Tuesday with Tom

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 reviews the top 10 episodes from 2016

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 y...

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 h...