Estate Planning in a Down Economy
January 5, 2009
Filed under: Estate Planning,Federal Estate Tax —
Christopher J. Berry | Estate & Elder Law Attorney @ 7:06 pm
Times are tough in Michigan and across the country. Because of this down economy there are rare opportunities available in estate planning. This is an opportune time to take a look at the estate planning tools available and discuss transferring assets to the next generation with your Michigan estate planning lawyer.
Due to the depressed marketplace, asset valuations allow you to pass along your assets with less gift tax. Additionally, with record low interest rates, there is a prime opportunity for intra-family loans. This also is an opportune time to make use of one of the common estate planning techniques that can be utilized in a down economy which is a grantor retained annuity trust, otherwise known as a GRAT.
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Filed under: Estate Administration,Estate Planning,Living Trust,Probate —
Christopher J. Berry | Estate & Elder Law Attorney @ 7:07 pm
Whether you are the personal representative or trustee for a deceased’s estate or going through the funding process of your own revocable living trust, it is important to understand the different types of jointly owned property in Michigan.
The first type of jointly owned property is called “Tenancy in Common”. Two or more people often purchase property and then hold title as tenants in common (or abbreviated to TIC). With TIC, each person owns a proportionate share of the property. For example, if there are three owners, then each owner owns a 1/3 share of the property. Each person therefore has an individual interest so that if one party dies, they can pass their interest through trust, will or Michigan probate.
The next type of joint ownership is called “Tenancy by Entireties”. In Michigan, tenancy by the entirieties is a form of property ownership that is only available to husband and wife. With the death of either owner, the survivor is the sole owner of the property. Additionally, neither can dispose of the property while living, without the consent of the other.
The next type of joint ownership in Michigan is “Joint Tenancy with the Right of Survivorship”. This type of joint property exists when you and two or more people hold property in such a way that upon the death, the survivors automatically inherit the property interest of the deceased.
Continue reading “It’s All About Joint Title in Michigan | Joint Tenancy Explained” »
