THE LEGAL ASPECTS OF RETIREMENT PLANNING
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Transcript of THE LEGAL ASPECTS OF RETIREMENT PLANNING
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THE LEGAL ASPECTS OF RETIREMENT PLANNING
How God Would Have Us Steward Resources
For Our Needs And Those Of The Next GenerationProverbs 13:22
A good man leaveth an inheritance to his children's children: and the wealth of the sinner is laid up for the
just.
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LEGACY PLANNING WORKING DEFINITION:
A process of visionary urgency and
deliberate actions … reasonably calculated
to impact the next generation, or progeny,
with Godly character, and impartation of
wisdom, truth, and grace that manifests in a
Spiritual and natural inheritance that
endures
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Importance of Legacy Planning
Why Legacy Planning? It Can:
Encourages Godly principles Minimizes family disputes Controls management of
resources Keeps family informedControls legal costs Avoid court involvement Helps to avoid the nursing home
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Your Key Objectives
1. Organize Your Important Papers and Complete An Estate Plan Questionnaire
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2. Identify Your Trusted Assistant
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3. Identify Your Needs
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4. Identify The Needs Of The Next Generation
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5. Set A Time Table For Completing Your Legacy Plan
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6. Take Decisive Action!
Meet With An Attorney Get Your Documents Drafted Have A Family Meeting Update Existing Documents
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HOW IS A GURDIANSHIP ESTABLISHED?A Guardianship can be established in several ways:
A parent can name their child’s guardian in a Will, or other signed writingAn adult can name their guardian in a Power of AttorneyA person or someone interested in the person can bring a court petitionA spouse can name the other’s guardian in a Will
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WHAT IS A GUARDIAN REQUIRED TO DO?
A Guardian Must:
Visit the Ward regularly if not cohabitating
Secure basic needs for the Ward
Secure medical and social services for the Ward
See to the educational needs of a minor
Care for the Ward’s basic personal property
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WHEN IS A GUARDIAN NECESSARY?
oWhen a child you know needs helpoWhen your adult loved one is disabled and has an estate oWhen your adult loved one needs help and does not have a POA
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HOW IS A CONSERVATORSHIP ESTABLISHED?
A Conservator Can Only Be Appointed By A Judge After A Petition Is Filed In The
County Probate Court
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WHO CAN BECOME A GUARDIAN OR CONSERVATOR?
FOR AN ADULT:• Attorney in fact1. Spouse2. Adult child3. Parent4. Caregiver5. Close relative6. Court’s choice
FOR A CHILD:•The parent’s choice1.The child’s choice 2.The Caregiver3.A close relative4.The Court’s choice
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TRUSTS
A. Trust Characteristics
1. Not intended to be court supervised but, it can be
for the life of the trust, or for a limited purpose
2. Allows transfer of assets with conditions3. Allows transfer of assets on a schedule4. Can control overall cost of asset transfer5. Beneficiaries have a right to know their
stake in the Trust
6. Beneficiary can be eliminated if they contest trust without probable cause
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LAST WILL AND TESTAMENT
• Summary of what you have and who you want to have it
• You can give assets away to individual people or,
• You can give assets away to classes of people (my grandchildren, my siblings, etc. )
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LAST WILL AND TESTAMENT
• You can also execute a Holographic Will. It’s hand written and it does not need witnesses
• Notarization of a Will is not required - but it is a good idea to eliminate claims of some technical defects - this is called a Self Proved Will
• If there is no Will, the Michigan Intestate Succession rule governs.
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TRUSTS
1. Give notice of trust existence & its terms to beneficiaries
2. Maintain adequate records and provide annual accountings to beneficiaries who ask
3. Post a bond if required 1. Obtain Employer Identification number from
IRS 5. File tax returns and pay taxes1. Keep trust assets separate from personal
assets7. Invest trust assets carefully & protect them
C. Duties of Trustee
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Lady Bird Deeds
1.Announces intention of owner to transfer to another at death but
not before
1.Eliminates the need for a Will to transfer real estate
2.Is safer than a Quit Claim Deed
3.Avoids property becoming subject to the grantee’s debts
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In Trust For Financial Accounts
1.Allows Transfer of Financial Assets Without A Will
2.Limits Recipient’s Access To Asset Until After Your Death
3.Can Be established at no cost
2.Does not limit your control of the asset
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POWER OF ATTORNEY1. A power of attorney will transfer
responsibility for your business affairs to another trusted person while you are disabled
2. The power of attorney is a private document created without court involvement
3. It can be as limited or as broad as you desire
1. It can be revoked by you at anytime2. A patient advocate designation only
delegates medical decisions
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WHERE CAN I GO FOR MORE INFORMATION?
Many governmental/ non profit agencies and court systems
provide a wealth of information. A few are listed below:
1. Detroit Area Agency on Aging
2. Detroit Wayne County Community Mental Health Agency
3. Michigan.gov/mdch4. Macombcountymi.gov/
probate court5. Oakgov.com/courts/
probate6. Wcpc.us7. Legislature.mi.gov/
basicsearch8. M.C.L.A. 700.1101 et.
seq.