Small business owners will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) takes effect next year. The CTA, enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), places new reporting requirements on many business entities in an effort to expose illegal activities, including the use of shell companies to launder money or conceal illicit funds. Around 30 million small businesses will be impacted by the law, which will establish a federal database of information, furnished by “reporting companies,” that will be accessible to certain authorities and organizations. A final rule has been issued stating how the new law will be implemented to help businesses understand whether the law applies to them, how to comply, and which agencies will have access to the information they must report. CTA violations carry civil and criminal penalties, including imprisonment. Why was the CTA passed? The CTA was passed as part of the National Defense Authorization Act for Fiscal Year 2021. It directs the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) to gather information from private companies about their owners and controlling persons. Acting Director Himamauli Das said, “FinCEN is taking aggressive aim at those who would exploit anonymous shell corporations, front companies, and other loopholes to launder the proceeds of crimes, such as corruption, drug and arms trafficking, or terrorist financing.” To counter the risks allegedly posed by anonymous shell companies, the CTA mandates the creation of a national registry that contains certain information about business entities that are formed by filing a document with a state’s secretary of state or similar office. What does the CTA require? Effective January 1, 2024, the CTA requires that certain businesses disclose to FinCEN information about the company, its beneficial owners, and in some cases, the company applicant. Reporting companies—defined as any company with twenty or fewer employees that is formed by filing paperwork with the Secretary of State or equivalent official—that are created or registered prior to January 1, 2024, have until January 1, 2025, to file an initial report; reporting companies created or registered after January 1, 2024, will have thirty days after creation or registration to file a report. Small business organizations such as the National Small Business Association (NSBA) and the National Federation of Independent Businesses (NFIB) oppose the CTA, calling it cumbersome, intrusive, overly punitive, and unconstitutional. NSBA states that small businesses are unfairly impacted because they usually do not have compliance teams or staff attorneys. Eighty percent of the small businesses surveyed by NFIB are against the new reporting requirements, which NFIB claims are unclear. NFIB notes that each state has different standards and practices for business entity formation, potentially leading to uncertainty about whether a business must report to FinCEN. For example, some states require sole proprietorships and general partnerships to register with state agencies, while other states do not. Does the CTA require my business to report? The CTA applies to companies that are created by filing a document with a state authority. Typically, this includes corporations and limited liability companies. Depending on the state, it could also include limited partnerships, professional associations, cooperatives, real estate investment trusts, and trusts. In addition, the CTA applies to non-US companies that are registered to operate in the United States. NFIB estimates that, based on these rules, 30 million small businesses will have to report to FinCEN. However, the CTA exempts around two dozen categories of companies, including companies that: are publicly-traded; have more than twenty full-time US employees; filed a previous year’s tax return showing more than $5 million in gross receipts or sales; have an operating presence at a physical US office location; operate in a regulated industry, such as banking, utilities, or insurance, that already imposes similar reporting requirements; or are subsidiaries of exempt organizations. The exemptions, which generally include larger companies that are already subject to regulation, underline the primary purpose of the CTA: to combat money laundering and other illicit activities conducted via small, private, and anonymous shell companies. What information must be provided in the reports? The CTA requires three categories of information to be reported: company, owners, and applicant. Domestic reporting companies created before January 1, 2024 must provide information about the company and its beneficial owners . Beneficial owner is defined in the CTA as an individual who exercises “substantial control” over the reporting company or has an ownership interest of at least 25 percent. Company senior officers, directors, and others who make significant decisions on behalf of the company may meet this statutory definition of “substantial control,” although the broad definition may cause confusion in some instances. Domestic reporting companies created on or after January 1, 2024, must provide information about the company, its beneficial owners, and its company applicants . A company applicant generally is the individual who files the formation document with state authorities for the reporting company. Technically, the information to be filed with FinCEN is called a Beneficial Ownership Information (BOI) Report. The following is what is required in the report for a company, an owner, and an applicant: The reporting company must provide its name and any alternative (DBA) names, the address of its principal place of business, the state of formation, and its taxpayer identification number or FinCEN identifier. Each