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Kaye Law Office PLLC is a trusted law firm in Michigan, providing services such as bankruptcy filing, estate planning, and probate and trust administration. We help individuals gain better control of their finances — and their life. Read our blog below to know the latest news and updates in the finance and legal industry.
Your 10 Point Estate Planning Checklist
Estate planning is one of the most important things everyone needs to ensure they get done well ahead of when it might become necessary. Life is unpredictable, so that means it is something you should do as soon as possible, especially once you have children. Without an estate plan in place at the point of
Benefits of Estate Planning For Your Children Under 18 And Guardianship
There are myriad reasons why a person might want to have an estate plan in place. It can range from wanting to specify the end of life instructions such as medical decisions and burial choices to the distribution of property. But for many people, caring for their children is the biggest priority, and rightly so.
The Benefits of Estate Planning As A Business Owner
Estate planning is important for everyone. There is a multitude of things that can be accomplished with a well-prepared estate plan. This could be making the end of life preparations and giving medical directions. It could also relate to the distribution of property among one’s heirs as well as the creation of trusts to cater
Filing Chapter 13 Bankruptcy vs. Debt Consolidation
If you’re looking to restructure your debts, there are a few options available to you. The most commonly used by individuals include Chapter 7, Chapter 13, and debt consolidation. While Chapter 7 sees an individual surrender his or her unexempt property to repay debts, Chapter 13 and debt consolidation are used to reorganize debt in
Chapter 13 Bankruptcy and your IRA & 401K
Most employees usually have an IRA, that is, an individual retirement account coupled with a 401(k). A 401(k) account is sponsored by an employer who matches your contribution to the account with a certain sum, say 50% of your contributions to the account. On the other hand, an IRA is individually managed and arranged with
Chapter 7 Frequently Asked Questions
How does it work? Chapter 7 bankruptcy is also often referred to as liquidation. It is a process where a person files a case before the bankruptcy court seeking relief from their debts because they are unable to discharge them for one reason or another. In the process, a person turns over his “non-exempt” assets
7 Different Trust Types In Estate Planning
Different Trust Types in Estate Planning In estate planning, trusts can be used for the easy distribution of assets to heirs. Structured right, trusts can help you avoid taxation and a drawn-out probate process. They are a great way to ensure assets are immediately passed from the original owner to the heirs, and are managed
Chapter 13 Bankruptcy and Back Taxes
Chapter 13 bankruptcy is a great tool for debtors as it protects more assets than Chapter 7. It also provides a structure through which debtors can reorganize their debts and catch up on overdue payments, instead of facing a Chapter 7 liquidation. So, Chapter 13 can give a debtor a repayment schedule that is favorable
Chapter 7 Bankruptcy, Good or Bad?
Running into loads of debt is a nightmare for anyone. That sick feeling you get when reading that demand mails from creditors can cripple you as you think of all the things you stand to lose if the creditor carries out all their threats. The good thing is that there are a few ways to
Chapter 13 Bankruptcy Frequently Asked Questions
What is Chapter 13 bankruptcy and how does it work? Chapter 13 bankruptcy is a part of the federal bankruptcy law that gives debtors relief from creditors. It permits debtors to repay part or all of their debts under the protection and supervision of the bankruptcy court. Under this proceeding, the debtor submits a repayment
What to Expect When Filing Chapter 13 Bankruptcy After Chapter 7
If you have filed for Chapter 7 bankruptcy in the past, you have likely had all of your qualifying debt wiped off. Once you received the official discharge after filing for Chapter 7 bankruptcy, debts like personal loans, medical bills, and credit card balances were chalked off. But you are still in debt. You know
Chapter 7 Bankruptcy Dismissal vs Discharge
Your bankruptcy case may come to an end, but how it is closed could significantly impact your debts and liabilities. If you’ve been considering bankruptcy as an option to solve your debt issues, you may have come across terms like “discharge” and “dismissal”. While these terms easily look like the same thing, they have very
The Estate Planning Process
As you make progress and go through life’s different milestones, it is important that you plan for what is to come. Some of these milestones are planned for, and these could include graduations, setting up a business, birthing children, and retirement. But others may come unexpectedly. Planning for the expected and unexpected allows you to
Estate Planning Basics
Getting an estate plan is hardly the type of thing that tops the list of the average American. While some think the process is too expensive, others are yet to get around what it involves. Most people believe that working with attorneys and drafting legal documents will be stressful and time-consuming. But you can save
Considering Your 401k, IRA, and Other Investments In Estate Planning
Estate planning is not the most fun thing to put time into but it is very important to do. Estate planning is all about dividing all the things you own after you die, but this is about more than just your home. Your 401k, IRA and other investments can also play a role in your
