An important issue currently facing many Michiganians who inherit real estate is how they will be able to preserve their wealth moving forward. In many situations where families do not plan appropriately, there are no due process protections in place for heirs of property owners, and they remain vulnerable to court-ordered partitions. This can occur when an interested party, outside of a family relationship, has a fractional interest in the […]
Read MoreThe latest issue of Urban Aging News highlights an article on Estate Planning Made Simple written by Norman “Gene” Richards. In this insightful article, Mr. Richards’ offers practical steps that may make getting your personal affairs, including important legal documents, in order a little more manageable and a little less scary. Urban Aging News is a quarterly publication that provides information, insight, and inspiration for Metro Detroit’s maturing adults. Check […]
Read MoreWe are pleased to announce that Norman (Gene) Richards, a partner in CMDA’s Livonia office, has been named to DBusiness Magazine’s 2024 List of Top Lawyers in the Trusts & Estates category. DBusiness’ Top Lawyers List is based on an exclusive peer-review survey open to all area lawyers. Thousands of votes were cast honoring excellence in 53 practice areas. Mr. Richards focuses his practice on estate planning and elder law. […]
Read MoreMost parents know — in theory, at least — that when a child turns 18 the child is considered an adult with all the attendant legal rights of adulthood. This abrupt transfer of power and the full significance may not be apparent until something happens that drives that reality home. The following statement is difficult for many parents to digest: Just because you are the parent, providing emotional and financial […]
Read MoreIt’s considered the simplest and least expensive way to transfer real estate when a person dies – with an equally lovely name – the “ladybird,” or “Lady Bird” deed. But is that really the case? As with most concepts, what appears simple on the surface may be more complicated in application. Here is an overview of the ladybird deed, along with the benefits and challenges that come with that method […]
Read MoreThe latest issue of Urban Aging News highlights an article on How Important is it for you to Have a Will? written by Norman “Gene” Richards. In this insightful article, Mr. Richards shares the reasons why someone may- or may not- need a will and outlines what happens to a person’s assets when they have a will in place vs not having a will in place. Urban Aging News is […]
Read MoreHow Important is a Will, Really? The simple answer to that question is . . . wait for it . . . “It depends.” Most people own assets of some kind when they die. The assets might include real estate (home, land, timeshare, etc.), financial accounts (bank, investment, and retirement accounts), life insurance, savings bonds, autos, boats, toys, and personal effects or “stuff” (clothes, furniture, jewelry, tools, etc.). The assets […]
Read MoreIt is common for an aging parent to add an adult child’s name (sometimes more than one adult child) as a joint owner on the parent’s bank account. The arrangement is usually viewed as a simple and inexpensive solution to the following concerns: someone needs to be able to pay bills when the parent is ill or hospitalized; funerals are expensive, and money will be needed immediately; the account will […]
Read MoreFamily gatherings offer the opportunity to surreptitiously keep an eye out for noticeable changes in behavior and living conditions of aging loved ones. It is important to be alert to changes because these may reveal health needs and care challenges that require intervention. Attorney Norman E. “Gene” Richards shares five things to look out for during visits with aging loved ones. 1. Partners covering for each other. Take note if […]
Read MoreThe latest issue of Urban Aging News highlights an article on Advice for Caregivers: Five Steps to Leap Legal Hurdles written by Norman “Gene” Richards. In this article, Mr. Richards shares five steps caregivers should take to eliminate frustrating, and often costly, legal challenges. Urban Aging News is a quarterly publication that provides information, insight, and inspiration for Metro Detroit’s maturing adults. Check out the Urban Aging News Fall 2022 […]
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- The Legal Implications of the State of Michigan Adopting the Uniform Partition of Heirs of Property Act