Michigan Elder Law Blog

I read this article and thought it would be of interest for our readers. The article discusses what you should consider in order to make the most of your trust. Here are a few of the highlights:

1. Don't attach too many strings. According to the article, one of the chief aims of estate planning should be to avoid leaving a legacy of ill will. By attaching too many strings, such as mandating that a grandchild use trust funds only for tuition at a specific university or go into a certain occupation, you are increasing your chances of there being ill will among your heirs.

2. Make special arrangements for beloved properties. Do you have a family cottage on the lake in Northern Michigan? If so, what will happen to it upon your passing? There are many options, such as dictating that it be appraised and listed for sale, kept in the family, create a family LLC to manage and maintain the property (and schedule who gets to use it when), or distributed outright to the heirs and letting them figure it out.

Continue reading "How to Control Your Heirs From the Grave" »

The state of Michigan has issued for comment a proposed change to BEM 402. The change deals with married couples, specifically the transfer of joint marital assets to the community spouse during the presumed asset eligibility period. Under the current Medicaid policy, upon Redetermination, which occurs one year from the date of the original application, the applicant just has to show that the spouse in the nursing home has less than $2,000.00 in their name.

Under the proposed change, the caseworker upon Redetermination will now be able to verify that all assets are still owned by the community spouse, and that no divestments have occurred.

The Medicaid policy is ever changing in Michigan. It is important that if you have a loved one in need of long term skill care that you meet with an experienced Michigan Elder Law attorney, such as the attorneys at Barsch & Joswick, PLLC. Call today for a free consultation.

Here's a link to a great article I read over the weekend on how to avoid estate-tax traps. With the estate-tax exemption scheduled to drop next year to $1 million, with a top tax rate of 55%, avoiding these traps are more important than ever.

The best way to avoid these potential traps is to meet with an experienced Michigan Estate Planning attorney, such as the attorneys at Barsch & Joswick, PLLC. Call today for a free consultation.