Hi, I’m Mike Greiner. I’m an attorney here with The Financial Law Group located in Warren, Michigan. Our website is financiallawgroup.com and our phone number is 586-693-2000. And I’m here to talk to you about why you should do a Trust rather than a Will. Most people think that they’re the same thing and they’re really not. What a will is, although it’s valuable to do a will rather than do nothing is basically a letter to the probate court telling the probate court how you want your assets to be handled. Many people think that by doing a will you’re avoiding probate altogether once you’ve passed and that is just not the case. If you’re goal is to avoid probate and allow your family to deal with the assets without having to deal with courts and lawyers and all those costs that are involved the way to avoid that is by doing a Trust. I believe in trust. I actually did it for my own family so I can tell you that that’s the case. Trusts do cost a little bit more on the front end because they’re a little bit more work but what we found is that by doing a trust, you’re able to completely avoid probate and make sure that it remains a private, within the family affair when dealing with the assets of someone who has passed.
If you want to find out more about setting up your Trust feel free to give me a call. I’d be happy to meet with you personally. Our phone number is 586-693-2000 and I do offer free consultations.
Hi, I’m Mike Greiner. I’m a bankruptcy attorney with The Financial Law Group here in Warren, Michigan. And I’m here to talk to you today about your IRAs and 401Ks as you go through bankruptcy.
One of the biggest concerns that my clients have is the fact that they might have accumulated some retirement funds in a IRA or 401K and their concerned about losing those funds, and rightfully so. That is most people’s retirement, these days so, protecting that is a very, very important part of the process. The good news is, is that IRAs and 401Ks, generally speaking, are totally protected as you go through the bankruptcy process. So, even if you have $1,000,000.00, sitting in 401K accounts, those funds are totally protected. They’re there for your retirement and your creditors cannot touch them.
The sad thing that I sometimes see is where people have taken a bunch of money out of a 401K account to pay back their creditors. Because what happens then it that you’ve essentially given your creditors access to funds that otherwise they would have no access to otherwise. I strongly urge people to think of 401K accounts as savings for retirement. It is a savings account. It is not something that you can dip into when an emergency comes up or when you need to pay a certain bill or when you need to take care of one issue. What it is, is it’s a savings for retirement. I will say that there’s one exception to my rule there and it is where people have sometimes been able to take money out of a 401K and actually buy a house.
There are some opportunities for buying houses that are very inexpensively in the current economy and I’ve had some clients that have been able to take money out of a 401K, buy a house and own it free and clear or darn near free and clear and that’s been a really good option for a lot of people. Point being, don’t take money out of your 401K to pay credit card debt. That’s a complete waste. And don’t worry about as you’re going through a bankruptcy case losing your 401K. If you want to find out more about bankruptcy or your 401K for that matter, please feel free to give me a call. My phone number is 586-693-2000. We offer free consultations and I’d be happy to meet with you personally.
Hi, I’m Mike Greiner. I’m a bankruptcy attorney here with The Financial Law Group located in Warren, Michigan. Our phone number is 586-693-2000. Our website is financiallawgroup.com. And I’m here to talk to you today about protecting your assets as you go through bankruptcy. One of the biggest concerns people have when they’re contemplating bankruptcy is they’re concerned that they’re going to lose a bunch of the things that they own. Well, for the most part, and for most people, they never lose anything as they’re going through bankruptcy.
There is such a thing called exemptions. And what exemptions are is that it’s the procedure by which we protect your assets. You see, when congress was drafting the bankruptcy code it understood that business’s will be wiped out, that’s an understanding. However, people still need certain things to go on living. They still need clothing, they still need furniture, they still need a vehicle, they still need their home. So as a result of that, what they did is that they put certain exemptions of the bankruptcy code that allow you to keep your assets.
Generally speaking, we’re able to protect most assets that people have if not all of them. In fact, it’s pretty rare that I client of mine will actually lose an asset as they go through their case. And one thing is for sure. As we’re going through the preparation process of getting the documents ready, usually, I’m able to point out to that person that there is a risk that a certain asset will be lost. So we can kind of make a decision how we proceed from there, from that point on.
If you’re concerned about bankruptcy and want to find out if you can go through bankruptcy and protect all your assets at the same time, feel free to give my office a call. We offer free consultations and I would be glad to meet with you personally. My phone number is 586-693-2000.
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