Tuesday with Tom: Recent Episodes
Tom Doyle
Estate Planning Attorney, and life-long Michigander, Tom Doyle, discusses all things related to Estate Planning & Settlement in Michigan, talks about Michigan events, answers your estate planning and settlement questions, and hosts guest speakers.
Today, we’re diving into a headline that’s been circulating more and more lately: the phase-out of the United States penny.
It’s a small coin with a big history—but also a growing cost. So today, we’ll break down why the penny may be on its way out, what that means for you as a consumer, and the simple things you can start thinking about now to prepare.
You’ve probably seen ads promising an easy, low-cost way to draft your will or trust online. But here’s the thing: your family, your assets, and your goals are far too important to leave to a fill-in-the-blank template. Let’s talk about why.
If you listened to Tom's last episode about using a HELOC to prevent a fraudulent transfer of the title to your home, this follow-up episode is for you.
Fraudulent deed transfers are on the rise. In this week’s podcast, I’ll explain why owning your home free and clear can actually make you a target, and how a simple tool — a Home Equity Line of Credit (HELOC) — can help protect your title.
Today we’re talking about a major change in how the federal government pays you—and how you pay the government. Under a new modernization order and Treasury rules, most paper checks are going away. By September 30, 2025, federal benefit payments, vendor payments, and many refunds must be electronic, and your payments to the government will have to be electronic too.
If you're a trustee—or even thinking about creating a trust—this one's for you. Michigan made a quiet but important change in 2018 that most people still don't understand. Here's what the Certificate of Trust does, and why it can save you time, stress, and privacy headaches.
In this episode we discuss the recent updates to estate and gift taxes as part of Trump's 'Big Beautiful Bill.' This episode is essential for anyone interested in estate planning and tax strategies. Tune in to stay informed and make the best decisions for your future!
For many older Americans, love and companionship remain vital—but marriage isn’t always the best financial or legal choice. In this episode of Tuesday with Tom, attorney Tom Doyle explains why staying unmarried later in life can help protect your assets, benefits, and family inheritance. Learn the key issues to consider and how proper planning can provide peace of mind.
In this episode of Tuesday with Tom, we explore the Michigan Fiduciary Access to Digital Assets Act and what it means for your estate plan. From emails and cloud storage to social media and cryptocurrency, Tom explains how your digital life can be managed after death—and what steps you need to take now to protect it. Don’t miss this essential guide to planning for the digital side of your legacy.
In today’s episode of Tuesday with Tom, we’re diving into what really happens if you die without a Will in Michigan. Who gets your assets? What if you have no close family? I’ll walk you through the State’s Intestate Succession laws and explain why having a Will — even a simple one — can save your loved ones time, money, and stress. Plus, I’ll share how Amanda and I can help you create or update your estate plan, and the convenient ways you can get started.
If you’ve ever wondered what a trust actually does or whether you need one, this episode is for you.
Are you confused about trust funding? Episode 317 breaks it down for you! Join us as we simplify the complexities and guide you through the essentials. Don't miss out!
Are you prepared for the unexpected? 💰 In our latest episode, we dive into how much you should really have in your emergency fund! Tune in to Episode 315 and get the insights you need to secure your financial future! #EmergencyFund #FinancialPlanning
Did you know that the political and economic uncertainty you are all feeling puts you at greater risk of death or incapacity? In today's episode Tom explains that increased risk, and why now is the time to get your estate plan in order.
In today’s program, Tom explains how deeding your home to your children during your lifetime can end up costing your children a 20% Capital Gains tax when your home is sold.
Ever wondered if Santa's sleigh full of gifts comes with a side of IRS paperwork? In this festive and thought-provoking episode, we explore whether the jolly old elf is subject to gift taxes.
Did you know that putting your home in a trust can impact your homeowner's insurance? In our latest episode, we dive into the crucial question: Does your insurer know your home is in your trust? Tune in to Episode 309 for insights that could save you from potential pitfalls!
In today's fast-evolving financial landscape, understanding tax reporting for digital assets is crucial. Tune into our latest podcast episode for information on your tax reporting obligations. #DigitalAssets #Finance #Podcast
Understanding the implications of the increased federal estate tax and gift exemptions is crucial for effective estate planning. Join the conversation on how these changes can affect your financial future.
Did you know? Removing your home from your trust might be necessary for Medicaid eligibility in Michigan. Listen to our latest episode for essential tips! #Medicaid #Michigan
Be sure you understand how Michigan's new Uniform Power of Attorney Act, that went into effect on July 1, might require you to replace your current Power of Attorney.
In the realm of estate planning, a Last Will and Testament, commonly known as a Will, is often seen as the cornerstone document. However, there's a common misconception that having a Will in place means your assets won't have to go through probate.
Understanding the different types of Special Needs Trusts is essential for families and caregivers to make informed decisions about their loved one's future financial planning.
In today's episode Tom discusses some the reasons that you might consider using a professional trustee.
If you are considering a reverse mortgage, don't be fooled by these 6 reverse mortgage myths.
If you are considering naming minor children as primary or contingent beneficiaries on your IRA or 401(k), be sure you understand what will happen upon your death.
Enjoy our 8th anniversary podcast in which Tom plays the very 1st podcast from February 23, 2016 "What Is An Estate Plan".
Have you moved since your estate plan was prepared? Finld out if you need to update your documents to reflect your new address.
The Michigan Department of Treasury has millions of dollars in lost or forgotten assets from dormant bank accounts, uncashed checks, valuables left in safe deposit boxes and stock certificates. Celebrate National Unclaimed Proprty Day by finding out if any of it is yours.
Check out this new Tuesday with Tom episode where he discusses whether you should name your children as 'joint' or 'co' successor trustees. It's an informative conversation about estate planning in Michigan!
Did you know that in 2026 most American’s will see their taxes increase due to the expiration of Trump’s tax cuts? Tom discusses the pending changes that might increase you taxes, and what you might be able to do now to minimize your increase.
