Michigan Expands Options for Personal Asset Protection
Business owners now have a new way to protect their personal assets. With Governor Snyder’s signing of the Qualified Dispositions in Trust Act (QDTA) on December 5, 2016, Michigan joins 16 other states that permit domestic asset protection trusts (DAPTs). DAPTs are irrevocable trusts which, when drafted and funded correctly, can shield assets in trust from a person’s creditors.
Wills, Trusts, and Powers Of Attorney; More Specifically, Why Your Choices Of Who Is To Serve Under A Power Of Attorney, Trust Or Will Are More Important And More Complicated than You Might Think
Estate planning documents can provide significant authority while one is alive, and after passing, of one’s business, personal and medical matters.
Given their importance, and as the new year and then tax season are upon us, it is very timely to consider who your choices are in certain legal documents. Selections made should follow careful thought, are not always obvious, and, critically, should not necessarily be the same from one document to the other. "One size fits all” is not a way to properly designate authority involving these documents. more
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The law firm of Cooper & Riesterer, PLC, provides skilled legal services and experienced counsel to clients in Livingston County and throughout Southeast Michigan. We focus our practice on saving our clients time and money by offering: sound legal advice; proactive counsel to avoid future disputes; and effective, efficient resolutions when disputes do arise.