ESTATE PLANS (wills and trust, durable powers of attorney etc.):
One of the main reasons you should have a will is so that the Michigan Estate laws do not determine to who and in what amount your money and assets should be given out. If you die without a will, however, only a certain percentage will statutorily be awarded to your spouse by law.
By signing a will, you are directing your personal representative to do as you say. In other words, your assets can go entirely to your spouse instead of only a percentage. Of course with a will you can have the gold watch go to your nephew, and the money and stocks to your kids. Whatever you desire.
The second benefit is the power to choose your children's guardian and conservator if you have kids that are under 17 years old, you decide upon your death who should be their guardian (takes care of housing and feeding etc.) and who their conservator (takes care of all financial concerns) are.
Without a will stating who these people are, your heirs would have to hire an attorney and file court papers to let a judge decide. If this is not what you want, your choice is simple: perpare a will.
TRUSTS CAN SAVE.
Do you know that you can SAVE OVER $192,000.00 in TAXES
by CONSULTING WITH AN ATTORNEY and other financial advisors?
Yes, it is that simple, and yet many people leave less money to their kids and grandkids because they miss out on this opportunity, or realize the benefit too late.
(The above assumes an estate that exceeds the current 1997 estate tax marital exemption amount of $600,000.00 per spouse.) Ed. Note: The law is changing in this area to increase the marital exemption amount to more than the current amount- to find out details please consult the advice of a trained profession, (such as the attorney at CHARLES M. GROH, P.C.)
In 2006,2007 & 2008 - you can shelter up to $2 million per spouse with the proper estate planning; $3.5 million in 2009, in 2010 all death taxes are repealed for the year (but not the gift tax). The future, though, is not clear. It appears that this unified credit in the year 2011 will decrease to 1 million to $700,000 exemption level thereafter. However the powers that be in Washington, DC have not passed anything into law. We will keep you posted. Millions can be passed to your heirs with no tax consequence. AND the beauty of living trusts is that the assets are for your use during your life, and you can eliminate the trust at any time if you wish.
What are powers of attorney?
This document gives the person nominated by you the ability to transact business, banking and other financial decision on your behalf. This document also provides for patient advocates which (medical power of attorney) allows the person to make health care decisions on your behalf. This can be especially important as you age, since incapacity and incompetency are more likely to strike at inopportune moments. If you already have this document you are covered for such events.
Call for your free consultation today or e mail me with further questions at (734) 663-2202.
While the above is not an exhaustive "how to" I hope that it does provide some useful information to get you started thinking about your estate. Please do not rely on it but consult the advice of a trained professional like me before taking any action.)
HOME - LINKS - LEMON LAW - DIVORCE - CONSUMER PROTECTION - REAL ESTATE
Any unauthorized use of material contained herein is at the user's own risk. Transmission of the information and material herein is not the intended to create, and receipt does not constitute, an agreemetn to create an attorney-client relationship with Charles Groh or any member thereof. Charles Groh does not intend to solicit legal business from clients located in states or jurisdictions where Charles Groh or its individual attorneys are not licensed or authorized to practice law.