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State of Michigan

Tax Planning. Estate Tax. Gift Tax. Income Tax. Second Marriage. Problem Beneficiaries ... 0 Tax. 2 M. X. Second Marriage. Planning for Spouse. Planning for Children ...

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State of Michigan

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    Slide 1:State of Michigan Department of Civil Service

    Estate Planning

    Slide 2:Estate Planning

    Dennis M. Mitzel, Esq. Louise L. Labadie, Esq. Berry Moorman Professional Corporation 900 Victors Way, Suite 300 Ann Arbor, Michigan 48108 dmitzel@berrymoorman.com llabadie@berrymoorman.com www.berrymoorman.com (734) 668-4100

    Slide 3:Overview

    What is Estate Planning? Why Plan Your Estate? When Should You Plan? How Do You Plan? Who Will Act on Your Behalf?

    Slide 4:What is Estate Planning?

    Lifetime Planning Financial Planning Disability Death

    Slide 5:Most Common Documents

    Durable Power of Attorney Healthcare Power of Attorney Living Will Anatomical Gift Will Revocable Living Trust

    Slide 6:Probate

    A legal process, under the jurisdiction of the Probate Court, which serves to provide for the distribution of property of a decedent at death By the terms of the decedent’s Will; or By intestate succession Expense Possible publicity

    Slide 7:Revocable Living Trust

    Probate Avoidance Control Lifetime Testamentary Tax Reduction Cost Saving

    Slide 8:Types of Assets

    Bank Accounts Investments Real Estate Personal Property Retirement Benefits Insurance Business Interests

    Slide 9:Titling of Assets

    Sole Ownership Beneficiary Designation Joint Tenancy Tenancy by the Entireties Tenancy in Common Trust

    Slide 10:Most Common Errors

    No Plan at All Failure to Coordinate Title and Documents Improper Beneficiary Designations Inadequate Monitoring

    Slide 11:Special Concerns

    Tax Planning Estate Tax Gift Tax Income Tax Second Marriage Problem Beneficiaries Retirement Plan Assets Special Needs Child Long Term Care Needs

    Slide 12:Review Your Plan

    Marriage Birth Illness Death Inheritance Divorce Tax Law Change

    Slide 13:Tax Planning

    2 M 2 M 4 M $900,000 Tax Death

    Slide 14:Tax Planning

    2 M 2 M 2 M 0 Tax 2 M X

    Slide 15:Second Marriage

    Planning for Spouse Planning for Children Blending these Goals Planning is Crucial What do the parties want? What do the parties need? Inadvertent Disinheritance of Children Trust Provisions Prenuptial Agreement

    Slide 16:Trustees

    Duties Record Keeping Accountings Investments Tax Returns (income tax – estate tax) Legal Issues Exercise of Discretion

    Slide 17:Trustees

    Who is Best Suited for this Role? Spouse Children Friend or Relative Corporate Trustee Co-Trustees

    Slide 18:Is Your Plan Current?

    Consult with an estate planning professional to determine the most appropriate estate plan to meet your needs

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