To begin the new year, Tom reviews many of the 2024 changes relevant to estate planning and settlement, including Estate and Gift Taxes, Retirement contribution amounts, 529 Plans and Michigan Durable Powers of Attorney.
If you have been appointed as financial and/or medical power of attorney, be sure you understand the limits on your authority.
A witness can serve an important function in the execution of your Durable Power of Attorney. Be sure you understand the execution and witnessing requirement for your Durable Power of Attorney.
If you are going to have a trust as part of your estate plan, be sure that you understand important differences between a Testamentary Trust and a Living Trust.
Sometimes, questions that have to be asked to prepare your estate plan are uncomfortable. They are not being asked by the attorney simply to be nosy, but are being asked to make sure that an appropriate estate plan is being prepared for you.
A witness serves an important function in the execution of your Power of Attoney for Health Care. Be sure you understand who cannot be a witness to your Will Power of Attoney for Health Care.
A witness serves an important function in the execution of your final Will. Be sure you understand who can and cannot be a witness to your Will
Be sure you understand how your heirs might be affected by new IRS rules changing how step-up in basis applies to certain assets.
You are sending your student away to college, but does she have theses 2 documents that every college student should have?
In today’s archived episode Tom discusses a case in which a woman in a long-term care facility died because there was confusion about her end-of-life wishes as documented in her chart and her Living Will.
Are you interested in protecting farmland from being developed? In today's podcast Kara O'Connor, from American Farmland Trust, explains what agricultural conservation easements are and how they are used to protect farmland from development.
Tom discusses several ways that SECURE 2.0 Act, signed into law in late December 2022, might affect your retirement planning.
Tenants in Common ... Joint Tenants ... Joint Tenants with Rights of Survivorship ... Tenants by the Entireties. Be sure you understand how you own your Michigan real estate.
As a follow-up to last Week's episode about how to reject an inheritance, Tom discusses 6 times when it can make sense to say No to an inheritance.
Does today’s volatile stock market and uncertain economy have you worried? Tom discusses Certificates of Deposit as investments, and how to make your CD yields higher with a CD ladder.
The Roth IRA "five-year rule" can trigger an unexpected tax bill, even after age 59 1/2.
Enjoy our 7th anniversary podcast in which Tom plays the very 1st poscast from February 23, 2016.
If you are thinking about naming a sibling as a beneficiary on a life insurance policy to manage the insurance proceeds for your minor child in order to avoid probate, STOP! Listen to today’s episode.
If you have a manufactured or mobile home in mobile home park, you will want to listen to this episode.
Calling upon his 40+ years of experience in working with clients, Tom explains what every estate plan must include.
Your age plays a big role in how much you can expect to receive from Social Security and what you need to do to avoid retirement account penalties. Remember to factor these important ages into your retirement plan.
Have you received an Inherited IRA? These are the rules and deadlines you should know to avoid taxes and penalties.
If you don’t want your estate to pay 40% to Uncle Sam, you need to understand scheduled changes to the Death Tax and your planning options.
If you thought that your risk of dying was greater during times of economic uncertainty, would you make sure that you get your estate plan prepared now rather than waiting for better economic times?
Make sure that your family can assess your important online information after you die. Many of the tech companies now make it easy for you to name someone who can access your account after your death.
Are you considering a 1031 like-kind exchange to avoid capital gains tax on the sale of real estate, but don’t want to actively manage real estate? Are you simply interested in an income stream? You might consider a Delaware Statutory Trust (DST).
Don’t accidentally uncap your property taxes when you transfer Michigan real estate. You need to know how to use a Property Transfer Affidavit to avoid uncapping when the transfer is exempt from uncapping.
If you are an older American thinking about getting married, you might be surprised to learn that you might end up paying higher income taxes as a married couple, and be exposing your states to higher Medicaid spend down requirements.
In today's program Tom takes you on a brief tour of the Doyle Law PC Virtual Office, and discusses how our virtual services can work for you.
Did you know that if that child that you sent away to college gets ill with COVID19, or has a serious accident, you do not have any legal authority to know about, or make decisions about, their medical care just because you are their parent? Tom discusses the important legal documents that your child should have to give you that authority.
In today’s episode Tom answers one of the most frequently asked questions by clients whose daughter’s name has changed due to a change in her marital status.
If you are married and own real estate in Michigan, you need to understand how that real estate is protected from creditors, and how you can lose that protection without appropriate action when you create your estate plan.
House stealing is a growing problem for too many homeowners. Learn how someone can steal the title to your home, or the equity in your home, and what you can do about it.
If there is a conflict between your Will or Trust, and a beneficiary designation, you need to understand which will control.
Unlike hospice care, patients in an at-home palliative care program don't need to have a prognosis of six months or less to live, and they can continue getting treatment that is aimed at curing their illnesses, not just treating symptoms.
If you are going to leave an inheritance to a minor, then you should consider whether an UTMA is the estate planning tool for you.
Sometimes, questions that have to be asked, and need to be answered, to prepare your estate plan are uncomfortable. Know, however, that they are not being asked by the attorney simply to be nosy, but are being asked to make sure that an appropriate estate plan is being prepared for you.
Do you know what changes there have been to taxes in 2022 and how they can impact your estate plan?
Since a modular or manufactured home in Michigan has a separate title, it might not automatically transfer when the land is transferred by deed
A 529 Plan ... a great way to pay for college, or K-12 private school tuition, for children or grandchildren.
Find out why your estate plan is not complete until you have appointed a Funeral Representative….even if you have pre-planned your funeral.
If you have been appointed as financial and/or medical power of attorney, be sure you understand the limits on your authority.
Find out if you will need new estate planning documents when moving to another State, or vacationing in another state.
Are you or a loved one moving to an assisted living facility? Explore the options available where the focus is on you and your quality of life.
With the Federal Estate Tax Exemption scheduled to drop in 2026, an Irrevocable Life Insurance Trust might be part of your estate plan.