beneficial owner of a reporting company must furnish their full legal name, date of birth, residential address, and an identification number from a driver’s license, passport, or other state-issued identification (ID), along with a copy of the ID document. A company applicant is required to submit the same information as a beneficial owner. Who has access to FinCEN BOI reports? The CTA authorizes FinCEN to disclose BOI information to five categories of recipients: US federal, state, local, and tribal government agencies Foreign law enforcement agencies, judges, prosecutors, and other authorities Financial institutions Federal regulators US Department of the Treasury FinCEN may only disclose BOI information “under specific circumstances”: there are more stringent requirements for agencies other than those engaged in national security, intelligence, and law enforcement activities. There are also restrictions on how the information may be used and how it must be secured. Some small business owners have expressed concerns about the privacy implications of the CTA. The NSBA has filed a lawsuit challenging the CTA’s constitutionality, in part on privacy grounds over sharing “sensitive information” with the government. Are there penalties for noncompliance with the CTA? Penalties for noncompliance may be steep. Willingly providing false information (including false identifying documents) to FinCEN, or failing to report complete BOI information, can result in: Fines of $500 per day, up to $10,000 Imprisonment for up to two years Civil and criminal liability may be avoided if an individual who submitted an original, erroneous report did not knowingly submit inaccurate information and submits an updated report correcting the inaccurate information within ninety days . Get help with CTA reporting requirements. Understanding how the CTA applies to you, how it will affect your business, and what you must do to comply introduces new burdens that you may have scarce resources to address. Terms like “beneficial owner” and “substantial control” may seem vague and confusing, further complicating compliance efforts. But compliance is critical for business owners who want to avoid possible sanctions. We can help you determine whether the CTA applies to your business and the steps needed to meet its reporting requirements. With the law’s effective date just months away, we encourage you to reach out now to start working on a CTA compliance strategy.  Sincerely, The Nosy Lawyer™ The information provided here is not legal advice and does not purport to be a substitute for advice of counsel on any specific matter. For legal advice, you should consult with an attorney concerning your specific situation. Call us if you have questions about your specific situation. Call us if we can be of assistance to you. Schedule an appointment with an attorney: www.calendly.com/macklawgrp.com - initial consultation link. The Nosy Lawyer™ is a publication of the Mack Law Group, PLC a Bloomfield

When clients seek estate planning advice, they often begin with a request to draft a will or a trust. After a few “nosy lawyer” questions, I discover what they are really seeking is assurance that their affairs are handled in an orderly fashion, so that their family is taking care of when “if” and “when” something happens to them. The “if” is if they are disabled or incapacitated and unable to handle their own affairs, and the “when” is when they die. Estate planning has two essential parts – pre-death death and post death planning. Of course, there are several ways to design plans around these two concepts, but if done correctly, an estate plan should provide an orderly way to address the “if” and “when”. Pre-Death Planning Let’s talk about pre-death planning and how it can avoid stressful situations in the ICU. According to a recent study approximately 1 in 5 patients in the U.S. die in the ICU. The ICU is a place where decisions about care must often be made quickly and decisively. The ability to do so can hinge upon sorting out who can make those decisions, and under what legal authority. This process can come with great deliberation and debate among family members with differing views on a patient’s care, leaving medical professionals stressed in the uncomfortable middle. There is a better way. We recommend our clients prepare with pre-death planning. A Medical Power of Attorney (also called Patient Advocate Designation) importantly allows a patient who is otherwise unable to make medical decisions to designate someone to make those decisions on his/her behalf. Having a properly drafted and executed Medical Durable Power of Attorney can reduce family fights and enable medical professionals to move quickly to take critical medical action. This document is a part of our pre-death planning. It takes the guess work out of who oversees making medical decisions, allows the decisions to be made in accordance with the patient’s wishes, and allows the medical professionals to go about saving lives. Sincerely, The Nosy Lawyer™ The information provided here is not legal advice and does not purport to be a substitute for advice of counsel on any specific matter. For legal advice, you should consult with an attorney concerning your specific situation. Call us if you have questions about your specific situation. Call us if we can be of assistance to you. Schedule an appointment with an attorney: www.calendly.com/macklawgrp.com - initial consultation link. The Nosy Lawyer™ is a publication of the Mack Law Group, PLC a Bloomfield

