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

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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