...About Maintaining Control When It Comes To Estate Planning & Asset Protection

Listen as attorney, Nicole Wipp, discusses these three critical considerations when it comes to protecting yourself and your family.

1. The Law
2. The Issues
3. Your Options

Questions? Need Help? Contact Us Today (248) 278-1511

The information in this video is not intended to be, nor should it be, construed as legal advice. It is for informational purposes only. For advice, specific to your situation, consult with a qualified attorney.

In today's video, I'm going to go over a little bit about trusts with you. I call this Trusts 101. The reason I'm doing this is because I know there's a lot of confusion about the types of trusts that are out there. I'm not going to get into real specifics about trusts, but I'm just going to give you this overview. So let's get started.

~Attorney Nicole Wipp

In this video we'll cover:

• What a trust is
• The two main types of trusts
• The two categories of living trusts and the different goals that each can accomplish
• What is meant by 'Funding' your trust

This is just a really quick Trusts 101. It's important to understand these concepts so that you make good legal decisions in the future.

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Call us today! (248) 278-1511

Prefer to read this information? Below is the video transcript.

Hi everybody, attorney Nicole Wipp here with the Family & Aging Law Center. Today I'm going to go over a little bit with you about trusts. I call this Trusts 101....

Many People Believe That Probate Only Happens After Death....

Unfortunately, This Isn't Always the Case. 

In Part One, we covered what a guardianship is and why a guardianship is not the best solution for most people. Understanding how guardianships and powers of attorney really work is essential when a loved one is in rehabilitation, or in long term care,  – even if the loved one is competent to make their own decisions. As clients frequently note to me, it’s what you don’t know that can hurt you.

Part Two

Alternative to Guardianship – Medical Power of Attorney (POA) / Patient Advocate Designation

The benefits of pre-planning are numerous. Ultimately, having good powers of attorney in place is a cheaper and easier option that places the least amount of burden on the family and provides more options. Additionally:

• Powers of attorney are voluntary, PRIVATE agreements.
• They are cost effective – one of the most cost effective documents done in estate planning.
• The Court is not involved. No one has to pre-approve the signing of the DNR. No one has...

It's Hard to Think About the Unthinkable

Every day, we as parents make decision after decision about our kids, for our kids, because of our kids. Yet so many parents fail to make one of the most important decisions they need to make - what will happen to their kids if something happens to them.

Why Are You Delaying Estate Planning?

For many couples with young children, the expense of actually sitting down with an attorney may be the leading factor in delaying planning their estate. When you're trying to pay a mortgage, an estate plan may seem like a luxury you can put off until a later time. But consider the possibility that something does happen to you and/or your spouse. What would happen to your children? If you don't decide who will take care of your children and put that decision into an estate plan, the court (strangers to your family) will make the decision for you. 

And that may not be the best decision for your kids. 

Some parents delay estate...

Part Two

In our family estate planning & elder law office, we often find that people have misconceptions about estate planning that they get though the internet, their friends, and even other professionals.  There are various problems with the Part 2 topics below, but the most fundamental one is that believing any one of them may lead to bad decision-making. 

4. Talking about estate taxes is a waste of time.

For a majority of Americans, in the current tax year, estate taxes are not an issue – the exemption is currently at 5.49 million dollars. Every dollar above that exemption amount is taxed at a 40% tax rate for estate or “inheritance” taxes. So for those that have less, estate taxes aren’t an issue. This year.

That being said, Congress can change the estate tax exemption (they say they won’t – do you believe anything Congress says these days?). Unless you know that you will die in 2017, you can’t know...

I’m not an Elder Law attorney – and I don’t play one on TV. That being said, I’ve had the pleasure of working at the Family & Aging Law Center since December of 2015. What I’ve learned has been eye-opening – even shocking. As a well-educated person, I always thought I knew just enough about estate planning and elder law. I was wrong.

~Julie Taylor

First, I’m going to tell you a little bit about what I’ve learned about long term care in Michigan – which is, for most, also surprising. Generally speaking, the cost of skilled long term care can range anywhere from $8,000 - $14,000 a month (or more!). Shocking, isn’t it? I don’t know about you, but I certainly don’t have that kind of money! If my husband or I were ever faced with one (or both) of us needing care, I wouldn’t want to see everything we’ve worked for disappear. Even worse, what happens after our life savings goes to the cost of care?...

Part One

In our family estate planning & elder law office, we often find that people have misconceptions about estate planning that they get though the internet, their friends, and even other professionals.  There are various problems with the Part 1 topics below, but the most fundamental one is that believing any one of them may lead to bad decision-making. 

1. Estate planning is about planning for your death.

Most people think that estate planning is all about “what happens if I die” (you will!). That being said, when done properly, estate planning is about much more than simple death planning. It is also about ensuring that any shift in control, whether due to disability during life or death, is done in the simplest and easiest way possible; about providing loved ones with peace of mind and relieving them from burdensome decisions that you should make on your own; and, in the best case scenario, about ensuring that assets don’t get depleted by...

Let’s Face It: You Don’t Know What You Don’t Know

 

When it comes to estate planning, the real problem is simple:  you think you know.  The internet, friends, neighbors – even the government shapes what we think we know when it comes to estate planning and asset protection. 

 

The reality is, though, that what I’m about to tell you is something that most attorneys don’t know – not even traditional estate planning attorneys.  Yes, it’s true. 

 

Long-Term Care is One of the Biggest Unresolved Issues in Estate Planning -That being said, long term care planning isn’t just about long term care insurance!

The need for long-term care is also one of the biggest threats to your lifetime financial security.  The statistics show us that a full one –third of all persons over 65 will have a need for long-term care, and a full one in ten will need long-term care for five or more...

With PACE, teams of health care professionals focus on the unique needs and circumstances of participants, and their families, to make sure participants receive the coordinated care they need.

The Program of All-Inclusive Care for the Elderly (PACE) is a program that helps seniors meet their health care needs at home & in their community as an alternative to a nursing home or other care facility.

SERVICES

With PACE, an individualized plan of care is developed and maintained by a team of health care and service professionals to meet specific needs. These services include all Medicare and Medicaid-covered services and may include, but are not limited to:

• Primary and Specialist Care (including Women's Health)
• Medications
• Medical Transportation
• Therapy (Occupational, Physical, Speech)
• Recreational Day Center Activities
• Home Care
• Hospital & Emergency Services
• Dental
• Vision
• Hearing
• Foot Care
• Nursing Home
• End of Life Supportive Care

In Michigan, the areas serviced by PACE...