Transitioning from being an employee to being self-employed is a goal of many American workers, and a growing number of workers have realized their goal in the wake of pandemic-related economic disruptions. Individuals often cite taking control of their career as a top motivating factor for being self-employed. Self-employment frequently starts as a side hustle that blossoms into a full-time career. Without even knowing it, however, the self-employed may find themselves operating a sole proprietorship. Whether a sole proprietorship is the final destination on a self-employed individual’s entrepreneurial journey or a stop on the way to running a larger business, they should understand the pros and cons of this structure. The Shift to Self-Employment Having a full-time job was once seen as the main path to a successful career. But that perception has changed radically among younger workers, who have learned the hard way that employment does not offer the security it once did. The Great Recession saw roughly one in five employees lose their jobs. It pushed many of them into temporary work, often as contractors; disrupted traditional career paths; and contributed to an overall sense that the economic system is broken. While the economy stabilized in the years after the Great Recession, COVID-19 delivered another blow as millions of businesses laid off staff. The number of self-employed workers rose sharply following pandemic-related shutdowns and layoffs. However, unlike with the Great Recession, the newly self-employed after the pandemic were not just employees who had been laid off from their jobs. Forced to reconsider their work lives during the COVID-19 lockdowns, many workers joined the Great Resignation, willingly leaving their jobs to become self-employed. Self-employment remains above pre-pandemic levels and, if it continues increasing at its current rate, could surpass traditional employment in the coming years. Self-employed Americans comprise roughly 6 percent to 15 percent of the workforce, depending on the source. However, many more Americans want to be self-employed. A 2021 survey conducted by Freshbooks found that 40 percent of traditionally employed Americans were contemplating a shift to self-employment, with half saying it is their top life goal. Among those who are self-employed, 95 percent said they plan to stay that way for the foreseeable future, the study also found. It is not just low-skilled workers, such as rideshare and delivery drivers, that are swelling the self-employed ranks. According to an Upwork survey, highly educated and skilled workers make up a growing share of those providing freelance services. Self-Employment and Sole Proprietorship Workers who are not employed by a specific company may, by default, be operating a sole proprietorship. Unlike a corporation, limited liability company (LLC), or partnership, which require paperwork to be filed with the state and the payment of filing fees, a sole proprietorship typically requires no such formalities. In fact, a contractor, freelancer, or other self-employed individual is automatically considered a sole proprietor by the Internal Revenue Service (IRS) if they operate a business under their own name and are not registered as another business type. Sole proprietors may need to obtain industry-specific licenses and permits to lawfully operate. They can also file an application to conduct business under a fictitious name, called a doing business as (DBA) name. With a DBA, a sole proprietorship entity is not separate from the individual who runs it: legally, they are considered the same. While fictitious name certificates do not provide any significant legal protections, they can help business owners conduct business within a certain geographical space under a specified name. This should not be confused with trademark protections that provide certain levels of exclusivity when it comes to brand identifiers such as names and logos. Benefits of a Sole Proprietorship The simplicity of a sole proprietorship is one of its major advantages. Other than paying taxes, there are typically no required filings or registrations. Startup costs are low, and even tax preparation is relatively simple, since the sole proprietorship is not taxed separately from the business owner. The business’s profits and losses are reported on the business owner’s personal income tax return, which uses the owner’s Social Security number. In addition, sole proprietors can take advantage of tax deductions not available to employees, such as health insurance deductions and business expenses. With the simplicity of a sole proprietorship comes greater control over the business. Although some states permit a married couple to jointly own a sole proprietorship, there are no partners or shareholders to consider. The sole proprietor has the freedom to make every revenue decision—including how much to pay themselves and how much to reinvest in the business. They can guide the business in whatever direction they want. Drawbacks of a Sole Proprietorship Sole proprietors are fully responsible for their taxes, business decisions, and legal contingencies. While this creates freedom, it can also lead to exposure. As the sole owner, manager, and decision maker, the sole proprietor is solely liable for debts and financial losses that the business incurs. Because the business entity is not legally separate from the owner, personal assets are at risk if the business faces a lawsuit, bankruptcy, or financial trouble. The courts could seize a sole proprietor’s home, car, bank accounts, and other belongings to satisfy a liability of the business. Additional drawbacks of a sole proprietorship include the following: It is more difficult to raise capital due to the inability to sell stock, add new owners/members, or secure loans from banks, which tend to see sole proprietors as high risk. Difficulty raising capital can lead to problems growing the business. Sole proprietors generally must pay a self-employment tax of