How to protect your child's inheritance from going to their spouse in the event of a divorce.
Did you know that if that child that you sent away to college gets ill with COVID19, you do not have any legal authority to know about, or make decisions about, their medical care just because you are their parent? Tom discusses the important legal documents that your child should have to give you that authority.
In this archived episode Tom explains why you need confirmation of your beneficiary designations.
If you are looking for an alternative to traditional casket burial or cremation, consider natural burial, green cremation or composting burial.
Your financial advisor is an important member of your estate planning team. There are, however, limitations that a financial advisor might have in helping you.
In this clip from an archived episode, Tom discusses 3 important issues that every senior should consider before getting remarried.
Since you can't take them with you, when will your spouse or children have to pay your debts after you die?
You and your Agent in your Power of Attorney need to know when their authority begins and ends.
Do you have a business that you want to transfer at the time death without having to open a probate estate? Tom discusses how you might be able to use a TOD designation to transfer that business, and why that might be better than transferring it now.
Are you thinking about including grandchildren in your estate plan? In this archived episode, Tom discuses options to consider.
It has been 8 years since we buried my Mom, and 1 year since we buried my Dad. In this archived episode I talk about ways to say goodbye to a loved one who is dying; and writing a goodbye letter that will be given to loved ones after your death.
Enjoy this archived episode discussing how to access a safe deposit box after the renter’s death.
Enjoy this archived episode where I discuss the 12 types of CD's to consider as part of your investment portfolio
As a new parent, you naturally want to ensure the success of your child's future in every way. Making a will might be the last thing on your mind, but could be essential to ensuring your child's future. Here are five key points every new parent should know about Wills.
When you get the spring cleaning bug, listen to this archived episode. I explain why spring cleaning should include your Estate Plan.
To celebrate the 5th anniversary of our first podcast on February 23, 2016, here is the first episode answering the question - What is an Estate Plan? Tom discusses what an Estate Plan is, and is not, and the various decisions needed to develop an effective estate plan.
Learn how to reject an inheritance by using a Disclaimer…what they are…how they work…what they are used for
Did you know that you might be better off rejecting an inheritance? Tom discusses 6 times when it can make sense to say "No" to an inheritance.
Are you considering appointing multiple children to be in charge of settling your estate? If so, then today’s episode is for you. Tom discusses the pros and cons of having multiple children serve as your trustees or agents under powers of attorney. And, he explains the difference between appointing them as joint-trustees or co-trustees.
In today’s episode, Tom discusses why and when spouses might decide to have separate trusts, rather than one joint trust.
The new Biden administration will likely pursue 2 significant changes to Federal Estate Taxes that might affect most estates
Failing to get a deed from the seller when you pay off your land contract results in headaches and possible legal expenses
Questions to ask if you are considering making a contribution to an endowment fund for your church or children's school.
In this archived episode, Tom, calling upon his 40 years of experience in working with clients, explains what every estate plan must include
Learn how to stop the State of Michigan from taking your home after your death if you have received Medicaid
Learn why if any of your Estate Plan documents were prepared before these dates, you need them updated.
Through our unique Estate Planning From Home service, you do not have to risk exposing yourself to COVID-19 in order to have your estate plan prepared and/or updated by a Michigan attorney.
In this archived episode, Tom discusses 7 things that you can do to help your Spouse after your death
Due to changes in Michigan Law, you might find that your bank, credit union or financial services company will no longer accept the Certificate of Trust that was prepared as part of your estate plan. In today’s archived episode, Tom discusses what these changes are, and how banks, credit unions and financial services companies are requiring updated Certificates of Trust.
Did you know that if that child that you sent away to college gets ill with COVID19, you do not have any legal authority to know about, or make decisions about, their medical care just because you are their parent? Tom discusses the important legal documents that your child should have to give you that authority.
The Michigan Department of Treasury has millions of dollars in lost or forgotten assets from dormant bank accounts, uncashed checks, valuables left in safe deposit boxes, stock certificates etc. Listen to today's archived episodes to find out if any of it belongs to you.
Did you know that creating a Living Trust does not avoid probate? Learn why, and how to fund your Trust to avoid probate.
Learn what a Health Care Power of Attorney is…..why you need one…..and what can happen if you do not have one.
If you have CD’s in your investment portfolio, you might find a better return from a different type of CD.
Be sure you know what is in that 3 ring binder that contains your estate plan documents, and it is up to date.
Contrary to what you might hear at a free, no obligation dinner discussing investments, not everyone needs a Living Trust. Listen while Tom discusses when you should consider a Living Trust as part of your estate plan.
If you are thinking about adding a child to the title of your home, listen to this archived episode first.
Are you considering making a new investment? Before you do, ask yourself these questions to help you determine if the investment is right for you.
Do you have a business that you want to transfer at the time of your death without having to open a probate estate? In today’s episode Tom discusses how you might be able to use a TOD designation to transfer that business, and why that might be better than transferring it now.
When Tom began practicing law 40 years ago, estate planning was simply having a Will that said where what you owned was to go at the time of your death. Today, there are far more options available that might better fit your estate planning goals, including incapacity planning.
You are likely committing a crime in Michigan in preparing estate planning documents for your parents
Before preparing your own estate planning documents online, consider the legal issues that can arise after your death by improperly drafted documents.
If you are thinking about having a Will prepared for you, be sure you understand what a Will does not do.
While I am in Saginaw for my Dad's funeral, I decided to replay this archived episode where I talk about ways to say goodbye to a loved one who is dying; and writing a goodbye letter that will be given to loved ones after your death
In today’s episode Tom discusses how to access a safe-deposit box after the renter’s death.
Are you thinking about selling your life insurance policy? Tom reviews important things to consider before selling the policy, including other possible options.
Learn what a Health Care Power of Attorney or Advanced Directive is…..why you need one…..and what can happen if you do not have one.
