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Your destination for estate planning seminars throughout michigan.

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Presentation on theme: "Your destination for estate planning seminars throughout michigan."— Presentation transcript:

1 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 OR CALL US TODAY FOR A NO CHARGE PHONE CONSULTATION.

10 Michigan Estate Council, LLC Local Phone # Toll Free # Address: Website Address:


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