The Importance of Consistently Updating your Estate Plan

Estate plans should be updated every few years to ensure they accurately represent your wishes and provide the best benefits possible to your loved ones. Estate planning is something that every adult should take the time to complete, no matter their age or financial status. Whether you prefer to create a standard will or need to make a more comprehensive estate plan or set up a trust, an experienced estate planning lawyer can help you through the process more easily. However, it is important to remember that drafting an estate plan is not a one-time experience. A big mistake many people make is creating an estate plan, and then failing to update it every few years to account for inevitable changes that occur. What Should You Do to Keep your Estate Plan Current? If you have an estate plan in place, you need to take time every few years to review it with your estate planning attorney. Look for changes that need to be made regarding dependents, accounts, assets, debts, beneficiaries, personal representative, agents and trustees. It is also important to consider who you have designated as your representative should you need emergency medical care and are unable to make [...]

By |2017-01-01T11:25:54+00:00July 7th, 2015|Michigan Legal Solutions|Comments Off on The Importance of Consistently Updating your Estate Plan

Business Law Insights: Which Business Entity Is Best for You?

When creating a business, it is important to consult a business law attorney to understand the unique differences between each business entity type and determine which entity best meets your business needs. The initial stages of starting a business are exciting because this is the time when you lay the foundation for future success. For many people, this early time of setting goals, creating products and services, and building towards the future are filled with excitement, enthusiasm, and energy. During this period of creative effort, it is also important that business owners invest the necessary time and attention into careful planning. By creating a solid business plan, owners are able to develop a strong foundation for their business so that it can grow in a sustainable and successful way into the future. One essential component of business planning is deciding on the best type of business entity to use. It is important for business owners to consult a business law professional when deciding which kind of entity to form. There are four different kinds of business entities which each present their own list of positive and negative factors. These include: Sole Proprietorship This is the most common kind of business [...]

By |2017-01-01T11:25:58+00:00June 11th, 2015|Michigan Legal Solutions|Comments Off on Business Law Insights: Which Business Entity Is Best for You?

United States Supreme Court Hands Defeat to Struggling Homeowners Who File for Bankruptcy

Underwater homeowners who file for Chapter 7 bankruptcy protection are still liable for secondary loans tied to their properties, the Supreme Court said on Monday. In a unanimous decision, the Court in Bank of America, N.A. v. Caulkett said that underwater borrowers, i.e., those who owe more on a mortgage than the home is worth — cannot void or “strip off” a completely unsecured junior lien when they file for Chapter 7 bankruptcy protection. A junior lien, such as a home-equity loan, is taken after a first mortgage, and uses the home as collateral for repayment of the loan. In Caulkett, two borrowers each had two mortgages on their homes, with Bank of America holding the junior liens. Both borrowers owed more on their first mortgages than their homes were worth and filed for Chapter 7 bankruptcy protection. The borrowers wanted to “strip off” the junior mortgages to eliminate those debts completely The Supreme Court, citing a decision from a 1991 case, Dewsnup v. Timm, that involved a partially secured claim, held that the lenders still have a secured claim, “regardless of whether the value of that property would be sufficient to cover the claim. The Caulkett decision is a [...]

By |2017-01-01T11:25:59+00:00June 11th, 2015|Michigan Legal Solutions|Comments Off on United States Supreme Court Hands Defeat to Struggling Homeowners Who File for Bankruptcy

Protect Your Property and Interests with an Experienced Real Estate Attorney

Real estate attorneys protect the interests of their clients involved in a variety of real estate transactions including leases, sales, and purchases. Whether you are considering leasing, selling or buying a residential or commercial property, we highly recommend that you consult a real estate attorney to ensure that your interests are properly protected. At Seglund Gabe Quinn Elowsky & Pawlak, PLC, we offer a wide range of legal services that pertain to real estate, including the purchase, sale or lease of residential or commercial property. We have all heard horror stories from friends and co-workers about miserable experiences they have had at or after real estate closings. While it is generally important to have attorney representation through the closing of the transaction, these kinds of problems can generally be avoided by carefully drafting documents ahead of time that properly outline the terms and conditions for the transaction. How to Get Started Once you have decided to buy, sell or lease real estate, consult a real estate attorney to help you draw up the terms of the initial transaction documents. He or she will discuss your goals for the property and any specific requirements you have in mind. By clearly addressing [...]

By |2017-01-01T11:25:59+00:00June 11th, 2015|Michigan Legal Solutions|Comments Off on Protect Your Property and Interests with an Experienced Real Estate Attorney
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