Are you unable to leave your home during the Coronavirus (COVID 19) pandemic, but know you should get your estate plan in place or updated…just in case? Tom introduces you to Doyle Law PC's Planning from Home service where you can have your estate plan prepared or updated from the comfort and security of your home.
Tom discusses his Irish family heritage, and some things that you might not have known about Ireland
Spring is approaching, and while I am flying back to Michigan today, I thought you would enjoy listening to this archived episode in which I discuss why you should make reviewing and updating your Estate Plan part of your annual Spring Cleaning.
It is not time to panic, but it is time to be prepared, and Tom suggests some things to consider as part of your preparation.
n today’s episode, Tom answer a question that many clients ask when they have a home or other land for sale, and they are working on funding their Living Trust.
How someone can steal the title to your home, or equity in your home, and how you can protect yourself.
In today’s episode Tom discusses a recent case in which a woman who was in a long-term care facility died because there was confusion about her end-of-life wishes as documented in her chart and her Living Will.
In this archived episode, Tom explains how a transfer of assets under Michigan's Uniform Transfer To Minor's Act (UTMA) can be used to provide trust like benefits for a minor until age 21
Be sure you understand how the SECURE Act, effective January 1, 2020, the most significant retirement planning legislation in decades, affects your Retirement and Estate Planning.
Tom reviews the various limitations that apply to financial and/or medical powers of attorney
A 529 Plan can be a great way to pay for the costs of college, or K-12 private school tuition, for children or grandchildren.
Tom explains why your estate plan is not complete until you have appointed a Funeral Representative….even if you have pre-planned your funeral.
In this archived episode, Tom talks about Certificate of Deposit as investments, and how to make your CD yields higher with a CD ladder.
Know the difference between an inheritance tax and an estate tax…will you owe either one?
In this archived episode, Tom discusses the six most common mistakes that people make when a settling an estate, and provides tips on how to avoid them.
In today's episode, Tom describes when your Power of Attorney for Finances and your Power of Attorney For Health Care end, and your named Agent no longer has authority to act on your behalf.
My law school professor suggested that every husband should prepare his wife to be a widow…..same holds true today for a wife preparing her husband to be a widower.
Michigan #Spouse #Widow #Widower #Finances #funeralplanning #EstatePlanning
Tom discusses how to reject an inheritance by using Disclaimers…What they are…how they work…what they are used for. (Episode #168)
Tom discusses a client's recent experience with the cemetery where her spouse was going to be buried, showing why it can be important to regularly visit the cemetery before you or your loved one dies
Tom discusses the use of beneficiary designations to avoid probate, and what happens if your named beneficiary dies before you.
More options, including natural burial, green cremation, and even composting, are becoming available for people who are looking for alternatives to traditional casket burial or cremation. In this archived episode Tom explains what these alternatives are, and which are available in Michigan.
Listen to today’s episode to find out if you will need new estate planning documents when you move to another State, or if you plan to spend your winters in another state.
Did you know that if that child that you sent away to college is in a serious accident, you do not have any legal authority to know about, or make decisions about, their medical care just because you are their parent? Tom discusses the important legal documents that your child should have to give you that authority.
In this archived episode, Tom discusses the 5 most common lies people tell themselves to avoid estate planning...are you guilty?
In today's archived episode, Tom discusses several reasons why it might be better to leave your assets in your trust for your adult children, instead of having them inherit the property outright.
More options, including natural burial, green cremation, and even composting, are becoming available for people who are looking for alternatives to traditional casket burial or cremation. Tom explains what these alternatives are, and which are available in Michigan.
Not sure if you should have a Will or a Trust? Tom discusses six reasons for choosing a Trust over a Will.
Due to recent changes in Michigan Law, you might find that your bank, credit union or financial services company will no longer accept that Certificate of Trust that was prepared as part of your estate plan. In today’s episode, Tom discusses what these changes are, and how banks, credit unions and financial services companies are requiring updated Certificates of Trust.
Have you fully considered what can happen if you make a child a joint owner on your account? Whether it is to avoid probate or help you pay your bills, Tom explains 3 reasons why you should not make that bank account jointly owned with your child.
The Michigan Department of Treasury has millions of dollars in lost or forgotten assets from dormant bank accounts, uncashed checks, valuables left in safe deposit boxes, stock certificates etc. Does any of it belong to you? Tom tells you how to find out, and what to do to get it.
Volunteering during retirement … you have a lifetime of living to share…and it just might prolong a better life
Are you thinking about giving away your assets in order to qualify for Medicaid? Be sure that you understand what the 5 year Medicaid look back period is, and how it might affect your planning.
Tom discusses the 5 most common lies people tell themselves to avoid estate planning...are you guilty?
They do not go well together like peanut butter and jelly. Listen to today’s episode if you are concerned about protecting your loved one’s privacy when you die.
Based upon his 40 years of experience in working with clients, Tom explains what every estate plan must include.
You are wrong to think that you don’t need a Will just because you have a Living Trust…find out why before it is too late…
In today’s episode, Tom discusses options that you have to protect the inheritance that your child receives from you from going to their spouse in the event of a divorce.
In today's episode, learn what a Health Care Power of Attorney or Advanced Directive is…..why you need one…..and what can happen if you do not have one.
And, in recognition of National Healthcare Decisions Day, learn about the special savings we are offering to listeners on a Health Care Power of Attorney.
Be sure to listen to today’s program to find out if your debts will have to be paid after you die and, if so, will your Spouse or children have to pay them.
In today’s episode, Tom discusses the options that are available when settling an estate where the balance on the mortgage exceeds the value of the home.
The number one mistake that people make after creating their estate plan is failing to keep it up to date. Make reviewing and updating your Estate Plan part of your Spring Cleaning.
To help avoid family conflict, be sure that there will be adequate cash available in your estate to pay ongoing expenses until your home is sold.
As we begin our 4th year of "Tuesday with Tom", Tom reviews a number of the most popular topics that have been covered during the last 3 years.