more than 15 percent on all business income. This tax doubles the Social Security and Medicare taxes that employees pay and comes on top of regular income tax. Not having business partners can be seen as a plus, but as the business matures and seeks fresh opportunities and investments, outside partners may be desirable. Sole Proprietors Don’t Have to Go It Alone. We Can Help. Making the jump to full-time self-employment could be the fulfillment of a lifelong goal, but working for yourself is not without challenges. Running a sole proprietorship may not be as simple as it appears on the surface. You might have to choose and register a DBA, register for licenses and permits, purchase a website domain, hire employees and obtain an employee identification number, open a business bank account, buy insurance to mitigate personal liability for business losses, and prove to the IRS that your business is not a “hobby” to reap the potential tax benefits of sole proprietorship. A sole proprietorship may initially be the right choice for consultants, freelancers, independent contractors, and some types of business owners such as franchisees who have minimal startup capital requirements and whose products or services involve a relatively low risk of liability. But at some point, you may decide that you have outgrown your sole proprietorship and want to form a business entity such as a corporation or an LLC. Further, if you plan to grow from the beginning, you may want to consider a different legal structure. During a meeting with our business attorneys, we can discuss the pros and cons of a sole proprietorship, whether it is right for you, how to get started as a small business owner, and ways we can help you meet your business goals. Call or contact us to get started. Sincerely, The Nosy Lawyer™ The information provided here is not legal advice and does not purport to be a substitute for advice of counsel on any specific matter. For legal advice, you should consult with an attorney concerning your specific situation. Call us if you have questions about your specific situation. Call us if we can be of assistance to you. Schedule an appointment with an attorney: www.calendly.com/macklawgrp.com - initial consultation link. The Nosy Lawyer™ is a publication of the Mack Law Group, PLC a Bloomfield

Financial planning is an essential aspect of securing your family’s future and protecting your assets. One powerful tool for achieving this is a trust. But setting up a trust is only the first step. To make the most of it, you need to fund the trust. In this blog post, we will explore the importance of trust funding, the various assets that can be placed in a trust, and the benefits it can provide to both you and your beneficiaries. What Is Trust Funding? Trust funding refers to the process of transferring your assets into a trust. The trust becomes the legal owner of the assets, and you, as the trustee, or someone else that you chose will manage them, for the benefit of the trust’s beneficiaries. Proper funding ensures that your assets are protected, managed according to your wishes, and distributed efficiently upon your passing. Types of Trusts: Revocable Living Trust: This trust allows you to maintain control of your assets during your lifetime and provides a seamless transition of your assets upon your incapacity or death. Irrevocable Trust: Once assets are placed in an irrevocable trust, you typically cannot reclaim them. This trust offers enhanced asset protection and tax benefits. Assets to Consider for Trust Funding: Real Estate: Homes, rental properties, and land can be transferred to a trust, providing a clear path for the distribution of these valuable assets. Financial Accounts: Bank accounts, investments, and brokerage accounts can be included in a trust, making it easier to manage and distribute these funds. Business Interests: If you own a business, funding your trust with business interests can ensure a smooth transition of ownership. Life Insurance Policies: Placing life insurance policies in a trust can help beneficiaries receive payouts efficiently, potentially reducing estate taxes. Benefits of Trust Funding: Probate Avoidance: Funded trusts can bypass the lengthy and costly probate process, ensuring your assets are distributed to beneficiaries more quickly. Privacy: Trusts are private documents, so the details of your assets and beneficiaries remain confidential, unlike probate, which is a public process. Asset Protection: Irrevocable trusts can shield your assets from creditors and legal claims, providing added security. Tax Efficiency: Proper trust funding can help minimize estate and inheritance taxes, leaving more for your beneficiaries. Incapacity Planning: Trusts can outline how your assets should be managed if you become incapacitated, offering peace of mind for you and your loved ones. Steps to Fund a Trust: Identify assets to be included. Work with an attorney to create and customize the trust document. Change titles and beneficiary designations to reflect the trust as the owner. Update wills, deeds, and financial accounts to mention the trust. Conclusion:  Trust funding is an essential step in estate planning, offering numerous benefits for you and your beneficiaries. Whether you have real estate, financial assets, or a business, establishing a trust and properly funding it can provide financial security, privacy, and peace of mind. Consult with an experienced estate planning attorney to ensure your trust is tailored to your specific needs and goals and enjoy the comfort of knowing your legacy is secure. Sincerely, The Nosy Lawyer™ The information provided here is not legal advice and does not purport to be a substitute for advice of counsel on any specific matter. For legal advice, you should consult with an attorney concerning your specific situation. ______________________________________________________________________________________ Call us if you have questions about your plan or would like to get started with a new estate plan. https://macklawgrp.com (248) 562-6423. The Nosy Lawyer™ is a publication of the Mack Law Group, PLC a Bloomfield Hills, Michigan based law firm serving business owners and their families. © January 2024

