The SECURE Act (Setting Every Community Up for Retirement Act) passed into law effective January 1, 2020. Although it is uncertain how the act was named, it is certain that this act will significantly impact estate, tax and income planning for baby boomers and their children. This act will force Americans with IRAs and other…
Continue reading ›A year into the “new VA regulations” it is clear that planning for VA benefits is still a viable longterm care planning strategy. On October 18, 2018 as part of a comprehensive plan to help reorganize the Department of Veterans Affairs and benefit programs themselves, the VA finally adopted new regulations affecting the non-service related…
Continue reading ›11 former workers at the Kent County Home for Veterans face felony charges following a 2016 audit that revealed their mishandling of abuse case filings and staff shortages. Additionally, the staff reported doing 100% of room checks when only about 43% were actually completed according to video surveillance. Reports also showed that the facility faced…
Continue reading ›Michigan Medicaid law is always evolving. Most changes will impact the ability for a family to become eligible to receive benefits to pay for the cost of nursing home care. A recent change creates a favorable planning opportunity for Michigan families seeking Medicaid benefits for a loved one. The regulation allows a community spouse to…
Continue reading ›Michigan Vietnam Veterans living in the Detroit and Grand Rapids areas often seek advice related to agent orange exposure. These claims are known as “service connected” disability claims. Following a change in law in August of 2010, Vietnam Vets can seek disability benefits for “presumptive conditions”. These conditions can include type II diabetes, certain pulmonary…
Continue reading ›Many deserving veterans are often overlooked when considering VA benefits to assist with the cost of long term care. Specifically, Merchant Marines, serving during World War II may qualify for VA Aid and Attendance. During Worl War II, Merchant Marines took up arms to assist in the Pacific and Atlantic to support Allied forces and…
Continue reading ›Now that you know the basic information about fiduciaries from our Fiduciaries: A Closer Look blog article, it is time to consider which individuals or entities are appropriate for these positions. If you live in Metro Detroit or West Michigan we can help you with your estate planning, but first you need to determine who…
Continue reading ›So you live in Michigan and have finally decided to create an estate plan and it is time to choose a fiduciary – but what does that really mean? A fiduciary is an individual that stands in a special relation of trust, confidence, or responsibility in certain obligations to the testator. Michigan law creates several…
Continue reading ›Unlike conventional estate planning documents that deal with transfer of property to beneficiaries upon your death (i.e. last will and testament, or revocable trusts) the durable power of attorney operates during your lifetime and allows you to chose individuals to act on your behalf. At Serafini, Michalowski, Derkacz & associates, P.C., our estate plans generally…
Continue reading ›Estate planning for Michigan residents has become more user friendly over the past few years with the introduction of the Michigan trust Code (MTC) in 2010 and the Estates and Protected Individuals Code (EPIC) in 2000 it is clear that individuals have more power in preparing their own estate planning documents. Despite the more user…
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