In today’s episode, Tom discusses the headaches and expenses that you can incur if you do not get a deed from the seller when you pay off your land contract.
In today’s episode, Tom answer a question that many clients ask when they have a home or other land for sale, and they are working on funding their Living Trust.
In today's episode, Tom describes when your Power of Attorney for Finances and your Power of Attorney For Health Care become effective so that your named Agent has authority to act on your behalf.
Tom explains how a transfer of assets under Michigan's Uniform Transfer To Minor's Act (UTMA) can be used to provide trust like benefits for a minor until age 21
In today's episode, Tom discusses several reasons why it might be better to leave your assets in your trust for your adult children, instead of having them inherit the property outright.
In today’s episode, Tom explains what a Michigan Domestic Asset Trust is, and how it can be used to protect assets from your creditors.
Tom discusses 3 important issues that every senior should consider before getting remarried.
Tom suggests 3 ways to remember your favorite charities at Christmas time, and counts down the top 10 episodes from 2018.
Tom reviews the various limitations that apply to both financial and medical powers of attorney
In today’s episode, Tom explains why using a 529 Plan can be a great way to pay for the costs of college, or K-12 private school tuition, for children or grandchildren.
Tom discusses a number of issues that need to be considered in deciding whether to record a deed to your Trust, including: Mortgage “due on sale” clauses, uncapping property taxes, homeowners Insurance coverage, protecting Tenancy by Entireties protection for married people, and more.
In his continuing discussion about using beneficiary designations to implement your estate plan, Tom discusses how you can use POD or TOD designations to transfer your Michigan LLC or Corporation at the time of your death.
Tom discusses the importance of getting written confirmation of your beneficiary designations, and the problems that can result to your heirs when you don’t.
Tom discusses the use of beneficiary designations to avoid probate, and what happens if your named beneficiary dies before you.
Tom talks about Certificate of Deposit as investments, and how to make your CD yields higher with a CD ladder.
While Tom is meeting with clients in the UP, enjoy this archived episode.....If you or a loved one is thinking about moving to an assisted living facility, explore the options available where the focus is on you and the quality of your life. Tom explores The Village Movement, a national movement to keep people in their own homes, and The Green House Project, where facilities are focused on you and your wellbeing and development.
If you have a Will, or are thinking about having a Will as part of your Estate Plan, be sure you understand what Wills do and do not do. I discussed 4 common myths that people have about Wills.
Tom discusses a situation where we recommended that a client’s daughter contact her representatives in Washington DC to resolve a legal problem, that ended up saving her thousands of dollars in attorney fees.
Tom explains the differences between Warranty Deeds and Quit Claim Deeds, recording requirements in Michigan, different ways to own real estate, and what a Ladybird Deed is.
Tom explains what an Irrevocable Trust is, how it differs from a Revocable Trust, and how it might be used to avoid or minimize federal estate taxes, serve as an asset protection vehicle, or provide a tool for advanced Medicaid planning or Veterans Survivor's Benefits planning.
Do you have a child that you don’t want to receive any of your estate? Or, maybe you want to be sure that your estate does not to end up going to your child’s spouse or creditors. In today’s episode, Tom discuses the best ways to disinherit a child, or to keep your estate from going to your child’s spouse or creditors.
In this archived episode, Tom discusses Michigan’s Medicaid Estate Recovery law that requires the State of Michigan to recover the cost of Medicaid benefits that were paid for you from your estate after you die. Without proper planning, this can result in the State forcing the sale of your home to reimburse the cost of Medicaid payments.
On August 21 Tom explained what a self-directed IRA is, and how it gives you opportunities to extend your IRA investment options. In today’s episode Tom takes that concept one step further and discusses how a Checkbook IRA might even be a better option if you are interested in alternative investments.
Enjoy this archived episode where Tom explains why if there is a conflict between a beneficiary designation on your bank account and what you say in your Will , the beneficiary designation wins. This also applies to other assets such as life insurance, annuities, retirement accounts and jointly owned real estate.
Did you know that Your IRA does not have to be at your bank or broker? In today’s episode, Tom discusses how you can extend your IRA investment options through a self-directed IRA. Maybe you are interested in rental property, or flipping property, or private loans, or gold, or digital currency. All of these investments can be held by a self-directed IRA.
Did you know that if that child that you sent away to college is in a serious accident, you do not have any legal authority to know about, or make decisions about, their medical care just because you are their parent? Tom discusses the important legal documents that your child should have to give you that authority.
If you are thinking about adding your minor child to the title of your home, or any child for that matter, listen to this episode first. I discuss a number of things that you need to consider before making your child a joint owner of your home, including having to petition the Probate Court to appoint a Conservator, loss of control over your home, liability for your child's creditors, gift taxes, capital gains taxes, and more.
While may be difficult to consider, funeral arrangements are a critical component of your estate plan. Failure to clearly communicate your wishes regarding the disposition of your body can lead to tension, disputes and even litigation among your family members during what is already a difficult time. Tom discusses the importance of pre-planning your funeral, and appointing a Funeral Representative to carry out your plan.
Continuing with last week's discussion about staying in your own home, Aging-in-place Home Remodeling is making changes to your existing home, so you can live in it safely, independently and comfortably as you age.
If you or a loved one is thinking about moving to an assisted living facility, explore the options available where the focus is on you and the quality of your life. Tom explores The Village Movement, a national movement to keep people in their own homes, and The Green House Project, where facilities are focused on you and your wellbeing and development.
Contrary to what you might hear at a free, no obligation dinner discussing investments, not everyone needs a Living Trust. Listen while Tom discusses 6 occasions when you should consider a Living Trust as part of your estate plan.
While Tom is out of town, please enjoy this archived episode in which Tom asks: Are you considering making a new investment? Before you do, ask yourself these 8 questions to help you determine if the investment is right for you.
Enjoy this archived episode in which Tom discusses why your living trust, and not your spouse or children, should be the beneficiary of your life insurance policy
Thinking about giving away your assets in order to qualify for Medicaid? Tom explains the problem the 5 year Medicaid Look Back rule can create for you.