Tune in to the latest episode of the Uncommon Sense with Jill Gleba podcast where Pamela Mack discusses the common mistakes and misconceptions in Estate Planning. The Uncommon Sense is a fun and engaging podcast that features collection of stories and ideas for the “financially curious” who want to learn more about personal finances but aren’t sure where to begin. Listen to Pam and Jill talk about things like Trusts gone bad, when you might not want to make your kids joint on your account, leaving kids without guardians and more horror stories around estate planning. Click here to listen!

Being a single mother comes with its unique challenges, and one of the most significant concerns is ensuring your child's financial future, including their college education. Estate planning is a powerful tool that can help you secure your child's educational needs even when you're not around. In this blog post, we will explore the importance of estate planning for single mothers, particularly in the context of providing for college education expenses. We will also discuss how The Mack Law Group can provide invaluable support and guidance in this important journey. The Significance of College Education Planning A college education is often a stepping stone to a brighter future, providing opportunities for personal and professional growth. As a single mother, you want to make sure your child has access to quality education and the tools they need to achieve their dreams. Effective estate planning can be instrumental in securing the necessary financial resources to cover college education expenses. Here's why it's essential:  1. Financial Security for Your Child: A well-structured estate plan can provide your child with financial stability, ensuring they have the means to pursue higher education without burdensome student loans. 2. Legacy Preservation: Estate planning allows you to pass on your values and legacy to your child, including the importance of education and personal development. 3. Tax Efficiency: Strategic estate planning can minimize tax liabilities, ensuring that more of your assets are directed towards your child's education. 4. Peace of Mind: Knowing that you've made provisions for your child's future can provide peace of mind, allowing you to focus on the present. Estate Planning Strategies for Single Mothers For single mothers, estate planning strategies that focus on providing for college education expenses are of paramount importance. Here are some key components to consider: 1. Will and Testament: A will is a foundational document in your estate plan. It allows you to designate a guardian for your child and specify how your assets should be distributed to support their educational needs. 2. Trusts: Creating a trust, such as an education trust or a revocable living trust, can ensure that your child's inheritance is managed and allocated for their education in a structured and tax-efficient manner. 3. Life Insurance: Life insurance can provide a financial safety net for your child in case of your untimely passing, offering them the resources they need to cover college expenses. 4. 529 College Savings Plan: Consider establishing a 529 college savings plan, which offers tax advantages for education savings and can be integrated into your estate plan. 5. Guardianship Designation: Designate a guardian in your will who will be responsible for your child's education and well-being if you're not there to provide care. 6. Health Care Proxy and Power of Attorney: These documents are essential for ensuring that your child's medical and financial needs are met during your absence. The Role of The Mack Law Group The Mack Law Group specializes in estate planning and can provide crucial assistance to single mothers in ensuring that their child's college education expenses are covered. Here's how they can help: 1. Customized Estate Plans: The Mack Law Group creates personalized estate plans tailored to your unique financial situation, goals, and values. They will work closely with you to ensure that your child's education expenses are addressed. 2. Trust and Investment Strategies: They offer strategies to establish trusts and invest assets in a way that will maximize growth and ensure that funds are available for your child's education. 3. Life Insurance Planning: The Mack Law Group can help you explore life insurance options to provide financial security for your child. 4. Tax Efficiency: They are well-versed in tax-efficient planning, which can help you minimize tax liabilities and allocate more resources to your child's education. 5. Guardianship Designation: The Mack Law Group can assist in designating a guardian who is not only capable of providing care but also committed to your child's educational aspirations. 6. Legacy Planning: They understand the importance of preserving your legacy and can help ensure that your values and educational aspirations are passed down to your child. Common Pitfalls to Avoid In the estate planning process, there are common pitfalls that single mothers should avoid to ensure the success of their college education planning: 1. Procrastination: Delaying estate planning can put your child's financial future at risk. Starting early and updating your plan regularly is essential. 