Currently you can download a free estate planning kit from the American Heart Association.  They are calling their download “Matters of the Heart, A Will and Estate Planning Kit.”

You can visit the American Heart Association and download your free will and estate planning kit here.

-Christopher J. Berry, Esq.
Metro Detroit Estate Planning Lawyer

Most beneficiaries of IRA can choose not to take their minimum required distribution (MRD) in 2009, thanks to a recently enacted law.

This new law applies to beneficiaries of ROTH IRA’s, 401(a), 401(k), and 403(b) plans.  The goal of the law is to help people save as much money as possible in this economy.

If you have any questions on how this works either contact your plan administer or our office and we’d be happy to assist you.

-Christopher J. Berry, Esq.
Michigan Wills and Trusts Lawyer | Visit http://themichiganlawyerblog.com for my thoughts on Michigan news and legal happenings.

Apparently, there is one group of people who are paying their bills.  Those people are the dead.  The New York Times had an interesting article talking about how there is an expanding niche of debt collection.  Collecting from the dead.

Generally, In Michigan survivors are not required to pay a dead relative’s bills from their own assets.  That said, creditors can seek payment from the estate or the property inherited from the deceased.

This isn’t stopping the debt collection agencies.  They are teaching their new hires “emphatic active listening” and then praying upon the sentiment and lack of legal knowledge of the deceased’s relatives.

Many survivors are shock and appalled at this practice.  But too many are not aware of their legal rights in not paying the debts of the deceased.  From the article:

One widow wrote that a collector “was so nice to me, even when I could only pay $5 a month a few times.” Saying that money was “so tight” after her husband died, she added: “It was very hard for me, and to get a job at my age. Thank you.”

You can read the entire article here.

Please, consult a Michigan probate or Michigan estate administration attorney if you are getting calls to pay the debt of a deceased relative before you send any money in.

-Christopher J. Berry, Esq.
Michigan Probate Lawyer | Michigan Estate Administration Lawyer

Many people who contact us or who are shopping for a Michigan estate planning lawyer ask us “what is the cost to do an estate plan?”  Like a good attorney, my response usually is “it depends”.  Unlike the “chop shop” trust mill types, we don’t have a set fee for a trust or will and try to shoe horn every situation into that document.  We sit down with our clients in an initial consultation and work together to learn their goals and apply our knowledge of the law to come up with a unique estate plan tailored to their individual needs.

So, when people call me and ask “what is the cost to do an estate plan?”, my response when not using the good lawyer “it depends” and when they have quoted a price from either their friend who is the criminal lawyer but does wills, the financial salesmen who pitch a trust at a seminar, the general practice attorney that is part of their Ford/GM/Chrysler legal plan or documents they bought out of a box, my response is “probably more expensive then them.”

The reason for this is we do not want price shoppers as clients.  What we do as a law firm that practices entirely estate planning is very different than all those other sources of “estate planning” I already mentioned.  What they do is document preparation.  That is not estate planning.

There is so much more too estate planning then just filling in the blanks on a word document.

How will you title your assets?  Is your trust funded properly?  Have you protected your spouse from creditors?  Have you provided a plan for your pets?  What is your business sucession plan?  Have you protected your children from the income tax hit of your house?  Have you avoided making mistakes with your IRA/401k where they are double taxed?  Is your life insurance proceeds going directly to your children?  Is your life insurance removed from your estate so you are not giving 45% of the life insurance to the U.S. Government? Do I have a QTIP trust for my spouse?  Are my children protected from creditors, divorce, IRS, and bankruptcy?  Have I avoided risking my children going into foster care or have I just named guardians in my will?  Ask your general practioner attorney, your trust in a box, or downloaded form those questions.

I’ve reviewed too many crummy wills, trusts, and estate plans.  We’ve had to probate too many screwed up estate plans.  Why would you short change your heirs by not doing your estate planning correctly with lawyers who focus only on Michigan estate planning.  You can either do it right the first time, or you’ll create a mess for your loved ones.

If you’ve found someone to put together a revocable living trust, pet trust, will, power of attorney, patient advocate, HIPAA documentation, funded your trust, etc for $500, more power to you.  Good luck, but I hope your heirs contact us when it comes time for administration time, my bet is there will be unplanned consequences.

You get what you pay for…

-Christopher J. Berry, Esq.
Michigan Wills and Trusts Lawyer

In Michigan, how a special needs trust is funded determines what type of special needs trust needs to be created.  A special needs trust is created to ensure that loved ones receive needed governmental benefits while protecting assets that can be used to improve quality of life.

If a special needs trust is going to be funded by a family member, friend either through gifting or an estate plan, a third party special needs trust can be created.

The second type of special needs trust, called a first person special needs trust, is created by the person who wishes to receive governmental benefits.

Special needs trusts have specific rules depending on which type of special needs trust is used, that is why it is important to speak with a Michigan special needs trust lawyer who is familiar with the area of law.

-Christopher J. Berry, Esq.
Michigan Wills and Trusts Attorney

Many Michigan pet owners, especially horse owners, consider their pet to be a part of their family.  With that said, what happens if you pass away or become incapacitated with out making advanced plans for your pet?  Your pet could end like the 500,000 other animals that are killed in shelters and veterinary offices each year after an owner dies or becomes incapacitated.

However, you can protect your pet or horse by including your pet in your Michigan estate planning by creating a pet trust.  Michigan law does not allow you to leave money directly to your pet, but it does allow you to leave money in trust for your pet.  This is a much better option then leaving money directly to someone with the “hope” that they will take care of your pet.

To learn more, we will be having a no cost seminar on “Planning for Pets | Pet Trusts and Equine Law“  at 6pm on Thursday April 23rd at the Witzke Berry PLLC Law Office.  Contact us at (248) 971-1700 to register or register online at www.witzkeberry.com.

-Christopher J. Berry, Esq.
Michigan Pet Trust Laywer