Inheriting an IRA can feel like a financial blessing—but without careful planning, it can also create unexpected tax consequences. For families in Michigan, the rules changed significantly after Congress passed the SECURE Act (2019) and SECURE 2.0 (2022). If you inherited an IRA from someone who...
When most people think of estate planning, they picture a Will, maybe a Trust, and the peace of mind that comes from having everything “in order.” But there's a silent detail that can make all the difference for Michigan families: beneficiary designations. Overlooking this step can turn a straigh...
Let's be honest-when most people hear “estate planning,” their minds leap to numbers, legal documents, and maybe a vague sense of dread. But if you scratch beneath the surface, estate planning is about something far more personal: the stories, memories, and sometimes the emotional landmines that ...
A revocable living trust is a powerful estate planning tool that can help you manage your assets during your lifetime and efficiently transfer them to your beneficiaries after your death. An important aspect of a living trust is the role of the successor trustee. Let's explore this important posi...
Michigan's recently updated Power of Attorney (POA) law brings important changes that may affect how your estate is managed in the future. Whether you're drafting a new POA or revisiting an existing one, it's essential to understand these changes to ensure your wishes are fully honored.
The probate process can seem daunting, especially when navigating the myriad of assets left behind by a loved one. While many assets pass through probate, some may bypass this legal process altogether. Understanding this distinction is crucial for beneficiaries and executors. Let's explore these ...
When you're named a beneficiary of a trust, it's natural to have questions about your inheritance and the trustee's actions. Knowing your rights is essential in ensuring transparency and fair management. Here, Andrew Byers, a Troy trust lawyer shed light on the powers and responsibilities at play...
Inheriting an asset can be a mixed blessing. While it might signify a meaningful bequest from a loved one, it also comes with its own tax implications. One of the most significant tax features to understand when inheriting property is the "step-up in basis". As an estate planning attorney in Troy...
It is tough to know when you should step in and help your parents with their finances. You may go back and forth about when to take over. Deciding whether your parents still have the cognitive ability to manage their money is a difficult call to make. A recent report reveals why it may be importa...
When it comes to establishing wills and estate plans, older Americans outpace their younger counterparts. Still, a significant number — 19 percent of those over age 72 and 42 percent of those between 53 and 71, according to survey data — lack any type of estate plan.
Siblings do not always receive equal shares of a parent's estate. Sometimes the inequality is intentional and sometimes it is accidental. Regardless of how it happens, it can cause arguments among the children. However, there are some steps parents can take to promote family harmony. If you inte...
Andrew Byers is an estate planning, elder law, and probate attorney in Troy, Michigan with 29 years of practical experience you can use to safeguard your savings and protect yourself. I strive to help my clients avoid and solve problems with clear, effective, and affordable legal services and counsel. I advise clients in Troy, Michigan and surrounding communities in Oakland County and the rest of Metro Detroit. Take the first step to obtaining peace of mind by contacting me using the online form or by calling (248) 469-4261.
Andrew Byers, PLC is committed to answering your questions about Estate Planning, Elder Law, and Probate Law issues in Michigan.
We'll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.
