Personal Policy

Keys to estate planning

  • Will
  • Living trust – if necessary
  • Durable power of attorney
  • Living will
  • Durable healthcare power of attorney
  • Family Limited partners
  • Irrevocable life insurance trusts
  • Retirement distribution planning
  • Business succession planning
  • Charitable reminder trusts
  • Special needs trust
  • Grantor retained annuity trust
  • Qualified personal residence trust

Estate Planning – Everyone needs a will

  • You, not the State of Ohio or Michigan, should determine where your property goes.
  • Distributions to minors (guardianships)
  • Specific bequests of property (e.g., heirlooms, property, charitable gifts)
  • Without a will, courts will appoint an administrator with limited powers.
  • Mandatory appointment of taxes
  • Unnecessary administration expense

Avoid probate and reduce probate costs

  • Jointly held property
  • Beneficiary designations
  • Transfer on death TOD Deeds
  • POD – Payable on death
  • Living trust

Medicaid planning

  • Deficit Reduction Act of 2005
  • The look back is increased to 5 years.
  • Prior to the new law, attorneys could protect assets even in a crisis. That process is now severely compromised.
  • Applicant with more than $50,000 in home equity are not eligible for Medicaid.