Have you heard of Lifestyle Insurance?  I'm sure your answer two this question is no. But in reality we've all heard of “Lifestyle Insurance”, just under a less descriptive name- life insurance.

So why call it Lifestyle Insurance?
Because in buying a life insurance policy it's your family's “Lifestyle” that you're really trying to protect. You want to ensure that the style of life your family is accustomed to is not interrupted if you were gone. The passing of a family member is difficult enough for a spouse or children to live through, but add in the negative effects of a financial crunch and lives could be forever impacted. The loss of the family home, the need to relocate to take a job or the loss of family vacations are all major changes in Lifestyle.

So lets look at your Life(style) Insurance needs in a different way. Frankfort Insurance and our partner Houlmont & Associates have the experience to help you select the life insurance product that can ease your mind and protect your family going forward. Visit our website for more information or use the button below to start the process to protect your family's lifestyle!

For many Americans the "Memorial" part of Memorial Day is not revered as it should be.  Not because we intend to ignore the sacrifices of those who came before us but because we haven't learned how to observe the day.

• Educating your children, family and friends about Memorial Day and how to observe the day.

• Wear a Memorial Day or American Flag button during the month of May.
• Visit a cemetery and commemorate the heroes who served and those who fell in our defense.
  
• Fly the U.S. Flag at half-staff until noon on Memorial day as it is a day of “National Mourning”.
  
• Participate in the “National Moment of Remembrance” at 3:00pm local time, to pause and think upon the meaning of the day.
  
• Donate to a worthy cause to help assist the widows and orphans of our fallen heroes and to aid our disabled veterans.
  
  

By participating in these action you will educate other Americans and increase the reverence for this day. We are the beneficiaries of those who sacrificed their lives for our freedom and liberty and they deserve to be memorialized appropriately.

God Bless America

More information can be found at the Memorial Day Foundation

By: Robert W. Parker, Attorney

Robert is a seasoned attorney with over 30 years of experience representing landowners, developers, business owners, lenders, municipalities, and individuals throughout Michigan.


How to handle the disposition of the family cottage upon mom and dad’s death has become a cottage industry.   Parents discover that, while their children may have expressed an interest in keeping the cottage in the family after their parents’ deaths, not all of the children have the same level of interest.   Some live far away and thus aren’t able to use the property as often as their siblings and still other children may not have the financial ability to shoulder their share of expenses.

Unless carefully planned, the outright gift of the family cottage to the children can, unintentionally, create strife and discord amongst family, especially when mom and dad aren’t around to referee.

Swirl into this issue the possible “uncapping” of the property’s taxable value when it is transferred to the next generation. The “uncapping” of the property’s taxable value poses a challenge due to the fact that if the property taxes suddenly increase, the family may discover that they aren’t able to afford the taxes, let alone the cost of maintenance.

The process of passing down the family cottage, which seems fairly straight forward at first, can become quite complicated, very quickly.  

We have found that this process can be easily facilitated and many problems avoided if the parents leave a blue print as to how the family cottage should be owned, transferred and how future decisions should be made through the creation of cottage trusts or cottage limited liability companies. 

The issues to consider when creating a cottage trust or cottage limited liability company are:

• Do the parents have exclusive rights to possession while alive?
• Upon mom and dad’s death does each child need to contribute equally to the cost of maintenance, insurance and taxes?  Or should each child’s contribution be a product of their usage?
• What if a child doesn’t pay their share of expenses?  What mechanism is there for collection?   
• Should there be “rules” regarding usage?  Pets?  Guests?   Do parents need to be present when young adults use the property?
• Is a child’s interest in the property considered an asset for purposes of divorce or bankruptcy?
• What happens to a child’s share of the cottage when he or she dies?  Does it go to whom they designate, i.e. their spouse or children?  Or does their share go to their siblings?
• How do we avoid the uncapping of the property’s taxable value upon the death of mom and dad?  What about when a child dies?
• What if a child wants or needs to sell their share?  How is that accomplished?

As demonstrated above, each case poses issues specific to your family’s current circumstances, and plans that work for one family may not be appropriate for your family. Attorneys can assist in guiding you through the various options available and choose the plan that works best for you and your family.

© 2014 Smith Haughey Rice & Roegge

Smith Haughey Rice & Roegge
101 N. Park St.
Ste. 100
Traverse City, MI 49684
231.929.4878

Michigan College Planning  is a company out of Traverse City MI.  Vicki and Matt have been assisting and educating individuals and families with retirement planning, insurance planning and other financial goals. Their interest in College Planning began when they noticed that students and parents were struggling to find a way to pay for a college education without taking on a great deal of debt or dipping into their retirement resources. Their goal of helping families plan for a secure and debt free future, which was not possible with the student loan debt that so many clients were taking on, led them the specialty of College Planning and Funding. They have undergone extensive training and are Registered Licensees of College Planning Relief, a College Planning Relief Specialist.

                                                          Let us help you
     PLAN FOR COLLEGE NOW!
                          Parents with students of ALL ages should attend!

Free Workshop Tuesday, May 20th - 6:30pm
Traverse City Central High School Cafeteria

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Michigan College Planning | 3229 Logan Valley Road | Traverse City, MI 49684 | 231.947.0203
www.michigancollegeplanning.com
Not sponsored by Traverse City Area Public Schools