Advocacy is an important need of older adults as they strive to preserve their independence and protect their interests. For example, strong advocacy is needed to: protect life savings, deal with incapacity, find quality long-term care (whether at home, in assisted living or a nursing home), and qualify for government benefits to pay for long-term care (such as Medicaid and VA benefits). Elder Law attorneys use specialized legal tools and strategies to augment the “advocacy power” of older adults facing these situations. Read more
Individuals 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
Estate 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.
Many 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: