as they discuss the impact of grief, emotions and how to avoid common mistakes as you plan your next steps.  This workshop is geared toward recent widows and couples who wish to have a Surviving Spouse Financial Plan.  Topics covered include:

  • Wills and trusts
  • Collecting Benefits
  • Estate settlement
  • Beneficiary updates
  • Compiling assets and liabilities

Presenters:
Linda Davis Friedland, CMDA
Paula Swain, Swain Financial
Bridget Elkins, Grief Recovery Specialist

To register, please contact (734) 738-6300.

Linda Davis Friedland is an attorney in the Livonia office of Cummings, McClorey, Davis & Acho, P.L.C. where she concentrates her practice on elder law, guardianships, conservatorships, wills, trusts, estate planning, probate administration, trust administration, and litigation in probate court. She also handles matters involving business law, business succession planning, commercial litigation (UCC), contract disputes, shareholder disputes, employment and labor law. As part of her business law practice, she defends creditors against lawsuits filed by aggressive bankruptcy trustees.  She may be reached at (734) 261-2400 or lfriedland@cmda-law.com.

CAREGIVER EXPO – A Must For Caregivers!

Caregivers – Don’t miss out!  Take advantage of the  “Solutions for Family Caregivers Expo” tomorrow (Saturday, October 14) from 9 to 2 at the Suburban Collection Showplace located in Novi, MI.  This is a once-a-year event, and only every other year in Oakland county.

I will be there alongside Jim Schuster, Elder Law Attorney, for the afternoon session called “Elder Law Mini-Course for Caregivers.” Drop by our booth. I’d love to see you and personally give you resource materials that will help you be a more informed and effective caregiver.

At no charge, you have access to many experts in seminars on topics such as: maximizing Medicare benefits, caregiver health, hospice, protecting assets, dealing with dementia, grief recovery, getting quality medical care, and elder law.  You’ll also have access to an exhibit hall stuffed with businesses providing support services to caregivers.  Thousands will attend this event.

Here’s the link for more information about the breakout sessions, times and directions: Caregiver Expo

 

I hope to see you tomorrow!

Virtual Currency Shouldn’t be Overlooked when Putting Together Estate Planning Documents

Gene Richards_8x10@300Virtual currency may not show up in portfolios of many senior adults, but it shouldn’t be overlooked when putting together wills, trusts and powers of attorney. Not surprisingly, a national survey on consumer use of virtual currencies found that among those 65 or older, 75 percent said they were “very unlikely” to purchase Bitcoins. However, some seniors are trendy and tech savvy and might have a virtual currency “wallet.” Here’s a well written blog article on the importance of addressing bitcoin and other virtual currencies in the estate planning process. I’ll add that it is also critical to identify all assets and resources when trying to qualify for Medicaid and VA assistance to pay for long-term care.  Without adequate planning a legal representative, whether agent under power of attorney, personal representative (a/k/a executor) of a will, or trustee of a trust will have difficulty dealing with unique property, such as virtual currency, if the owner is incapacitated or has died.

The elder law and estate planning attorneys at Cummings, McClorey, Davis & Acho, P.L.C. (CMDA) regularly assist clients in planning with unique assets, such as virtual currency.  Even if it is too late to plan, the CMDA attorneys can still help by petitioning for the appointment a conservator in the local probate courts.  Gene Richards may be reached at (734) 261-2400 or nrichards@cmda-law.com. 

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

Read more

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.

Read more

« Older Entries