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Did You Know?
A "Living Trust" can be used to hold legal title to and provide a mechanism to manage your property
You can select the person or persons you want -- often even yourself -- as the Trustee(s) to carry out the instructions you want in the Trust and name one or more Successor Trustees to take over if you cannot. Unlike a Will, a Trust usually becomes effective immediately, continues in force during your lifetime even in the event of your incapacity, and continues after your death. Most Trusts are "revocable" which allows the person who creates the Trust to make future changes, modifications and even to terminate it.
In Michigan if you die without a will, your family could be in for more than they bargained for. You sons and daughters could be left fighting over their share of your estate. If you are located in another region of the country contact one of our estate planning attorneys nationwide. Don’t make them go through that hassle; contact our Michigan Estate Planning Lawyer to help get your affairs in order.
[1] Gross estate is shown at the value used to determine estate tax liability. The value could be determined as of the decedent's date of death or 6 months thereafter (i.e., alternate valuation method).[2] Includes U.S. territories, U.S. citizens domiciled abroad, and a small number of returns for whom State of residence was unknown.[All figures are estimates based on samples--money amounts are in thousands of dollars] in Michigan
Gross estate tax purposes
3,180
Gross estate tax Amount
6,163,988
Total allowable deductions Number
3,180
Total allowable deductions Amount
2,750,718
State death tax credit Number
1,618
State death tax credit Amount
166,607
Net estate tax Number
1,526
Net estate tax Amount
606,645
Source: Internal Revenue Service, Statistics of Income Division, Unpublished Data, April 2003.
Our Michigan Estate Planning Attorneys can help you decide how best to transfer property, and how to resolve other personal matters including tax planning. Estate-planning lawyers can also help you with the most important part of the estate planning process: Making a will.
If you don’t have a will, the state of Michigan will control who gets your property by default. While most states have their own unique laws descent and property distribution, most states give your children priority when it comes to doling our your possessions.
State laws are modeled after what the legislature thinks most people will want to do, but whatever the laws say might not be in line with your wishes. An estate-planning lawyer can help you draft a will that explains your wishes in great detail.
Our Michigan Estate Planning Attorneys can also help you set up a trust. A trust holds your property until your death and then disperses the property according to your wishes. Trusts can can be created by your will, or the can be revocable or irrevocable.
Most parents use trusts to better prepare for their children’s needs at the time of their death.
Issues and topics related to Michigan Estate Planning include:
Pensions and the Future of Savings
Audio, RM, 44 Kbps, 8:46, 11/17/2004
Pension plans were once considered a good bet for a comfortable retirement -- but these days it can all seem like a gamble. Major companies are defaulting on their pensions, and it's not clear who's going to pick up the tab. We discuss the future of pensions. Source: National Public Radio
Michigan External Sites
Wills and Estate Planning
Tips on Estate Planning. ... In Michigan, there are two variations that also are legal wills. One is the Statutory Will; the other is a Holographic W Wills and Estate Planning
General information about wills and estate planning.
Newsroom
Latest news about Financial & Estate Planning in Michigan and nationwide:
Death Tax Laws Once A Death Occurs
Income Tax: Even after death, federal income taxes are still due by the April 15 deadline, just as they would be if the person was alive. If t... Read more >
Definition:
The difference between the Tax Basis (the amount originally paid for property with certain adjustments) and the amount received for the property when it was sold.
Informed Consent
Definition:
An authorization to proceed by a person who has been given and understands all of the relevant facts.
Trustee
Definition:
A person or institution responsible for the management and distribution of property held in a Trust. The trustee has the authority to act according to the instructions provided in the trust agreement. See Fiduciary.
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Did You Know?
Estate Tax Returns Filed in 2001: Gross
Wills and Estate Planning