Ever wonder what the absolute essential Michigan Estate Planning documents are? Well, Business Week put together a list, from caregiving.com listing the essential documents for any estate plan not including a Will. You can read the article here: The Essentials.

The key estate planning documents, according to the article, are:

• Medical Directive. This is also commonly called a living will.  This document makes known your wishes regarding life support.  Michigan is the only state that does not recognize by statute a living will.  However, we do have case law stemming from the Martin case, that recognizes living will type language.
• Durable Power of Attorney for Health Care. This document appoints someone to make your medical decisions for you if you become incapacitated.  In Michigan, we call this document the Patient Advocate Designation.
• Privacy Release.  This document allows your patient advocate to get access to your medical directives.  In our office we call this a HIPAA Authorization.  HIPAA places severe penalties on physicians who release your medical information to an unauthorized party.  The HIPAA Authorization releases the physician from liability for sharing your information with the individiuals named in the document.
• Durable Power of Attorney for Finances.  The individually tailored durable power of attorney appoints someone to manage your finances for you.  The document can be effective immedialty or upon disability.
• Revocable Living Trust. A Revocable living trust allows you to avoid probate while exerting more control over your assets than what a last will and testament would provide.

It goes without saying, these documents should be prepared by a Michigan Estate Planning Attorney.

Christopher J. Berry, Esq., A Bloomfield Hills Elder Law Attorney, is a Partner with Witzke Berry PLLC, which practices in the areas of Estate Planning, Michgian Long-term Care Planning, and Michigan Medicaid Planning.

As Michigan Wills and Trusts attorneys, we’ve reviewed many estate plans during our 25+ years of practicing estate and business planning. Many people think they are “all-set” because they had an estate plan done years ago. They have their revocable living trust, their last will and testament, their disability documents including powers of attorney for financial decisions and medical power of attorney for health care decisions.

Unfortunately, we’ve seen to many cases where, in reality, they were not all set and if something had happened they would have been better suited to rely on Michigan laws of intestacy than what their estate plan said.  Luckily, because of our reviews we’ve been able to remedy the situation.

So what’s the main problem?  Typically one of two things.

First, clients may have funded their revocable living trust properly at the time of the creation of their estate plan documents.  But over the years as they have changed accounts, bought life insurance, purchased the new house, they didn’t consider the effect on their estate plan and they failed to fund the trust properly.  This is the main reason we offer annual reviews to our clients to ensure their trusts are funded properly.

The second major issue is caused by changes in family situation that should be reflected in the estate planning documents.  Depending on how the documents are written and the change in family situation, this can lead to the disinheritance of beneficiaries the grantors thought they were including in the estate plan.  For example, unexpected deaths, births or divorces can all play a major role in the dispositive terms of anyone’s estate plan.

What is the solution to ensure that your estate plan is up to date?  An annual review with your Michigan estate planning attorney.  We have a system in place at our Bloomfield Hills Law office to ensure that our clients have the opportunity to come in for an estate plan review and make any changes necessary to their estate plan so that their estate planning documents are as good tomorrow as they were the day they were drafted.

Christopher J. Berry, Esq., A Oakland County Trusts and Wills Attorney, is a Partner with The Law Offices of Witzke Berry PLLC, which practices in the areas of Estate Planning, Trusts and Estates, and Michigan Probate Litigation.

The Michael Jackson Estate probate hearing was today, TMZ has a quick and dirty live blog summary of what is taking place which you can read here.

Basically, the Probate Judge has enforced the provisions of the 2002 Jackson last will and testament that we have all seen.  That means that Branca and McClain will be the administrators (called personal representatives or executors) for the Michael Jackson estate.  Additionally, the probate judge may appoint a special attorney for the children’s interest in the matter.

Christopher J. Berry, Esq., A Bloomfield Hills Trusts and Wills Attorney, is a Partner with The Law Offices of Witzke Berry PLLC, which practices in the areas of Estate Planning, Trusts and Estates, and Michigan Probate Litigation.

As an Michigan Elder Law Attorney, I see Michigan Seniors that are often targeted by free lunch or dinner seminars where salesman try to push estate planning with the real goal of selling high commission annuities.

The WSJ has an article talking about how another state has doubled the civil penalties for financial securities violations when the victim is 65 years or older. There is quote from the head of the Michigan Office of Financial and Insurance Regulation, Kenn Ross.  “If you target an older person in Michigan we’re going to target you.”

The article has some questions to ask to avoid being scammed, including:

• What are the risks of this investment?
• What ongoing costs do I have to pay?
• How liquid is the investment?
• Is this investment registered, if so who or regulates it?

You can read the rest of the article here: Laws Take on Financial Scams Against Seniors.

Christopher J. Berry, Esq., A Bloomfield Hills Elder Law Attorney, is a Partner with Witzke Berry PLLC, which practices in the areas of Estate Planning, Michgian Long-term Care Planning, and Michigan Medicaid Planning.