2. Neglecting Proper Guardianship Designation: Failing to designate a guardian who is aligned with your educational and financial goals for your child can lead to conflicts and misunderstandings. 3. Inadequate Financial Planning: Not considering the cost of higher education and the potential for tuition inflation can lead to underfunding your child's education. 4. Lack of Professional Guidance: Navigating estate planning can be complex, and failing to seek professional advice can result in suboptimal planning. Conclusion Estate planning for single mothers is a powerful tool for ensuring that your child's college education expenses are adequately covered. The Mack Law Group understands the unique challenges and aspirations of single mothers and can provide the expertise and guidance needed to create a comprehensive estate plan that preserves your legacy and secures your child's financial future. Don't let the complexities of estate planning overwhelm you – reach out to The Mack Law Group and take the first steps toward ensuring your child's educational aspirations are achieved.

Can Do Attitude - The Kindling Project podcast In the fast-paced world of legal advocacy, there are those who not only uphold the law but also inspire change, empower the community, and lead with compassion. At The Mack Law Group, we are proud to share that we recently had the incredible honor of being featured on The Kindling Project podcast . The Kindling Project is a passion project brought to you by Melissa Halpin, an artist and CEO of Memora, a national experience design agency, and Monica Inestroza-Curtis, a storyteller and blogger at ToGETherJOY.com. I had the opportunity to share my experience building multiple businesses successfully and to discuss the importance of pursuing our visions and not letting others dictate our path. Tune in today to learn valuable insights on staying true to yourself and achieving your goals. The Nosy Lawyer™ (248) 562-6423

As a single mother, your top priority is providing a secure and stable future for your children. Estate planning plays a vital role in ensuring their financial security and well-being. At Mack Law Group, we understand the unique challenges faced by single mothers and are here to offer guidance and support. In this blog post, we will discuss essential estate planning strategies specifically tailored to single mothers, empowering you to protect your assets, plan for the future, and ensure a lasting legacy for your children. Create a Comprehensive Estate Plan: Developing a comprehensive estate plan is the foundation of securing your financial future. It includes essential documents such as wills, trusts, powers of attorney, and healthcare directives. At Mack Law Group, we specialize in assisting single mothers in creating personalized estate plans that reflect their unique circumstances and goals. Designate a Guardian for Your Children: Selecting a guardian for your children is a critical decision. Choose someone you trust who shares your values and is capable of providing the love and care your children need. Our experienced team at Mack Law Group can guide you through the process of selecting a guardian and ensuring that your children’s best interests are protected. Establish a Trust: Consider establishing a trust as part of your estate plan to protect and manage assets for the benefit of your children. A trust provides you with control over how your assets are distributed and can offer ongoing financial support. Our skilled attorneys can assist you in establishing and managing a trust that aligns with your goals and safeguards your children’s financial future. Review and Update Beneficiary Designations: Regularly review and update beneficiary designations on your life insurance policies, retirement accounts, and other financial assets. Ensure that your beneficiary designations accurately reflect your current wishes and consider designating a contingent beneficiary. Our team at Mack Law Group can help you navigate the process and ensure that your assets are distributed according to your intentions. Plan for Long-Term Care: Consider your long-term care needs and include provisions for them in your estate plan. This includes addressing health care decisions, disability insurance, and long-term care insurance. Our knowledgeable attorneys can help you understand your options and develop a plan to protect your well-being as you age. How Mack Law Group Can Help: At Mack Law Group, we are dedicated to assisting single mothers in securing their financial future through comprehensive estate planning. Here’s how we can support you: Personalized Estate Planning: Our experienced team will work closely with you to understand your unique circumstances, concerns, and aspirations. We will develop a customized estate plan that ensures your children’s financial security and reflects your wishes. Guardian Designation Assistance: We provide guidance in selecting a suitable guardian for your children, considering factors such as compatibility, values, and capabilities. Trust Creation and Management: Our attorneys can help you establish and manage a trust that safeguards your assets and provides ongoing financial support for your children. Long-Term Care Planning: Our expertise in long-term care planning will help you make informed decisions about health care, disability insurance, and other considerations to protect your well-being as you age. As a single mother, securing your financial future through estate planning is essential for the well-being of your children. At Mack Law Group, we are committed to providing expert guidance and support throughout the estate planning process. Contact our team today to schedule a consultation and let us help you create a comprehensive estate plan that ensures the financial security of your family and leaves a lasting legacy.

