Planning

 
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Why would I contest a Will or a Trust?
 
If your loved one’s Will or Trust is not what he or she really intended, there are corrective actions you can take so that your loved one’s wishes are properly carried out. Who can contest a Will or a Trust? A beneficiary of a Trust, a devisee of a Will, or someone who would have inherited if the deceased died Intestate (without a Will/Trust) has standing to contest a Will or a Trust. Under Michigan Law, spouses, children, grandchildren, parents and in certain circumstances, siblings, are considered interested persons, if the deceased died Intestate. What consequences should I be concerned with if I contest a Will or a Trust? Most Wills and Trusts have clauses in them stating that any interested person or beneficiary who contests the Will or the Trust will forgo their rights in the same – commonly referred to as a “no contest” clause; however, under Michigan Law, a “no contest” clause is only given effect if there is no probable cause for challenging the Trust/Will. MCL § 700.2518. In other words, the consequences of a “no contest” clause will only kick in when there was no reasonable basis (probable cause) to challenge the Trust/Will. What facts give you probable cause to challenge a Trust/Will?
The most common reasons for challenging a Trust/Will are: The deceased lacked capacity when the Trust/Will was made; Undue influence by another (oftentimes, a close family member); Fraud; The existence of a more recent Trust/Will; or The Trust/Will was not executed properly (not witnessed or signed properly). The Take Away. If your loved one’s wishes are not carried out as they intended, and you have a reasonable basis for that belief, per the common reasons above, you can challenge the Will/Trust.
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By Jonathan Arnold

Manager, Inlanta Mortgage Grand Rapids

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Can a Trust own and manage my business? The short answer – yes, it can; however, there is more to it. Trusts can own businesses and manage them for the benefit of your heirs, but there are nuances to consider.

S-Corp thoughts/considerations. For example, if your business is an S-Corp, you avoid corporate taxation, double taxation, because the shareholders receive the income and losses from the business (S-Corps are “pass through” tax entities). In other words, the business income gets treated like personal income for the shareholders, although certain exceptions apply. An S-Corp:

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Maybe you just graduated college and landed your absolute dream job. Or maybe you have been working with the same company for ten years now and are considering a change of career. Regardless of what your situation is, one main source of focus should remain a constant; your workplace benefits. Having benefits in your workplace, and better yet; understanding what those benefits are is a very important aspect you should keep in mind as you are looking to start your career or perhaps exploring the idea of changing jobs. After all, millennials are the “job-hopping generation.” There are numerous staples to your financial future that a workplace can offer, many of these unfortunately tend to slip the mind throughout the application process. Beyond the seemingly bare minimum 401k match, keeping in mind benefits such as healthcare coverage, flexible schedules & vacation time, student loan repayment, and career & personal development should all be taken into consideration! Your future is much more complex than the dollar figure of your paycheck every week.
 
In today’s world, having healthcare coverage through your employer is one of the most important benefits to consider, and a huge factor for deciding if you’ll take on a new role at a new company. The future of the current healthcare system remains uncertain, so having guaranteed coverage provided by your employer is beneficial in more ways than you may think. For starters, you get to keep more money in your own pocket; which can be huge for young families that are just starting out. Not worrying about finding coverage on the healthcare exchange and having deal with that headache can really save you stress in the event something was to ever happen. Finally, many employers want to keep their employees healthy and will often throw in gym memberships and health classes as an added bonus, brownie points for getting fit!
 
Another point to consider when looking into a new job, is work-life balance. In today’s day and age, it seems to be more and more difficult to manage the roles and responsibilities of being an exceptional employee, along with the health and wellness of your home and social life. There is a never-ending stream of “things to get done and places to be,” whether it’s with your spouse, work colleagues, children, family, or even just downtime with friends. If you find yourself constantly exhausted from a the seemingly never ending pull of your time and energy, a flexible schedule should be taken into careful consideration before signing the dotted line on your new job offer. Now that being said; most of us won’t get a “work when you can” type of job, but this thought process also pertains to vacation time. Two weeks’ vacation may sound great at first, but as you soon find out, that grandma’s birthday and your best friend’s Bachelor party have single handedly eaten through all your time off...you may find yourself reconsidering. Moral of the story here, understand the demands of your life and ensure before you sign that offer, that your personal life and emotional wellbeing won’t suffer as a result.
 
A sore subject among many millennials...student loans. Student loan debt is, and seems to continue to be a significant burden to the millennial budget. There are now more than 44 million college graduates who have amounted more than $1.3 trillion in student loan debt, yes you read that right...trillion. After making payments for months and even years, it seems like that loan burden will always be present. It is tough for millennials just starting out to balance finances when you hit the ground running backwards entering the workforce already owing, for some, tens of thousands of dollars. Working an entry level job because you don’t have experience all the while trying to make it on your own with high rent costs, student loan debt, credit card debt, and all the other bills you’re responsible for can make the future can look pretty glum. For many millennials, the reality of this has left them with very little (if any) money left over for anything else. Now, how does this fit into what to look for when applying for a job other than how big the salary is? One of the trending employee benefits for 2017 is student loan repayment, hallelujah! There is a light at the end of this tunnel! This benefit is monumental in helping young employees move forward in their early stages of life and is making jobs that much more competitive. Keep an eye for this up and coming benefit in the job market, it’s definitely one of the rising stars to making a company attractive to work for.
 
Your job is much more than just your salary or your paycheck. The people you work with become sort of like your second family, and your office your “home away from home.” You spend most your time with colleagues during the week, and most of the time they end up knowing you better than your best friends. You will grow close with your bosses and their desire to ensure you do well will increase as your relationship grows; after all...if you do well, the company does well too. You want to ensure that you will be setup to succeed and the people and environment you’re working in will be one that you can prosper. When your company invests time and money into you to help develop you as an employee, they have an incentive to keep you around and keep you happy. It is important to be challenged each day, so work to find a job you love, stick to it, and develop your skills to work your way up the corporate ladder! The people and the environment are a key component to your success!
 
Like I said in the beginning, we are the generation of job hoppers. With more and more college educated millennials entering the workplace, companies have had to get creative with their benefit packages to keep millennials from continuing the job to job trend. When looking for a new role or when negotiating your offer, it is ok to play hard to get! You are an asset to them...remember that. There are a lot of great benefit packages out there and it is well worth holding out for the one that best suits you. Understand your options and be selective in your decision, the choices you make today have a serious impact on your career and future.
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I suppose there are a lot of lighter topics that one could talk about on the dawn of a new year, however in my line of work every year around this time I find myself providing counsel to individuals and couples that have decided to go their separate ways. Generally, it's not the holidays or the new year that actually done the relationship in. Although the stress of the holidays coupled with unwanted conversations over politics with in-laws that may have over stayed their welcome certainly doesn't help a struggling couple find their way. Typically, the relationship has been broken or been breaking for a long time leading up to these conversations.

It's never easy for someone to open up about personal matters such as this and quite frankly especially when there are children involved, it can be a very emotional conversation. I decided to lay out some of the biggest takeaways and advice that I could give to someone facing the breakdown of a relationship and the prospect of a divorce or separation.

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