Your Michigan Wills, Trusts, and Estates Explained Simply : Important Information You Need to Know for Michigan Residents

by Ashar, Linda C.

• ISBN13: 9781601384171
• ISBN10: 1601384173
• Format: Paperback
• Copyright: 2010-12-30
• Publisher: Atlantic Pub Co

Summary

Few people want to think about what would happen to their family if they become disabled or die; however, planning for these occurrences in advance will reduce potential stress on your family later in life. This new book will take the guesswork out of planning your estate and help you finally understand the complex processes.

Table of Contents

Introduction: Estate Planning: What Is It?	p. 9
Getting Started	p. 11
Estate Planning Simplified	p. 12
Everyone Dies: A Simple Statement, Complicated Implications	p. 13
Money Talk	p. 15
I Do What with All This?	p. 15
Here and Now	p. 19
What This Work Can Do	p. 23
What Exactly is Involved?	p. 24
Estate Planning Basics	p. 29
Debunking Myths	p. 30
Your Estate	p. 33
People	p. 34
Who Will Carry Out Your Wishes in Your Place?	p. 43
People of Influence	p. 50
Components of an Effective Estate Plan	p. 55
Legally Speaking	p. 56
Defining Your Estate	p. 59
Pass the Parchment	p. 60
Taxes	p. 75
Federal First	p. 76
Now for the State	p. 80
When, Not If, You Pay	p. 82
Wills	p. 93
Will Basics	p. 94
Wills Defined	p. 95
The ôOtherö Will	p. 102
People Speaking for You	p. 105
Change and Your Will	p. 107
Trusts	p. 109
What is a Trust?	p. 110
Types of Trusts	p. 114
Pros and Cons of Forming a Trust	p. 119
Insurance	p. 123
Insurance for Here and Now	p. 125
Varying Beneficiaries	p. 135
Retirement Accounts	p. 139
Your Nest Egg	p. 140
IRAs and Then Some	p. 143
Your Government Nest Egg	p. 145
Protecting Your Eggs	p. 148
Retirement/Estate Planning Strategy	p. 149
Setting Priorities	p. 155
Your Own Who's Who	p. 156
Memory Lane	p. 161
Your ôPeopleö	p. 163
Must-Do	p. 165
Choosing Who, What, How, When, and Why	p. 169
Who and When: The Matching Game	p. 170
When: Today, Tomorrow, or Later?	p. 173
How: The Professionals	p. 175
Planning Your Estate: Last Will and Testament in Michigan	p. 183
Simple Standard Will	p. 184
Holographic Will	p. 184
Michigan Statutory Form Will	p. 188
Will: Uniform International Wills Act	p. 199
Changing Your Will - Codicils	p. 202
Where to Keep Your Will	p. 202
Beneficiaries, Debts, and Entitlements	p. 203
Bequests to Minors	p. 204
Intestate in Michigan	p. 205
Death Taxes	p. 205
How Your Will Might be Challenged	p. 205
A Different Type of Will - Your Living Will in Michigan	p. 207
Keeping it Current	p. 209
What Changes?	p. 210
What Does ôMaintenanceö Look Like?	p. 212
What to Go Over	p. 216
Your Desk	p. 216
One Last Motivator: Probate and You	p. 219
Conclusion	p. 229
Estate Planning Worksheets	p. 231
Your Estate in Black and White - Estate-Planning Inventory	p. 231
Prioritization	p. 234
Who, What, How, and When	p. 235
Essential Documents and Accounts Inventory	p. 236
Party Planning with an Unusual Twist	p. 257
Estate Plan Summary Sheet	p. 261
Annual To-do List	p. 262
Glossary of Terms	p. 263
Bibliography	p. 283
Author Biography	p. 284
Index	p. 285
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