Once you sign your Revocable Living Trust, that’s not the end of it. Generally, avoiding probate and estate tax savings will be the main reasons why you set up a Trust but you still have to move your assets into it – you have to “fund” it. I always provide funding instructions, but here is a general overview.
Happy New Year! Maybe one of your resolutions is to start planning. But before starting the estate planning documents, it’s important to get educated about it first. One of my main goals is to make sure you always feel comfortable to ask questions anytime. Sometimes many of these questions are the same questions everybody has. So I wanted to invite you to ask general questions now – you may email me (firstname.lastname@example.org), leave comments below or anywhere else on my website (feel free to post anonymously), on my Facebook page (or message me privately), or on Twitter. I will compile the most commonly asked questions over the next few weeks and post my responses for the benefit of everyone’s education about estate planning.
Please note I am only accepting general questions. My responses to general questions can’t be construed as legal advice. Feel free to review the Terms & Conditions page. If you have a very fact-specific legal question, then please e-mail me (email@example.com) or if you already have a Client Account Portal, you can log in and message me through it.
Your “tangible personal property” typically includes jewelry, clothes, vehicles, furniture, household furnishings, silver, books, art, photos and so on. It is often not easy to foresee conflicts your family
Every family has their issues. Everyone’s happy family photos on social media does NOT always depict real life. Believe me, you’d be surprised about deeper family issues behind the scenes and that is often played out in the estate planning process. And this is very normal. There can be a number of reasons for why you may want
The end of the year is a great time to review your current estate plan to see if changes are in order, whether due to changes in your tax situation, your asset values, your appointed fiduciaries, your
Yes, testamentary trusts are still around in Michigan these days although they are not as common.
Setting Up a Trust During Your Lifetime or Upon Your Death
A testamentary trust is dormant and does not spring into existence until you die – it is created under
A Michigan Certificate of Trust Existence is not always required, but I always prepare them for clients who set up a Trust. If you set up a Trust, you will want to “fund” it with certain accounts or assets into
For many of you, open enrollment for your 2018 employee benefits starts on November 1. This is a good time to review and make sure the beneficiary designations for all of your payable-on-death (POD)
In general, no. When a beneficiary of a life insurance policy receives the death benefit, it’s not counted as the beneficiary’s taxable income. So if you died leaving a $500,000 death benefit from your policy,