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Detroit Estate Planning Lawyer, Michigan


Includes: Gift Taxation

Mary  Blaney Lawyer

Mary Blaney

VERIFIED
Criminal, Family Law, Estate Planning, Business, DUI-DWI

Ms. Blaney is a Southfield Criminal lawyer who has been practicing law for over 20 years.

Jamie R. Ryke Lawyer

Jamie R. Ryke

VERIFIED
Estate, Estate Planning, Wills & Probate, Trusts
A Lawyer Who Treats You Like Family in Your Time of Need

Mr. Ryke is an Estate Lawyer proudly serving Southfield, Michigan and the neighboring communities.

David B. Mammel Lawyer

David B. Mammel

VERIFIED
Estate Planning, Wills & Probate, Real Estate, Business, Litigation

My father passed away from cancer just before my 21st birthday in 1987. As a physician in his own professional corporation, he worked hard and, alongs... (more)

Kristen  Bedient Lawyer

Kristen Bedient

VERIFIED
Divorce, Estate Planning, Personal Injury, Trusts, Wills & Probate

The attorneys at Serafini, Michalowski, & Derkacz are proud of our successful record of serving clients throughout Michigan with experienced, personal... (more)

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Mary T. Schmitt Smith Lawyer

Mary T. Schmitt Smith

Estate, Estate Planning, Trusts, Wills & Probate

Mary T. Schmitt Smith established the Theresa Law Center, PC in May 2005 to continue over a twenty year tradition of providing legal advocacy for clie... (more)

Cheryl Lorraine Landrum Lawyer

Cheryl Lorraine Landrum

VERIFIED
Estate Planning, Business, Real Estate, Employment
Someone On Your Side.

I worked for fifteen years in the banking industry, and over seven years in the land title industry as a land title abstractor and underwriter. I work... (more)

Daniel C. Symonds

Business Organization, Construction, Employment, Estate Planning, Family Law
Status:  In Good Standing           

Kevin T. Kennedy

Asbestos & Mesothelioma, Corporate, Business Organization, Environmental Law, Estate Planning
Status:  In Good Standing           

Robert E. Gesell

Corporate, Estate Planning, Real Estate, Transportation & Shipping
Status:  In Good Standing           

Robert E. Kass

Wills & Probate, Estate Planning, Tax
Status:  In Good Standing           

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LEGAL TERMS

SUCCESSION

The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state's intestate succession laws, which d... (more...)
The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state's intestate succession laws, which determine who inherits property when someone dies without a valid will. When used in connection with real estate, the word refers to the passing of property by will or inheritance, as opposed to gift, grant, or purchase.

ABSTRACT OF TRUST

A condensed version of a living trust document, which leaves out details of what is in the trust and the identity of the beneficiaries. You can show an abstract... (more...)
A condensed version of a living trust document, which leaves out details of what is in the trust and the identity of the beneficiaries. You can show an abstract of trust to a financial organization or other institution to prove that you have established a valid living trust, without revealing specifics that you want to keep private. In some states, this document is called a 'certification of trust.'

TRUST MERGER

Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separati... (more...)
Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separation between the trustee's legal ownership of trust property from the beneficiary's interest. The trust 'merges' and ceases to exist.

BEQUEATH

A legal term sometimes used in wills that means 'leave' -- for example, 'I bequeath my garden tools to my brother-in-law, Buster Jenkins.'

