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Bill Wurst, a 1959 alumnus in electrical engineering left $4 million to the MSU College of Engineering as a gift from his estate. The gift was designated for the greatest needs of the college, giving the family and the college the flexibility to apply it where it would do the most good. Wurst had spoken […]

Whether it’s a farm or a manufacturing facility, family businesses are a key part of the global economy. Family business owners are not always very good about keeping their estate plans up to date. Circumstances change: the value of the business may grow or shrink, relationships within the family may change, and tax laws change. […]

Trusts are the misunderstood poor cousins of wills. They do not have to be overly complicated and, depending on the circumstances, may be better than a will for achieving certain estate planning goals. More people than you would think should consider using a revocable trust to dispose of assets, as discussed in MoneyWatch, “5 reasons […]

In most households, one person pays the bills and the other person hopes that things are being handled correctly. All too often, when the bill-payer passes away unexpectedly, the spouse or children who are left behind must scramble to figure out how to pay utility bills, locate assets, figure out who the insurance agent is, […]

Sitting down for “that conversation” with family members is never an easy thing when it comes to planning for the next generation to take over the family business, especially when the business is a farm. But succession planning for farm families is a critical piece to ensure that the land and the business continue for […]

Successfully achieving a tax-efficient transfer of the family business across the generations requires good estate planning that is regularly updated to adapt to changing situations. Most family business owners do have estate plans in place, but they are often out of date, and this presents problems. Family businesses matter in a way that might be […]

One of the most commonly-asked question to estate planning attorneys is “How much money do I need to retire?” The two questions underlying that question: how long will I live, and do I have enough money?  If your health is good and your health habits are good, you may live longer than your parents, although […]

Couples who are expecting their first child are busy with decorating the nursery and taking childbirth classes. In addition to planning for their financial future, estate planning should be a high priority to-do item. They need to purchase life insurance, set up a college fund, and answer one of the most unpleasant questions of all: […]

Trusts are a time-tested pragmatic tool to help individuals and couples achieve specific goals, whether they are related to transferring assets, managing tax liabilities or protecting yourself or your family from other financial threats. Trusts are not just for the wealthy. However, they are not do-it-yourself projects. There are many different kinds of trusts, and […]

Estate planning may sound like something that only fabulously wealthy people need to do, but nothing could be further from the truth. If you are an adult, you need an estate plan. If you have children, you really need an estate plan. And if you own something that you would like to give to someone […]