Asset Protection

Despite disagreement, the Iowa Supreme Court has upheld a state law that once a person has reached age 60, they may be considered vulnerable adults in need of special production from elder abuse. Judith Chapman, a 69 year resident of Grimes, Iowa obtained an elder abuse protection order against her adult son. At issue was…

Leaving assets to your heirs is a great thing, but leaving an IRA to heirs requires knowledge and prior planning, as mistakes can be costly. If you pass away without using up all of the funds in your IRA, it’s very important that your heirs work with an experienced estate planning attorney so that there…

IRAs are great for saving for retirement.  However, when it comes to inheritance, the rules are complex and advice is often flawed. Here’s the hard truth: the rules concerning distribution of IRAs as part of inheritance are complex and inflexible. When heirs get the wrong advice, the results are disastrous. Few financial professionals, from bankers…

Savvy, sophisticated trusts have protected the Detroit Tigers and their family owners. While members of the Ilitch family are known as the owners of the Detroit Tigers, the Detroit Red Wings and MotorCity Casino Hotel, they don’t actually own the Tigers. That’s why they have a family trust. Mike Ilitch purchased the team in 1992…

There’s no way to know if the years will be kind to you and your spouse. Taking good care of your health now, while adding healthcare costs to retirement planning, is a wise move. Sometimes we are so focused on issues like relocation and caring for aging parents that we forget to plan for the…

Asset protection is growing for wealthy families and the DAP is a useful tool. Created originally by attorneys in Alaska and Delaware in 1997, there are now 17 states, including the newest addition to the DAP club, Michigan, that permit wealthy families to use a Domestic Asset Protection Trust to shield assets from creditors. The…

Way back in 1957, a trio of rock legends died in a plane crash. That night, Bobby Vee took the stage in their place and became a teen idol with a long string of squeaky clean rock ‘n roll hits. The children of singer Bobby Vee, whose real name was Robert Velline, are engaged in…

Most people only learn about the difference between these two taxes when they are creating an estate plan or settling an estate. Depending on the state, heirs are surprised when they learn that their inheritance will be diminished by death taxes: an estate tax and sometimes an estate tax and an inheritance tax may take…

It’s a great year–you’ve finally retired or you are retiring really soon and you’re excited to start your new life. But wait… did you just hear that your Social Security benefit may be taxed? Taxes are a good reason to take a second and third look at your retirement income plan, even if you’ve already…

Maybe this happens so often because it’s so simple. Take the time to review your beneficiary designation, unless you want to give an ex-spouse a nice surprise. The latest generation of retirees has spent years planning, saving and investing for their version of retirement, which they expect to be very different than their parents’ retirement.…