When we talk about estate planning, it is important to understand what is meant by an estate. When the word “estate” is used, a lot of people may imagine a sprawling property or great wealth. This perception is incorrect. One definition of estate is “the whole of one’s possessions, especially all the property and debts left by one at death.” So you see, everyone has an estate and the need to plan that estate.
The last major revision of Estate tax law was effective in January 2013. This article summarizes the primary provisions of the Estate Tax law following that revision.
This is a checklist of information and items that will be needed to plan your Estate and prepare your Estate Plan documents.
The Michigan Durable Power of Attorney Statute imposes additional requirements which were not previously required. Before you enact or amend your estate plan, check this article to assure your Durable Power of Attorney will be in compliance.
Regardless of the potential for your estate being taxed, there are still plenty of reasons to devise an estate plan, or give your existing estate plan a check-up.
In the absence of corrective planning, life insurance proceeds are included in the insured person’s estate. Many people employ the Irrevocable Life Insurance Trust (ILIT) to avoid or minimize the adverse consequences of this taxation.
Follow these five tips when planning your estate.
Many people choose a Revocable Living Trust as their primary estate planning tool, rather than relying too heavily on a Will or joint ownership. When used properly, a Revocable Living Trust avoids probate, generates costs savings, and grants added control over personal assets. A properly funded Revocable Living Trust enables you to provide for your spouse while protecting inheritances for children and grandchildren from the courts, creditors, spouses, and irresponsible spending. If you want to accomplish these goals, you must properly fund your Trust.