Publications for Trusts & Estates
On Friday, October 2, 2020, the Supreme Court held Governor Whitmer lacked the authority to issue any executive orders after April 30, 2020 to combat the spread of COVID-19. In response, the Director of Michigan Department of Health and Human Services (MDHHS) issued an Emergency Order to place limitations on bars, the size of gatherings, and to require face masks in certain settings. The order is similar to previous executive orders issued by the Governor.
IRC 642(c) Plans, referred to as “Pooled Income Funds” offer unique ways for participants to utilize tax favored deferred compensation.
Governor Rick Snyder signed into law two bills, Public Acts 330 and 331, that modernize Michigan’s trust laws by allowing domestic asset protection trusts (“DAPTs”) for the first time in the state. With its adoption of the Qualified Dispositions in Trusts Act (the “Act”) last month, Michigan joined 16 other states that allow for the creation of DAPTs. The new laws go into effect on March 8, 2017.
Senior adults facing an incapacity need specialized estate planning. Many senior adults also have concerns about financial security, preserving their independence and dignity, having enough money to pay for good quality care, and taking care of loved ones.
Federal estate tax is imposed on virtually all assets in which a decedent has any interest, including life insurance proceeds, after the assets exceed an exemption amount.