1 / 10

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.

lynde
Download Presentation

Michigan Estate Council

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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

More Related