I am not sure how I would like to distribute my fine china and jewelry. Do I need to decide this at the time of drafting my will?  When it comes to estate planning, there are two types of property: real and tangible. Basically, anything that is not land and/or a structure falls within the tangib...

I have most of my every-day checking and savings accounts titled in the name of my revocable trust. Should I take the same steps with my 401(k) and retirement investments?  For clients with a single or joint revocable trust, retitling assets into the name of the trust not only accomplishes the g...

Are there any other less common ways to protect assets during the Medicaid planning process? When it comes to planning for long-term care, many couples and individuals opt to pre-plan to eventually qualify for Medicaid coverage. While the thought of applying for need-based Medicaid coverage may ...

My niece will need lifelong care due to a developmental disability, and I'd like to include a provision for her in my estate plan. How can I ensure this will not interfere with her eligibility for benefits?  Estate planning to include a special needs child or relative should be done with great c...

What are the benefits of separate trusts? Estates worth less than a certain amount of money are not subject to Federal estate taxes.  This is called the estate tax exemption and while this amount has changed numerous times over the past few years. it currently stands at $5.43 million.  Therefore...

How do payments to home health aides impact Medicaid eligibility in Michigan?  In Michigan, as is the case elsewhere, eligibility for Medicaid enrollment is entirely needs-based, meaning an applicant must be financially unable to pay the costs and fees associated with his or her medical care. Cu...

What is a ‘lady bird' deed? And how can it help me with Medicaid eligibility?  Under Michigan law, a ‘lady bird' deed is an elegant-sounding designation for a relatively common type of real property interest formalized in a document.  This interest is that of an enhanced life estate interest. A ...

I am preparing to execute my first estate plan, and I always thought I just need a Last Will and Testament. Is a power of attorney necessary?  A power of attorney is an estate planning tool that most experienced Michigan estate planning attorneys will include in a comprehensive portfolio. While ...

Can an estate plan provide for one's family and friends and still benefit charity in the future? The passage of time proved no obstacle to a late philanthropist who was determined to give to charity.  Leave A Legacy, in Southeast Michigan, announced that it had received $13 million from Dick E. ...

How can an advanced health care directive benefit you and your family? It is perhaps impossible for a healthy adult to fully imagine losing a significant portion of his or her cognitive ability through disease, a serious accident or age. Yet more than five million Americans currently suffer from...

Think Treasure Hunts are Fun and Games? Think Again You've had an attorney draft your estate planning documents, including your living trust and will. Probate avoidance and tax saving strategies have been implemented. Your documents are signed, notarized and witnessed in accordance with all appl...

I am a widow. Should I add my daughter to my bank accounts? Joint ownership of real estate or accounts – which is known as “joint tenancy” – may seem convenient at the outset, particularly if it is becoming difficult to pay bills and manage household finances properly. However, a joint tenancy c...

#1 Establish a Comprehensive PlanMost estate planning attorneys will say that no person should use a “do-it-yourself” will kit to establish their estate plan.  If you have a child with special needs, it is extremely important to seek competent legal counsel from an estate planning lawyer with spe...

When you are a child, your parents serve as your decision makers. They have ultimate say in where you go to school, what extracurricular activities you partake in and where, and how, you should be treated in the event of a medical emergency. While most parents continue to play a huge role in thei...

If you are a parent and you are considering estate planning, one of the most difficult decisions you will have to make is choosing a guardian for your minor children.  It is not easy to think of anyone else, no matter how loving, raising your child. Yet, you can make a tremendous difference in yo...

Transfer of property at death can be rather complex.  Many are under the impression that instructions provided in a valid will are sufficient to transfer their assets to the individuals named in the will.   However, there are a myriad of rules that affect how different types of assets transfer to...

Creating a Will is not a one-time event. You should review your will periodically, to ensure it is up to date, and make necessary changes if your personal situation, or that of your executor or beneficiaries, has changed. There are a number of life-changing events that require your Will to be rev...

Many people own a family vacation home--a lakeside cabin, a beachfront condo--a place where parents, children and grandchildren can gather for vacations, holidays and a bit of relaxation. It is important that the treasured family vacation home be considered as part of a thorough estate plan. In m...

Sometimes, bad things happen to good people. A tragic accident. A sudden, devastating illness. Have you ever wondered what would happen if a loved one became incapacitated and unable to take care of himself? While many associate incapacity with a comatose state, an individual, while technically f...

Many people keep their important documents at home where they are easily accessible. It's not at all uncommon to find people with a filing cabinet or even a shoe box containing passports, account statements, deeds, tax returns, birth certificates and social security cards. Wills are often added t...

If you are about to begin the estate planning process, you have likely heard the term "funding the trust" thrown around a great deal. What does this mean? And what will happen if you fail to fund the trust? The phrase, or term, "funding the trust" refers to the process of titling your assets int...

When creating a trust, it is common practice that the person doing the estate planning will name themselves as trustee and will appoint a successor trustee to handle matters once they pass on.  If you have been named successor trustee for a person that has died, it is important that you hire a wi...

An executor's fee is the amount charged by the person who has been appointed as the executor of the probate estate for handling all of the necessary steps in the probate administration. Therefore, if you have been appointed an executor of someone's estate, you might be entitled to a fee for your ...

Many of us have been lucky enough to acquire timeshares for the purposes of vacationing on our time off.  Some of us would like to leave these assets to our loved ones.  If you have a time share, you might be able to leave it to your heirs in a number of different ways.  One way of leaving your ...

Although most people don't like to think about it, death is inevitable. It's imperative that you have an estate plan in place that outlines your end of life wishes and how you would like your assets distributed upon your passing. As part of your planning, it's important that you consider and make...