In today’s episode, Tom discusses the importance of knowing what is in that 3 ring binder containing your estate plan documents.
Do you think that you don’t need a Will because you have a Living Trust? Tom explains why you are wrong.
Tom discusses what you should do with your estate plan before summer is here so sitting on the beach or around the pool, spending time at the cottage, or playing a round of golf, will be much more relaxing.
Did you know that if your Will says to divide your estate between all 5 children, but your bank account names one child as a joint owner or beneficiary, the bank account will not be equally divided between all 5 children?
Tom explains why you need to understand what your Will does and does not control, in order to be sure that your wishes will be met.
Millions of people 65 or older will soon get new Medicare cards to prevent identity theft…and the scammers are out to get you before your card arrives.
In today’s episode Tom discusses a little know tax strategy where rolling money from a traditional IRA into an HSA turns tax-deferred dollars into tax-free withdrawals for medical benefits
In this archived episode Tom discusses how you might be able to use money that you have saved in an IRA to purchase a new home, without incurring the 10% early withdrawal penalty.
In this archived episode, Tom talks about what you should consider if you are thinking about naming multiple children as trustees, personal representatives, or agents under powers of attorney.
Enjoy this archived episode when Tom talks about when various estate planning documents (i.e. Will, Trust, Power of Attorney, HealthCare Power of Attorney) become effective, and when the fiduciaries (i.e. Personal Representative, Trustee, Attorney in Fact, Patient Advocate) can begin operating under the document.
Want to know if your Trust should be the beneficiary of your life insurance policies? Listen to today's episode to find out.
Over the 6 episodes that began January 23 I have been discussing how to avoid the six most common estate planning mistakes. In Today’s episode I talk about mistake #6 - thinking that my estate planning can wait.
Over the 6 episodes beginning January 23 I am discussing how to avoid the six most common estate planning mistakes. In today's episode, I talk about the importance of using a Durable Power of Attorney and a Health Care Power of Attorney to plan for incapacity.
Over the 6 episodes beginning January 23 I am discussing how to avoid the six most common estate planning mistakes. In today's episode, I talk about how failing to fund your living trust can cause your estate to have to go through probate.
Over the 6 episodes beginning January 23 Tom discusses how to avoid the six most common estate planning mistakes. In this episode Tom discusses why a Will does not avoid probate.
In this 2nd episode of Tom's 6-part series "How to Avoid the Six Most Common Estate Planning Mistakes", Tom discusses the problem of having parts without a plan.
Over the next 6 episodes Tom discusses how to avoid the six most common estate planning mistakes. In each episode Tom will cover 1 of the mistakes, beginning today with the mistake that is made by 80% of people.
Tom discusses the six most common mistakes that people make when administrating or settling an estate, and provides tips on how to avoid them.
Tom discusses how under the Tax Cuts and Jobs Act just signed by President Trump, some things change, and some things remain the same, relative to estate and gift taxes. Including how much you can give someone gift tax free during 2018.
Tom discusses what Santa needs to know about taxes due on the gifts he leaves under your Christmas tree.
Tom explains why using a 529 Plan can be a great way to pay for the costs of college education for children or grandchildren.
In today’s episode, Tom tells you how to check your Social Security Earnings record to be sure that you will receive the full retirement benefit that you are entitled to.
Tom discusses the importance of digital estate planning, and how to arrange for your executor to access all of your online accounts and information.
In this archived episode, Tom discusses how you might be able to use money that you have saved in an IRA to purchase a new home, without incurring the 10% early withdrawal penalty.
Tom explains why if there is a conflict between a beneficiary designation on your bank account (naming one child) and what you say in your Will (divide your estate between all 5 children), the beneficiary designation wins, and your bank account goes to the one child, not to all 5. This also applies to other assets such as life insurance, annuities, retirement accounts and jointly owned real estate.
Although it may feel odd to think about life insurance for your young children or grandchildren, Tom discusses some of the benefits that can go far beyond what we traditionally consider.
Are you considering making a new investment? Before you do, ask yourself these 8 questions to help you determine if the investment is right for you.
While there is a lot of talk in Washington about eliminating the Federal Estate Tax, Tom discusses why you still need estate planning even if the tax disappears.
This is National Estate Planning Awareness Week. For today's program, Tom has retrieved a segment from the very first episode of February 23, 2016 in which he discusses what is, and what is not, an estate plan...enjoy!
In today’s episode, Tom explains why your estate plan is not complete until you have appointed a Funeral Representative….even if you have pre-planned your funeral.
Do you have the one estate planning document that everyone should have? Tom tells you what it is, and explains why you need it.
You have sent your student away to college, but does she have theses 2 documents that she should have? Tom discusses why your student should have a Power of Attorney for Health Care and a Durable Power of Attorney for finances.
We have all heard the expression “60 is the new 40”. In today’s episode Tom talks about the benefits of opening a Roth IRA even if you are over 60.
Your estate planning documents will not do you any good if they are lost, or destroyed by a hurricane, flood, tornado, fire or other natural disaster. Tom discusses the pros and cons of various options available for keeping your original estate plan securely stored.
Tom discusses the various ways that he and Amanda can help you with your estate plan wherever you happen to be in Michigan. From personal consultations in Lansing or Grand Rapids, or consultation with us by telephone, to working with a financial professional who is authorized to utilize our Express Estate Planning Service.
Do you have a child that you want to disinherit? Or, perhaps you want to be sure that your estate does not to end up going to your child’s spouse or creditors. In today’s episode, Tom discuses the best ways to disinherit a child, or to keep your estate from your child’s spouse or creditors.
If you have a Will, or are thinking about having a Will as part of your Estate Plan, be sure you understand what Wills do and do not do. In today’s episode, Tom talks about the 4 most common myths people have about Wills.
Are you thinking about retirement? If so, Tom discusses 10 reasons why you might consider hiring a professional to help you with your retirement planning.
