So-called “business succession planning” has always presented unique challenges to estate planners. And while there are certainly many challenges to successful business succession planning, due to the limited space available, this article will discuss only one aspect of business planning: The threshold issue of how to plan for a business to pass to the next generation when only some of the children are involved in the business operations.
With little fanfare, at the close of 2016, the Michigan Legislature passed (and Governor Snyder signed) legislation that created a new and dramatically different estate planning option for Michigan residents. These new laws allow for so-called domestic asset protection trusts (DAPT). Here’s what you need to know:
When I talk to clients about their estate planning objectives, and make suggestions as to how things might go smoother, one reaction I sometimes get is: “I don’t really care that much. After all, I’ll be dead.” While I only hear that from a minority of clients, it never fails to make me smile. There’s something so practical about it. (more…)
Unless your estate planning documents provide direction as to how to strike the balance between protecting assets and paying for higher quality of care, decisions will be made by family members who may have their own ideas, and their own interest in your estate.
As an elder law attorney who also does estate planning, I’ve noticed a marked increase in client couples with dual incomes and no kids (so-called “DINKs”). While my experience in elder law informs my planning across the board in no area of the practice has this perspective been more valuable than in planning…