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Michigan Estate Council

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

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  1. Michigan Estate Council your destination for estate planning seminars throughout michigan

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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.

  10. Michigan Estate Council, LLC • Local Phone # 586-786-9815 • Toll Free # 877-917-7526 • Email Address: info@MichiganEstateCouncil.net • Website Address: www.MichiganEstateCouncil.net

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