LIFE INSURANCE

A contract in which an insurance company agrees to pay money to a designated beneficiary upon the death of the policy holder. In exchange, the policyholder pays... (more...)
A contract in which an insurance company agrees to pay money to a designated beneficiary upon the death of the policy holder. In exchange, the policyholder pays a regularly scheduled fee, known as the insurance premiums. The purpose of life insurance is to provide financial support to those who survive the policyholder, such as family members or business partners. When the policyholder dies, the insurance proceeds pass to the beneficiaries free of probate, though they are counted for federal estate tax purposes. group life insurance Life insurance available through an employer or association that covers participating employees and members under one master insurance policy. Most group life insurance policies are term insurance policies, that terminate when the member or employee reaches a certain age or leaves the organization and do not accumulate any cash surrender value. term life insurance No-frills life insurance, with neither cash surrender value nor loan value (an amount that can be used as collateral for a loan). Term life insurance provides a pre-set amount of coverage if the policyholder dies during the period of time specified in the policy. Policyholders usually have the option to renew at the end of the term for the period of years specified in the policy. Unlike whole life insurance, premiums generally increase as the insured person gets older and the risk of death increases.universal life insurance A type of whole life insurance that offers some additional features and advantages. Like whole life insurance, universal life insurance accumulates cash value through investment of the premium payments. The unique feature of universal life insurance is that it has variable premiums, benefits and payment schedules, all of which are tied to market interest rates and the performance of the investment portfolio. Also, universal life plicies normally provide you with more consumer information. For example, you are told how much of your policy payments goes for insurance company overhead expenses, reserves and policy proceed payments, and how much is retained and invested for your savings. This information isn't usually provided with whole life policies.variable life insurance A type of whole life insurance in which the amount of death benefits varies, depending on the performance of investments. The insurance company places some or all of the fixed premium payments into an investment account; some companies let the insured person decide how the money is invested. The policyholder bears the risk of investment losses, though there is a guaranteed minimum benefit payment. One benefit of variable insurance is that interest and dividend income from the investment account is not taxed until it is paid out to the policyholder.variable universal life insurance A type of whole life insurance that provides greater potential for financial gain--and brings greater risks. Like universal life insurance, variable universal life insurance offers flexible premiums, payment schedules and benefits. But variable universal life policies are riskier because the premiums are invested in stocks, rather than more predictable money market accounts and bonds. Also called universal variable life insurance.whole life insurance Life insurance that provides coverage for the entire life of the policyholder, who pays the same fixed premium throughout his or her life. The policy builds up cash reserves that may be paid out to the policyholder when he or she surrenders or partially surrenders the policy or uses the cash reserves to fund low-interest loans. The annual increase in the cash value of the policy is not taxed. If the policyholder surrenders the policy, a portion of the payment is not taxable. Also called straight life insurance or ordinary life insurance.

GENERATION-SKIPPING TRANSFER TAX

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 ... (more...)
A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 million in a generation-skipping trust free of this tax. The GSST is imposed when the middle-generation beneficiaries die and the property is transferred to the third-generation beneficiaries. Every dollar over $1 million is subject to the highest existing estate tax rate--currently 55%--at the time the GSTT tax is applied.

SURROGATE COURT

See probate court.

GROSS ESTATE

For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of prob... (more...)
For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of probate. Taxes are due only on the value of the property the person actually owned (the net estate) plus the amount of any taxable gifts made during life. In a few states, the gross estate is used when computing attorney fees for probating estates; the lawyer gets a percentage of the gross estate.

PER STIRPES

Under a will, a method of determining who inherits property when a joint beneficiary has died before the willmaker, leaving living children of his or her own. F... (more...)
Under a will, a method of determining who inherits property when a joint beneficiary has died before the willmaker, leaving living children of his or her own. For example, Fred leaves his house jointly to his son Alan and his daughter Julie. But Alan dies before Fred, leaving two young children. If Fred's will states that heirs of a deceased beneficiary are to receive the property 'per stirpes,' Julie will receive one-half of the property, and Alan's two children will share his half in equal shares (through Alan by right of representation). If, on the other hand, Fred's will states that the property is to be divided per capita, Julie and the two grandchildren will each take a third.

SAMPLE LEGAL CASES

IN RE ESTATE OF SOUTHWORTH

... Margaret Noe. In February 2005, the decedent consulted Noe for estate planning advice. The ... estate plan. The representative offered to meet with the decedent and answer any questions regarding estate planning and the college. Despite ...

IN RE HAYES

... In addition, the survivor may amend or revoke the trust." [Brief at 8, citing Michigan Estate Planning Handbook (Carol J. Karr ed., ICLE 2d ed, 2006), ch 22, § 22.4.]. ... [Michigan Estate Planning Handbook (Carol J. Karr ed., ICLE 2d ed, 2006), ch 22, § 22.4.]. ...

Charfoos v. Schultz

... including trust documents, as in this case. Bullis v Downes, 240 Mich App 462, 468; 612 NW2d 435 (2000) (no distinction made among varieties of modern estate planning tools). Here, the trial court prohibited plaintiffs from ...