Medicaid Planning and Multiple Real Estate Interests: An Overview

Many Michigan families own a second property, and preserving that property for future generations is almost always an important goal. However, Medicaid qualification rules only exempt a homestead (up to a certain limit of value in some circumstances), which only protects one property. Medicaid also has a five year “look-back” rule preventing applicants from simply giving their property away or selling it for less than fair market value in order to qualify for Medicaid. For an owner of multiple properties who has learned he or she will need to apply for Medicaid, the first concern often revolves around what will happen to the second property. Read More

Planning a Family Cottage Succession

Michigan residents are well known for their love of “the family cottage.” It’s really no surprise given that Michigan has the second highest number of lakes of any state in the country. Estimates show as many as one in three people owning lakefront property. For many, the cottage is the asset they are most proud to pass down to their children, and they hope it will remain in the family for generations. Read More

Timeshares and Estate Planning

If you have a timeshare, you likely also have many wonderful memories of vacations with your family. Did you know that you can ensure your family’s ability to continue enjoying vacations at your timeshare property even after your death? Read More