I was appointed as Personal Representative for my loved one, what’s next?

After sending proper notices regarding attorney fees and your duties as Personal Representative, the next steps are identifying the assets owned by the individual and valuing them for the Inventory. Searching through mail and old papers for deeds and financials, locating passwords for online accounts or digital assets and valuing them can all be part of the process.  Some assets, such as a firearm or pharmaceuticals, will need to be secured and disposed of. The home should be secured, winterized if necessary, and insured as a vacant home if appropriate. Vehicles need to be secured and insured. Jewelry and other values should be appraised. Direct deposits and withdrawals need to be canceled.  A Notice to Creditors must also be published.  

There’s a lot more to it! Learn more here!

Sound Confusing? Schedule Your Consultation!

Have questions about being a personal representative after a loved one passes away, please contact estate planning attorneys in Ann Arbor at 734-665-4441.

When Your Loved Ones Passes Away Without a Will, What Happens?

The State of Michigan, via the Estate and Protected Individual Code, directs how one’s probate estate will ultimately be distributed.  Assets owned by the decedent require an “intestate” probate estate, which is a probate estate opened for an individual who didn’t have anything in writing regarding their assets. Whether it be real estate, a boat or car, a bank account, bitcoin, Great-Grandmother’s sapphire ring, or financial investments, you’ll need the Court to appoint a Personal Representative to transfer assets to the proper beneficiaries of the estate.

There’s a lot more to it! Learn more here!

Sound Confusing? Schedule Your Consultation!

Call PSED Law to hire a professional personal representative, or seek representation if a loved one passes away with a will directing how their estate shall be distributed. 

PSED Law also provide estate planning services to ensure that your estate is administered according to your wishes. 

New Law Means New Probationary Terms. Do You Qualify?

Effective March 24, 2021 there’s a new presumption in Michigan law against jail or probationary sentences for persons convicted of certain misdemeanor offenses.     

Senate Bill 1048 (2020) is part of criminal justice reform efforts across the country providing uniform standards for the probation system and ultimately reducing the number of citizens subject to unnecessary jail and probationary terms.  

For years, District Court dockets have been clogged with probation review and violation hearings involving individuals who have been convicted of minor crimes.  

Find out what this could mean for you or a loved one. Learn more here!

Get Started Today: Schedule Your Consultation!

If you have been charged with a crime and need advice, reach out to our expert criminal defense attorney in Ann Arbor, Steven Tramontin. Call us at 734-665-4441 or email Steven at stramontin@psedlaw.com.

New Michigan Law Seeks to Minimize Unnecessary Terms of Probation

Senate Bill 1048 is designed to reduce the entanglement of typically law-abiding citizens convicted of minor offenses with the court system.  It’s now presumed that a person who is convicted of a non-serious misdemeanor should not be sentenced to jail or probation unless there’s evidence presented by the prosecution to the contrary.  Serious misdemeanor offenses are enumerated in MCL 780.811 and include domestic violence, child abuse, and certain offenses involving a firearm.

Learn more here!

Get Started Today: Schedule Your Consultation!

If you have been charged with a crime and need advice, reach out to our expert criminal defense attorney in Ann Arbor, Steven Tramontin. Call us at 734-665-4441 or email Steven at stramontin@psedlaw.com.

What You Need to Know About Bitcoin

Bitcoin volatility is driven in large part by varying perceptions of the value of the cryptocurrency. Bitcoin.org gives this warning, “The price of a bitcoin can unpredictably increase or decrease over a short time due to its young economy, novel nature, and sometimes illiquid markets. Consequently, keeping your savings with Bitcoin is not recommended at this point.”

One of the initial attractions of bitcoin was that it seemed anonymous. However, the United States government has announced in recent weeks that ransomware, which can involve bitcoin, is an urgent national security threat. Ransomware occurs when an actor locks a victim’s data with encryption until a ransom demand is met for their release, typically with digital currency like bitcoin. Bitcoin accounts for approximately 98% of ransomware payments. 

Learn more here!

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about bitcoin and how it could affect your business,  please call Edwin Pear, Ann Arbor business attorney at 734-665-4441 or email him at epear@psedlaw.com.

Bitcoin 101

Bitcoin was the first example of cryptocurrency. Cryptocurrencies are an entirely digital currency, and bitcoins aren’t printed but are produced by computers and held electronically.  Bitcoin allows for a minimal amount or even no trust between the parties in the transaction. Bitcoin stores transactions through a blockchain, which is a specific type of database that stores every transaction ever made. Bitcoin calls the blockchain a “shared public ledger.”

Bitcoin is open-source; its design is public; nobody owns or controls bitcoin and everyone can take part. Bitcoin is legal and can be spent on anything. Many major companies accept bitcoin, including PayPal, Starbucks, and Etsy. 

Bitcoin is a relatively new type of currency, with many potential but unproven applications in the future. It is under increased scrutiny from regulators, and this is likely to continue as Bitcoin grows. Learn more here!

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about bitcoin and how it could affect your business,  please call Edwin Pear, Ann Arbor business attorney at 734-665-4441 or email him at epear@psedlaw.com.

What You Need to Know About Annual Gifting

Under current law, the annual gift tax exclusion is $15,000 per donor per recipient.  This means an individual can make as many gifts of $15,000 to as many people as he or she chooses, free of taxes for the recipients. Annual gifts don’t reduce the lifetime exemption for federal estate tax and gift tax for individuals. Currently, the lifetime exemption is $11.7 million per individual and $23.4 million per couple.  Most estates are significantly less than those amounts and will not be subject to estate or gift taxes. However, there’s a good deal of concern that Congress may reduce the lifetime exemption. If Congress does nothing to the current law, the exemption will return to approximately $6 million per donor in 2026. 

Learn more here!

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about annual gifting, please contact estate planning attorneys in Ann Arbor at 734-665-4441.