Why Estate Planning for Small Business Owners Is Important Imagine the following scenario: you run and own a small business that has taken years of hard work to make successful. However, the heart and brains of the company exists in a single person or a few key employees. The key employee can be anyone, such …Read More
Michigan’s Holographic Will Requirements Under Michigan’s Estates and Protected Individuals Code (also known as “EPIC”), a will is valid if it is in writing, is signed by the testator (the person making the will) and is witnessed and signed by at least two other individuals. However, a will can still be considered valid even if …Read More
Piercing the Corporate Veil Basics As many of you probably already know, one of the advantages of running a business as a corporation is the ability to limit the liability of its shareholders (owners). Generally speaking, shareholders are only liable for the amount of money they put into the corporation (in other words, their investment). …Read More
Use Estate Planning and Avoid Probate When a person dies, his or her assets are disbursed in accordance to his or her will or in accordance with the state’s intestate succession laws. Either process can occur through probate, which is essentially the legal process by which a decedent’s (person who has died) assets and debts …Read More
Probate Process in Michigan What is probate? In its simplest terms, probate is the legal process where the decedent’s (the person who has died) debts and liabilities are paid and the decedent’s assets are distributed to heirs (individuals receiving property if the decedent did not have a will) or devisees (individuals receiving property pursuant to …Read More
