May 2018 Archives

Planning for alimony

Michigan residents who plan to get a divorce should know that due to the passage of the Tax Cuts and Jobs Act, they will not be able to deduct any alimony they have to pay to comply with separation of divorce agreements that become effective in 2019 and later. For the recipients of alimony, they will not have to pay taxes on the alimony they receive. As a result, people who get a divorce after 2018 are less likely to have after-tax income that can be used for alimony, and the federal taxes that will have to be paid are likely to increase.

Understanding Michigan’s stepparent adoption process

If you live in Michigan and are already playing the role of mother or father to a child who is not biologically yours, you may be considering trying to adopt your stepson or stepdaughter to expand your rights and cement the family bond. Becoming an adoptive stepparent involves a lifelong commitment because once the adoption becomes official, you will have the same rights and obligations you would, had you biologically given birth to or fathered the child you are adopting.

Financial planning an important element of divorce process

Many financial decisions will confront couples in Michigan who choose to end their marriages. Although people have long recognized the appropriateness of legal advice when seeking divorces, consultations with financial planners have become increasingly common, especially when people strive to have a collaborative divorce. The collaborative process aims to eliminate the need for court battles by bringing the two parties together privately to negotiate the terms of a settlement.

An estate plan can benefit everybody in a family

While estate plans can help Michigan residents protect their assets while alive and after death, they can cost money to create. The amount of money that a person may spend on their plan depends on their needs. However, it is advised that those who are looking to hire an attorney or a trust administrator should hire a licensed professional instead of trying to save money.

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