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Michigan Estate Council. your destination for estate planning seminars throughout michigan. While waiting…. Wouldn’t this be a good time to start thinking about your estate plan??? Your family depends on you to take care of yourself, and then to take care of them. Proper Estate Planning.

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michigan estate council

Michigan Estate Council

your destination for estate planning seminars throughout michigan

while waiting
While waiting…
  • Wouldn’t this be a good time to start thinking about your estate plan???
  • Your family depends on you to take care of yourself, and then to take care of them
proper estate planning
Proper Estate Planning
  • Begins with an Action
  • Review or create your estate plan
  • Understand what you have
  • Be aware of how your plan works
  • Have the right people in place to support it
  • Make sure that your plan is current & stays that way
estate planning options
Estate Planning Options
  • Revocable Living Trust
  • Wills
  • Joint Tenancy/Quit Claim Deeds
  • Having nothing in place
  • Beneficiaries-PODs-TODs
    • POD = Paid on Death
    • TOD = Transfer on Death
wills are ok but
Wills are OK, but:
  • Public
  • Guarantees Probate
  • Nothing happens until death
  • Delays
      • Minimum of 120 days in most states
      • AARP average of over 1 year
  • Lack of control
      • Possible loss of assets by incapacitated & special needs individuals
  • Timed distribution
      • Inability to control timing of distribution
  • Costly
      • Legal costs up to 15% of estate value & more
      • Possible loss of estate tax credits
  • Limited authority and control by executor
  • Costly Guardianship
joint tenancy or quit claim deeds are ok but
Joint Tenancy or Quit Claim Deeds are OK, but:
  • Share liability
    • Any legal action against join tenant may be an action against your joint assets
  • Loss of control
    • Requires signature of joint tenant for most real estate transactions
    • Assets subject to concerns such as death, divorce, lawsuits
  • Creates unnecessary capital gains
  • Gift Tax Concerns
having nothing in place passing intestate is not ok
Having Nothing in Place (Passing Intestate) is not OK:
  • Guarantees probate with probatable assets
  • Gives up control
  • Courts & legal community control estate
  • Distribution based upon generic formula
  • Limited heir abilities
  • Public process
  • Delays
  • Needless & Uncontrollable expense
revocable living trusts are ok but not for everybody
Revocable Living Trusts are OK, but not for everybody:
  • Legal entity
  • Protects & controls your estate by the people you select who are mandated by your instructions
  • Effective immediately
  • Protects you & your estate regardless of death, disability or incapacity
  • Avoids probate
  • Provides total control
  • Assets pass directly to heirs
  • No unnecessary legal involvement
  • Allows for special distribution over time
  • Allows for control of assets without loss of benefits to handicapped or incapacitated
  • Provides maximum allowable tax credits

A Revocable Living Trust, properly set up by a qualified, Elder Law, Estate Planning Attorney provides you with one of the best possible alternatives for control of your estate

proper estate planning1
Proper Estate Planning

There are a limited number of ways in which you can control & pass your estate. Not all options are appropriate for everyone.

Understand how all of the alternatives relate directly to you & your estate.

Legal & financial information mandate harmony.

Align yourself with a professional organization that coordinates all of your asset protection needs.

IMPORTANT: MEDICAID AND VETERANS BENEFITS MAY AFFECT YOUR ESTATE PLAN.

VISIT US ON THE WEB AT www.MichiganEstateCouncil.net OR CALL US TODAY FOR A NO CHARGEPHONE CONSULTATION.

michigan estate council llc
Michigan Estate Council, LLC
  • Local Phone # 586-786-9815
  • Toll Free # 877-917-7526
  • Email Address: [email protected]
  • Website Address: www.MichiganEstateCouncil.net
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