Loaning money within a family can always be a complicated proposition, but proper legal guidance can help make intra-family loans an effective option for wealth transfer and keep them from becoming points of contention in personal relationships. In certain circumstances, such loans and notes have clear legal advantages over other forms of wealth transfer.
Advantages of intra-family loans
Estate planning fundamentals
There are many reasons a person may desire to establish an estate plan, regardless of the value of the relevant property or the specificity of one’s end-of-life wishes. Due to the increasing complexity of legal and tax implications of dying without an estate plan for caring for and distributing one’s property after death and defining one’s end-of-life wishes, it is wise for everyone to have some type of estate plan.
A primer on living trusts in Michigan
Probate procedures have long been a contentious issue among those who are attempting to plan for the distribution of their property following their death -- and often more contentious among the survivors of those who did not bother to properly prepare at all! In many states, including Michigan, living trusts have become increasingly popular as a tool to circumvent much of the probate process and retain value within the property of the trust’s creator.
A healthcare power of attorney takes a burden off your loved ones
When taking care of your estate planning, our team at the Bingham Legal Group PC understands that it may be unpleasant to think about end-of-life matters. Additionally, these smaller details may be overlooked when you are focusing on how to divide your assets and property with a will or trust. However, it is just as important, if not more so, for Detroit residents to ensure they have plans that tell their loved ones what they wish to happen in case they are incapacitated.
A special needs trust can address the needs of a disabled adult
If you have a child with a disability, you may rightly be concerned about how to continue caring for the child after he or she is an adult. At the Bingham Legal Group PC, we understand the questions that you and other Detroit residents with special-needs children may have. One particularly pressing question is how to ensure your child is taken care of after you have passed away.
Will your will keep your family from fighting?
Like many Detroit residents, when you plan what will happen to your assets after your death, you are probably hoping to prevent your loved ones arguing over who gets what. The loss of a family member is always a difficult situation, and it may bring out the worst in some. When your children, grandchildren and siblings disagree over who should get which beloved family heirlooms, it could result in ongoing resentment and even permanent family rifts.
What does having power of attorney entail?
While not exactly an estate planning aspect, power of attorney is one method that is often used to protect a person’s interests and assets. Many Detroit residents have been appointed power of attorney over a loved one, or have designated one themselves in anticipation of a condition that would later leave them unable to make important decisions.