Do you have a family cottage that you want to be sure stays in your family after you die? Tom discusses different ways of setting up the cottage so that it does not go outside of the family to children’s creditors or spouses.
Tom discusses the importance of putting what you own into your Living Trust box in order to avoid probate.
Enjoy this archived episode in which Tom explains what a Do-Not-Resuscitate Order (DNR) is, and how to get one.
During today’s episode, Tom reviews the several parts that make up a “Peace of Mind Plan”. Having the appropriate parts in place so you will have the peace of mind that comes from knowing that your “golden years” will be golden, and that your loved ones will be protected at the time of your death.
Tom explains what an Irrevocable Life Insurance Trust is, and how it might be used as part of your estate plan.
In today’s program, Tom explains how deeding your home to your children during your lifetime can end up costing your children a 20% Capital Gains tax when your home is sold.
Tom discusses Michigan’s law of intestate succession, whom the State of Michigan will give your estate to when you die, and how you can make other arrangements for your loved ones.
While Tom is out of the office today, please enjoy this archived program in which Tom discusses Michigan's Medicaid Estate Recovery law that requires the State of Michigan to recover the cost of Medicaid benefits that were paid for you from your estate after you die. Without proper planning, this can result in the State forcing the sale of your home to reimburse the cost of Medicaid payments.
Enjoy this archived episode in whichTom talks about what you should consider if you are thinking about naming multiple children as trustees, personal representatives, or agents under powers of attorney.
Tom is out of the office today...so please enjoy this archived edition of his previous episode in which Tom talks about when various estate planning documents (i.e. Will, Trust, Power of Attorney, HealthCare Power of Attorney) become effective, and when the fiduciaries (i.e. Personal Representative, Trustee, Attorney in Fact, Patient Advocate) can begin operating under the document.
Tom discusses several changes in the law that might require your estate plan to be updated.
Tom discusses the importance of making sure that if your home is going to go through probate, that there will be adequate cash available in the estate to pay ongoing expenses until the home is sold.
Two weeks ago Tom told you why everyone should have a Power of Attorney for Health Care. In today's show, Tom discusses another document that you need as part of a complete estate plan.
Tom talks about taxes related to dying, and how you can use your estate plan to avoid them.
Do you have the one estate planning document that everyone should have? Tom tells you what it is, and explains why you need it.
Tom discusses how you might be able to use money that you have saved in an IRA to purchase a new home, without incurring the 10% early withdrawal penalty.
In today's episode, Tom discusses the importance of organizing your home in order to assist your estate administrator in locating your important documents, hidden money, jewelry, etc..
Tom answers common questions about planning your funeral...including whether you have to use the services of a licensed funeral director, who has the right to plan your funeral if you don't, do you have to purchase a casket from a funeral home, do you need a vault, is embalming required by law, and much more.
Tom explains why married people are exposing their home to creditors when they jointly own a car.
Tom discusses Michigan's Medicaid Estate Recovery law that requires the State of Michigan to recover the cost of Medicaid benefits that were paid for you from your estate after you die. Without proper planning, this can result in the State forcing the sale of your home to reimburse the cost of Medicaid payments.
In this one-year anniversary episode, Tom explains what a Do-Not-Resuscitate Order (DNR) is, and how to get one.
In today's episode, Tom analyzes The Donald J. Trump Revocable Trust, compares it to a normal revocable trust, concludes that it is not a blind trust, and discusses why that matters to him.
Tom discusses dower rights of married women in Michigan, how recently enacted legislation eliminates those rights, and what the consequence will be for married women in Michigan.
In today's episode Tom talks about when various estate planning documents (i.e. Will, Trust, Power of Attorney, HealthCare Power of Attorney) become effective, and when the fiduciaries (i.e. Personal Representative, Trustee, Attorney in Fact, Patient Advocate) can begin operating under the document.
Tom discusses Michigan's new Qualified Dispositions in Trust Act that makes it easier to create a trust to protect your assets from your creditors. Find out how simple it can now be to protect what you own from risks of lawsuits and creditors.
Tom discusses a number of things that you need to consider before making your child a joint owner of your home, including loss of control, liability for your child's creditors, gift taxes and capital gains taxes.
Tom talks about what you should consider if you are thinking about naming multiple children as trustees, personal representatives, or agents under powers of attorney.
Tom talks about how his experience from running marathons might help you to complete your 2017 New Year's Resolutions.
Tom discusses how using an LLC for rental property can protect your estate from law suits by tenants or their guests who get hurt on the rental property.
Today’s estate planning tip is for married people…think before transferring your home into your joint trust.
While much of the conventional financial advice suggests that you roll multiple IRAs into one, Tom discusses a number of reasons to consider spreading your retirement savings around into multiple IRAs.
Tom discusses different strategies that can be employed when you do not want a child to receive a portion of your estate. This discussion is important to those who simply don’t want a child to receive part of their estate, as well as those who don’t want their estates to end up going to their child’s spouse or creditors.
Tom’s estate planning tip of the day is a reminder about what can happen if you leave your heirs with a cash poor estate.
Tom talks about what will happen to your pet if you become incapacitated or die, and how you can use a Pet Guardian Agreement or Pet Trust to provide continuing care for your pet. Tom, also, discusses the series of short YouTube videos that he has made concerning planning for your pets.
Tom’s estate planning tip of the day is to consider making gifts to charities directly from your IRA.
Tom talks about the history of the Thanksgiving holiday here and in Canada. You might be surprised to learn that it didn't start with the Pilgrims in Plymouth in 1621, but with King Henry VIII in 1536.
In "Today's Tip", Tom, also, reviews the importance of funding your living trust.
With the holidays right around the corner, Tom spends time talking about the tax consequences that need to be considered when you are making gifts to individuals if the total gifts to anyone person might exceed $14,000 during 2016.
Tom, also, comments on how the election of Donald Trump might impact estate plans.
