Class 22 - o Life insurance retirement plans IRA’s o Will...

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Estate Planning - Disability o Guardianship: personal care and medical decisions o Conservatorship: financial decisions - Durable Power of Attorney o Financial: general durable power of attorney; “springing” durable power of attorney o Medical: Michigan use POA approach, living will, advance medical directives Choice of “attorney-in-fact” or Agent is extremely important Forms of ownership - SOLE Any property – real estate, brokerage accounts, bank accounts, stocks and bonds o Probate o Will or Intestacy - JOINT Surviving joint owners o Will and Intestacy rules do not matter - BENEFICIARY DESIGNATION
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Unformatted text preview: o Life insurance, retirement plans, IRA’s o Will and Intestacy rules do not matter-TRUST trust language-POSSESSION personal property o Will or Intestacy Intestacy-Spouse w/o children…. . all of estate o w/ children…. 1 st $150,000 +1/2 of probate estate-Children o Balance of estate divided equally-Grandchildren o Take the share their parent would have taken – equal shares “By representation” Documents: -DPOA-Will o Intestacy: statutory pattern if no Will o Testacy: with a will Give estate to whoever…. Federal Estate Tax...
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