Your Michigan Wills, Trusts, & Estates Explained Simply: Important Information You Need to Know for Michigan Residents

Overview

Few people want to think about what would happen to their family if they become disabled or die; however, planning for these occurrences in advance will reduce potential stress on your family later in life. This new book will take the guesswork out of planning your estate and help you finally understand the complex processes.

The right plan can protect the value of your estate and spare your loved ones unnecessary hassles and legal conflicts. Your Michigan Wills, Trusts, & ...

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Overview

Few people want to think about what would happen to their family if they become disabled or die; however, planning for these occurrences in advance will reduce potential stress on your family later in life. This new book will take the guesswork out of planning your estate and help you finally understand the complex processes.

The right plan can protect the value of your estate and spare your loved ones unnecessary hassles and legal conflicts. Your Michigan Wills, Trusts, & Estates Explained Simply will help you glide through this complicated process. This new book has been adapted to offer Michigan residents state-specific advice for estate planning. Author Linda C. Ashar, attorney at law, has crafted an estate planning primer, allowing Michigan residents to become more informed and more involved during the process.

Your Michigan Wills, Trusts, & Estates Explained Simply will provide all the information you need to choose, set up, and execute a will, trust, or estate. You will learn the legal terminology, including beneficiary, probate, trustor, trustee, assets, guardianship, and executor. You will also learn about trust agreements, trust property, settlement costs, life insurance, durable powers of attorney, marital deductions, gift splitting, survivorship deeds, gift tax issues, generation skipping transfer tax, tax deferred accounts, and advance directives.

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Product Details

  • ISBN-13: 9781601384171
  • Publisher: Atlantic Publishing Group Inc.
  • Publication date: 4/30/2011
  • Edition description: Original
  • Pages: 288
  • Sales rank: 1,036,830
  • Product dimensions: 5.90 (w) x 8.90 (h) x 0.70 (d)

Table of Contents

Introduction: Estate Planning: What Is It? 9

Chapter 1 Getting Started 11

Estate Planning Simplified 12

Everyone Dies: A Simple Statement, Complicated Implications 13

Money Talk 15

I Do What with All This? 15

Here and Now 19

What This Work Can Do 23

What Exactly is Involved? 24

Chapter 2 Estate Planning Basics 29

Debunking Myths 30

Your Estate 33

People 34

Who Will Carry Out Your Wishes in Your Place? 43

People of Influence 50

Chapter 3 Components of an Effective Estate Plan 55

Legally Speaking 56

Defining Your Estate 59

Pass the Parchment 60

Chapter 4 Taxes 75

Federal First 76

Now for the State 80

When, Not If, You Pay 82

Chapter 5 Wills 93

Will Basics 94

Wills Defined 95

The "Other" Will 102

People Speaking for You 105

Change and Your Will 107

Chapter 6 Trusts 109

What is a Trust? 110

Types of Trusts 114

Pros and Cons of Forming a Trust 119

Chapter 7 Insurance 123

Insurance for Here and Now 125

Varying Beneficiaries 135

Chapter 8 Retirement Accounts 139

Your Nest Egg 140

IRAs and Then Some 143

Your Government Nest Egg 145

Protecting Your Eggs 148

Retirement/Estate Planning Strategy 149

Chapter 9 Setting Priorities 155

Your Own Who's Who 156

Memory Lane 161

Your "People" 163

Must-Do 165

Chapter 10 Choosing Who, What, How, When, and Why 169

Who and When: The Matching Game 170

When: Today, Tomorrow, or Later? 173

How: The Professionals 175

Chapter 11 Planning Your Estate: Last Will and Testament in Michigan 183

Simple Standard Will 184

Holographic Will 184

Michigan Statutory Form Will 188

Will: Uniform International Wills Act 199

Changing Your Will - Codicils 202

Where to Keep Your Will 202

Beneficiaries, Debts, and Entitlements 203

Bequests to Minors 204

Intestate in Michigan 205

Death Taxes 205

How Your Will Might be Challenged 205

A Different Type of Will - Your Living Will in Michigan 207

Chapter 12 Keeping it Current 209

What Changes? 210

What Does "Maintenance" Look Like? 212

What to Go Over 216

Your Desk 216

One Last Motivator: Probate and You 219

Conclusion 229

Appendix A Estate Planning Worksheets 231

Your Estate in Black and White - Estate-Planning Inventory 231

Prioritization 234

Who, What, How, and When 235

Essential Documents and Accounts Inventory 236

Party Planning with an Unusual Twist 257

Estate Plan Summary Sheet 261

Annual To-do List 262

Appendix B Glossary of Terms 263

Bibliography 283

Author Biography 284

Index 285

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