The legal aspects of retirement planning
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THE LEGAL ASPECTS OF RETIREMENT PLANNING. How God Would Have Us Steward Resources For Our Needs And Those Of The Next Generation Proverbs 13:22 A good man leaveth an inheritance to his children's children: and the wealth of the sinner is laid up for the just.

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The legal aspects of retirement planning
THE LEGAL ASPECTS OF RETIREMENT PLANNING

  • How God Would Have Us Steward Resources

  • For Our Needs And Those Of The Next Generation

  • Proverbs 13:22

  • A good man leaveth an inheritance to his children's children: and the wealth of the sinner is laid up for the just.


Legacy planning working definition
LEGACY PLANNING WORKING DEFINITION:

  • A process of visionary urgency and deliberate actions … reasonably calculated to impact the next generation, or progeny, with Godly character, and impartation of wisdom, truth, and grace thatmanifests in a Spiritual and natural inheritance that endures


Importance of legacy planning
Importance of Legacy Planning

  • Why Legacy Planning? It Can:

  • Encourages Godly principles

  • Minimizes family disputes

  • Controls management of resources

  • Keeps family informed

  • Controls legal costs

  • Avoid court involvement

  • Helps to avoid the nursing home


Your key objectives
Your Key Objectives

1. Organize Your Important Papers and Complete An Estate Plan Questionnaire


2 identify your trusted assistant
2. Identify Your Trusted Assistant




5 set a time table for completing your legacy plan
5. Set A Time Table For Completing Your Legacy Plan


6 take decisive action
6. Take Decisive Action!

  • Meet With An Attorney

  • Get Your Documents Drafted

  • Have A Family Meeting

  • Update Existing Documents


How is a gurdianship established
HOW IS A GURDIANSHIP ESTABLISHED?

  • A Guardianship can be established in several ways:

  • A parent can name their child’s guardian in a Will, or other signed writing

  • An adult can name their guardian in a Power of Attorney

  • A person or someone interested in the person can bring a court petition

  • A spouse can name the other’s guardian in a Will


What is a guardian required to do
WHAT IS A GUARDIAN REQUIRED TO DO?

  • A Guardian Must:

  • Visit the Ward regularly if not cohabitating

  • Secure basic needs for the Ward

  • Secure medical and social services for the Ward

  • See to the educational needs of a minor

  • Care for the Ward’s basic personal property


When is a guardian necessary
WHEN IS A GUARDIAN NECESSARY?

  • When a child you know needs help

  • When your adult loved one is disabled and has an estate

  • When your adult loved one needs help and does not have a POA


How is a conservatorship established
HOW IS A CONSERVATORSHIP ESTABLISHED?

A Conservator Can Only Be Appointed By A Judge After A Petition Is Filed In The County Probate Court


Who can become a guardian or conservator
WHO CAN BECOME A GUARDIAN OR CONSERVATOR?

  • FOR A CHILD:

  • The parent’s choice

  • The child’s choice

  • The Caregiver

  • A close relative

  • The Court’s choice

  • FOR AN ADULT:

  • Attorney in fact

  • Spouse

  • Adult child

  • Parent

  • Caregiver

  • Close relative

  • Court’s choice


Trusts
TRUSTS

1. Not intended to be court supervised but, it can be

for the life of the trust, or for a limited purpose

2. Allows transfer of assets with conditions

3. Allows transfer of assets on a schedule

4. Can control overall cost of asset transfer

5. Beneficiaries have a right to know their stake in the

Trust

6. Beneficiary can be eliminated if they contest trust

without probable cause

  • A. Trust Characteristics


Last will and testament
LAST WILL AND TESTAMENT

  • Summary of what you have and who you want to have it

  • You can give assets away to individual people or,

  • You can give assets away to classes of people (my grandchildren, my siblings, etc. )


Last will and testament1
LAST WILL AND TESTAMENT

  • You can also execute a Holographic Will. It’s hand written and it does not need witnesses

  • Notarization of a Will is not required - but it is a good idea to eliminate claims of some technical defects - this is called a Self Proved Will

  • If there is no Will, the Michigan Intestate Succession rule governs.


Trusts1
TRUSTS

C. Duties of Trustee

  • Give notice of trust existence & its terms to beneficiaries

  • Maintain adequate records and provide annual accountings to beneficiaries who ask

  • 3. Post a bond if required

  • Obtain Employer Identification number from IRS

  • 5. File tax returns and pay taxes

  • Keep trust assets separate from personal assets

  • 7. Invest trust assets carefully & protect them


Lady bird deeds
Lady Bird Deeds

  • Announces intention of owner to transfer to another at death but

  • not before

  • Eliminates the need for a Will to transfer real estate

  • Is safer than a Quit Claim Deed

  • Avoids property becoming subject to the grantee’s debts


In trust for financial accounts
In Trust For Financial Accounts

  • Allows Transfer of Financial Assets Without A Will

  • Limits Recipient’s Access To Asset Until After Your Death

  • Can Be established at no cost

  • Does not limit your control of the asset


Power of attorney
POWER OF ATTORNEY

  • A power of attorney will transfer responsibility for your business affairs to another trusted person while you are disabled

  • 2. The power of attorney is a private document created without court involvement

  • 3. It can be as limited or as broad as you desire

  • It can be revoked by you at anytime

  • A patient advocate designation only delegates medical decisions


Where can i go for more information
WHERE CAN I GO FOR MORE INFORMATION?

Many governmental/ non profit agencies and court systems

provide a wealth of information. A few are listed below:

  • Detroit Area Agency on Aging

  • Detroit Wayne County Community Mental Health Agency

  • Michigan.gov/mdch

  • Macombcountymi.gov/probate court

  • Oakgov.com/courts/probate

  • Wcpc.us

  • Legislature.mi.gov/basicsearch

  • M.C.L.A. 700.1101 et. seq.


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