By Catherine Gagnon

As the old saying goes, “the days are long, but the years are short.” Think back five, ten, or  twenty years. What did your family look like? What did your life look like? Chances are, things were a little different than they are now. Hopefully, you were blessed with births and marriages, welcoming new people into your families. But maybe you also lost family members to death, divorce, or estrangement. Children who once needed guardians and conservators may now be adults, and grandchildren might need planning now. A beneficiary may face creditor issues, divorce, or difficulty managing money. The people you originally chose as your personal representative, trustee, agent, or patient advocate may no longer be the right people to serve.

Estate planning is not a “set it and forget it” decision. Your estate plan should reflect the family and relationships you have today. As key aspects of your life evolve, so should your plan.

The law changes, too. Federal estate and gift tax rules have evolved significantly over the past decade. While tax issues were once the main driver of estate planning considerations, current federal exemptions are so high that this discussion is now on the back burner… until things change again.

Michigan also adopted the Uniform Power of Attorney Act, effective in 2024, changing the legal framework governing financial powers of attorney. These changes can affect how older powers of attorney work and whether they still accomplish what you intended. The best time to test your incapacity documents is when you still have the capacity to modify them. If you wait until you need them to ensure they work, it might be too late.

Technology has created another area that deserves attention. Consider how much of your life now exists on your phone or online. Who can access your digital photographs, financial information, email, social media accounts, cryptocurrency, or other digital assets if you become incapacitated or die? Your estate plan should account for these assets and identify the people who should have appropriate access to them.

Finally, your personal circumstances and the assets you actually own today might be very different. Was your trust ever fully funded? Have you acquired new real estate, investments, retirement accounts, or a business, and are they properly titled? Have you moved to or from Michigan or purchased property in another state? Are your beneficiary designations on retirement accounts and life insurance policies still correct? Have your charitable interests changed? These details can significantly impact whether your estate plan works as you intend today.

When was the last time you reviewed your estate plan? If it has been five, ten, or twenty years, now is a good time to take another look. Contact our office to schedule an estate plan review. We can help you evaluate your current documents, assets, beneficiary designations, and personal circumstances and identify any appropriate updates.

By Catherine Gagnon

Michigan’s Unclaimed Property Program holds millions of dollars in forgotten assets, including old bank accounts, uncashed checks, insurance proceeds, and stock certificates. You may even be entitled to claim property belonging to a deceased family member.

Searching for and claiming unclaimed property takes only a minute and is completely free: https://www.michigan.gov/unclaimedproperty.

By Phil Harwood

Surprisingly, only 1 in 4 companies have a succession plan. Because of this, a highly relevant question for business owners is, “Are you ready to exit your business?”

I work with business owners every day. The Baby Boomers are definitely looking to exit their businesses. But many aren’t ready to do so, not because they don’t want to, but because they haven’t properly prepared for their exit.

My younger business owner clients generally have other priorities and don’t want to discuss exit planning at all.

The problem is that we never know when some unplanned event will occur and potentially creating a crisis at the worst possible time. Having a well-designed exit plan (and estate plan) is a much better scenario.

I recently attended a business law conference where we discussed current hot topics and seminal court cases. In Welsh v. Welsh (2024), there was a dispute about who actually owned the business. The key takeaway was that businesses should seek counsel to review organizational documents, buy-sell agreements, insurance policies, etc. to ensure that ownership interests are handled properly.

Triggering events that cause such disputes are things like death, disability, retirement, divorce, bankruptcy, termination of employment, or breach of fiduciary duty.

Another issue that arises is shareholder oppression. In Franks v. Franks (2019), the court established precedents for cases involving minority shareholders claiming oppression. Whenever a business has minority owners (owning less than 50% of the shares), tensions may arise over valuation, distributions, etc. The key takeaway as that businesses should have clear operating agreements, dividend policies, and transparency among owners.

These cases represent only a couple of the many issues involving exit planning. If you’re a business owner, let’s have a conversation about your exit. You may not be a ready as you think you are.

As you consider your exit, I highly recommend reading The Tamarisk Method, by Tabetha Hart. This easy-to-read page turner may provide the inspiration and insight you’ve needed to get started on your exit plan.

If your not a business owner, who do you know that would benefit from this article? Or a copy of The Tamarisk Method?

Now Go Forth.

By Catherine Gagnon

When people hear the words estate planning, they often picture sprawling estates, vacation homes, and millions of dollars in assets. That misconception keeps many families from creating a plan that would benefit them.

Estate planning serves anyone who wants to make sure their wishes are carried out. Whether you own a home, have retirement accounts, run a business, or simply want to make life easier for your family, an estate plan can provide clarity and peace of mind.

Without a plan in place, important decisions may be left to the courts or dictated by state law. That can create unnecessary delays, added expenses, potential disputes, and stress for your loved ones during an already difficult time.

A comprehensive estate plan can help you do many things – decide who will receive your assets, name guardians for your minor children, appoint someone to make financial or medical decisions if you become unable to do so, help your family avoid unnecessary complications after you pass away, or protect a family business or prepare for a smooth ownership transition.

While the cost of a comprehensive estate plan depends on the complexity of your situation and assets, the cost alone should not be a deterrent. A lot of things can be achieved with deeds and beneficiary designations, and the attorneys at Tamarisk Legal Advisors will work with your budget to help you achieve your goals.

At Tamarisk Legal Advisors, we believe estate planning is for anyone who wants to protect what matters most. Every family is different, which is why we tailor every estate plan we create to our clients’ unique goals, values, and circumstances.