Michigan Estate Planning Lawyer Blog

In estate planning, there is a term "Crummy Trust."  A Crummy Trust is a type of irrevocable trust that has a provision called, "crummy power".    With a "crummy power" there is only a limited amount of time where the gift can be accessed, but this time allows the gift to be considered complete and removes the asset from the estate of the one making the gift.

These "crummy powers" are typically used in irrevocable life insurance trusts.

You can read more about "Crummy Powers" in a blog by Christopher Yuo at www.thetimesonline.com.

If you have questions on Michigan irrevocable life insurance trusts or "crummy powers" contact our Bloomfield Hills estate planning law firm.

-Christopher J. Berry, Esq.
Michigan Estate Planning Attorneys

The other day I was meeting with another professional in our Bloomfield Hills office and we started talking about financial and estate planning.  We both shared the view that estate planning is more than just passing along assets to the next generation.  Estate planning is about passing on a legacy. 

Included in a legacy are family values, beliefs and spiritual principals.  I argue passing down this legacy is more important than just financial assets. 

Continue reading "Estate Planning is More Than Just Passing Along Money" »