Finally, Tom’s estate planning tip of the day is a reminder that end-of-life wishes have to be reduced to writing if you want them to be followed.
Tom discusses the idea of selling your life insurance policy when it is no longer needed or, perhaps, affordable. He also reviews a number of risks that need to be considered before you enter into the sale of your life insurance policy.
Tom’s “Tip” for the day is to consider using a Uniform Transfers to Minors Act (UTMA) Account as a way of providing an inheritance to minor children.
Tom discusses the use of beneficiary designations to avoid probate, and what happens if your named beneficiary dies before you.
Tom explains what an Irrevocable Trust is, how it differs from a Revocable Trust, and how it might be used to avoid or minimize federal estate taxes, serve as an asset protection vehicle, or provide a tool for advanced Medicaid planning or Veterans Survivor's Benefits planning.
Tom interviews Richard Burman, a longtime Michigan Financial Professional. Dick shares his views on insurance, financial planning and estate planning.
Tom discusses the most common estate planning mistakes, and recommends ways to avoid them. He, also, introduces an expanded program format with new segments.
Tom and his associate Amanda Bevel discuss many of the common scams that are being run to separate you from your money. They point out a number red flags that should alert you to a possible scam, provide tips on how to avoid becoming a victim, and list a number of resources that you can use to check out an offer that you receive and/or to report a scam.
Tom explains why using a 529 Plan can be a great way to pay for the costs of college education for children or grandchildren.
Tom discusses the planning that needs to be done before you get re-married (or once you are re-married) in order to keep your estate from going to your spouse's children.
Tom discusses the problems that can arise when you make an account jointly owned with a child, and suggests alternatives.
During this live call in episode, Tom answers caller's questions, and talks about many of his favorite places in Michigan.
Although your financial advisor is an important team member, Tom discusses the limitations that a financial advisor, who is not a licensed attorney, has in helping you with your estate plan. Tom, also, explains his law firm's unique estate plaining service "Express Estate Plans", and how you can get your estate plan prepared by his office through your financial planner.
Tom explains how the Probate Court will appoint a Guardian to make your medical decisions when you can’t, and how you can avoid that with a Power of Attorney for Health Care.
Tom discusses what Wills actually do, why you need more than just a Will, and why, in fact, you might not need a Will at all.
Tom discusses how to reject an inheritance by using Disclaimers…What they are…how they work…what they are used for.
Tom talks about ways to say goodbye to a loved one who is dying; and writing a goodbye letter that will be given to loved ones after your death
Tom discuses options that you might consider if you want to include your grandchildren in your estate plan
Tom interviews Certified Funeral Planner, Steve Peckham. Steve talks about:
- Pre-planning your funeral
- Creating a funeral planning checklist
- Involving your family in your planning
- Whether you should pre-pay for your funeral
- Things to know when planning a traditional funeral
- Whether you have to buy your casket from the funeral home
- Things to know about cremation
- The Importance of shopping around
- and much more
Tom answers questions about Medicaid Planning, preparing a new Will when moving to another state, filing your Will with the Probate Court, telling children about your estate plan, having multiple trustees, disinheriting children, uncapping property taxes if a home is transferred to a Trust, making a home jointly owned with a child, banks and POAs, and
transferring assets into a Trust.
Tom discusses the differences between Warranty Deeds and Quit Claim Deeds, recording requirements in Michigan, different ways to own real estate, and Ladybird Deeds.
Tom discusses what a reverse mortgage is, how it is different from a traditional mortgage, the types of reverse mortgages that might be available, and things to consider in determining if a reverse mortgage is right for you.
Tom describes what a Durable Power of Attorney is, what it does, and why it should be part of everyone's estate plan.
Tom discusses strategies that are used when parents want to keep the family cottage in the family, including joint ownership, Trusts and LLCs.
Tom explains what will happen to your estate in Michigan if you die without a Will or Estate Plan.
Tom talks about a number of strategies that you can use to keep your estate from having to go through probate at the time of your death.
He, also, introduces a number of great resources if you are interested in Michigan history or traveling in Michigan.
Tom welcomes to his program his associate Attorney, Amanda Bevel, who leads a discussion about what probate is, and is not.
Tom talks about the number one mistake that people make after creating their estate plan... failing to update it to reflect changes that have occurred since it was created.
While no one has yet figured out how to avoid dying, Tom talks about taxes related to dying and how they might be avoided.
Now that you know what a Living Trust is and how it might fit into your estate plan, Tom talks about the importance of funding your Trust
Tom talks about What a Health Care Power of Attorney or Advanced Directive is…..why you need one…..and what can happen if you do not have one.
Tom discusses 2 new pieces of legislation that were signed last last week by Gov. Snyder. One authorizes appointment of a “Funeral Representative” who can make your funeral arrangements. The other, the “Fiduciary Access to Digital Assets Act”, creates the procedures for giving legal authority to an individual to access your digital assets (i.e. email, Facebook, twitter, etc.) in the event of your incapacity or death.
First of a 2 part series on Living Trusts - what they are, how they work, when you might consider having one, and what it means to fund a trust.
Tom, also, introduces our new weekly Michigan Trivia contest.
Tom talks about Certificates of Deposit as investments, and how to increase your CD yields by using a CD ladder.
Tom talks about Irish heritage, green beer, corned beef and cabbage, Guiness, and what any of it has to do with your estate plan.
Oops...Tom mistakenly states the wrong decade for the potato famine...it was 1854 to 1852...the danger of a live radio show :(
Tom discusses how a Will actually works, and why a Will is not a good way to avoid probate. Tom, also, introduces listeners to the Olivia Kay Foundation.
Are you thinking about preparing your own estate planning documents to save money? Do you want to prepare documents for your parents? Before you do, listen to Tom as he discusses the potential legal problems (including criminal) that you or you loved ones might face.
In this episode Tom discusses what an Estate Plan is, and is not, and the various decisions that need to be made in order to develop an effective estate plan.