Common Mistakes in Probate Avoidance in Wayne, Oakland, and McCain Michigan Probate avoidance is a crucial aspect of estate planning that can save your beneficiaries both time and money in the long run. However, there are common mistakes that people make when attempting to avoid probate, which can lead to unnecessary legal battles and disputes. In this blog post, we’ll discuss some of the common mistakes people make in probate avoidance in Wayne, Oakland, and Macomb, Michigan, and how the Mack Law Group can help you avoid them. Mistake #1: Failing to Plan Properly One of the most common mistakes people make is failing to plan properly. Some individuals assume that their assets will automatically transfer to their loved ones after they pass away, but this is not always the case. Without a proper plan in place, your assets may end up in probate court, where your loved ones will be forced to go through a lengthy and costly legal process to inherit your assets. Therefore, it’s essential to create a comprehensive estate plan that considers all your assets and outlines a clear plan for their distribution. Mistake #2: Improper Use of Joint Tenancy Another common mistake people make is the improper use of joint tenancy. While joint tenancy is a popular probate avoidance strategy, it can lead to unintended consequences if not used correctly. For instance, if you add a family member as a joint tenant on your property, they become a co-owner of that property, and you lose control over it. Moreover, if the joint tenant passes away before you do, their share of the property may pass to their heirs rather than yours, which can cause complications and disputes. Mistake #3: Failure to Update Beneficiary Designations Many people fail to update their beneficiary designations regularly, which can cause complications during probate. For instance, if you’ve named your ex-spouse as a beneficiary on your life insurance policy or retirement account, they will receive those assets, even if you’ve remarried or designated someone else as your beneficiary in your will. Therefore, it’s essential to update your beneficiary designations regularly to ensure that your assets go to the intended beneficiaries. How the Mack Law Group Can Help At the Mack Law Group, we understand the importance of proper estate planning and probate avoidance. We have years of experience helping clients in Wayne, Oakland, and Macomb, Michigan, to create comprehensive estate plans that minimize the risk of probate and ensure their assets go to their intended beneficiaries. Our attorneys will work closely with you to identify your goals and develop a plan that aligns with them. Moreover, we offer a range of legal services, including wills, trusts, power of attorney, and healthcare directives. We’ll also help you update your beneficiary designations, review your joint tenancy arrangements, and ensure that your assets are titled correctly. With our help, you can rest assured that your estate plan is in good hands and your loved ones are protected. Probate avoidance is a crucial aspect of estate planning that can save your beneficiaries both time and money in the long run. However, many people make common mistakes when attempting to avoid probate, which can lead to unnecessary legal battles and disputes. At the Mack Law Group, we’re committed to helping clients in Wayne, Oakland, and Macomb, Michigan, create comprehensive estate plans that minimize the risk of probate and ensure their assets go to their intended beneficiaries. Contact us today to schedule a consultation and start planning for your future. The Nosy Lawyer™ (248) 562-6423