Tuesday with Tom

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.