Brandon When you have a loved one with a disability or other special needs, establishing a Special Needs Trust is an essential component of your estate plan. Simply understood, a Special Needs Trust is a trust that is purely discretionary, wherein the person or entity you appoint as trustee makes distributions for the benefit of your
A Lady Bird Deed, recognized in Michigan, transfers property to contingent beneficiaries while retaining control for the grantor during their lifetime, bypassing probate upon their death. It provides several advantages including lower cost compared to trusts, avoidance of probate, and retaining tax exemptions. However, it may have drawbacks including potential implications for Medicaid eligibility, complications if beneficiaries die before the grantor, and potential asset vulnerability for special needs beneficiaries or those facing financial difficulties. The use of Lady Bird Deeds should depend on individual estate planning needs.
“[The] perfect inheritance is enough money so that [children] feel they can do anything, but not so much that they could do nothing.” -Warren Buffett A good estate planning attorney is part accountant, part attorney, and part therapist. You need to possess a high degree of empathy and be an expert listener. One of the
When you’ve practiced estate planning for a number of years, some general trends among your clients become apparent. In my experience Millenials and even so-called “Zoomers” are more proactive in creating their estate plans than their parents and grandparents. I have some vague theories to explain this tendency, but it seems to be a fairly
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A Traverse City, MI law firm offering professional legal services throughout Northern Michigan, including the counties of Antrim. Benzie, Leelanau, Wexford. Kalkaska, Manistee, Missaukee, Crawford, Otsego, Emmet and Charlevoix.