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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.



    Michigan estate council llc
    Michigan Estate Council, LLC

    • Local Phone # 586-786-9815

    • Toll Free # 877-917-7526

    • Email Address: info@MichiganEstateCouncil.net

    • Website Address: www.MichiganEstateCouncil.net