Month: March 2013

Estate Planning Can Help With Financial Organization

March 30, 2013 /

A few weeks ago I came across this New York Times online article about a woman who had to make organization out of chaos when her husband was hit and seriously injured riding his bicycle.   The article talks about how her necessary quest to organize their disarrayed financial life led to a website that now helps others do the same.  Her situation is not all that uncommon – its thrust upon many families through Michigan and the rest of the country each year.  We don’t know what’s going to happen to us or when it will happen to us, so the old adage of always being prepared is good advice.

But did you know that a comprehensive, well-drafted estate plan can actually help you through the financial and life organization process?  You bet!  Sure, there are forms, online services, and even attorneys who merely prepare forms, but what I’m referring to in a comprehensive plan is something that goes beyond just the legal bare necessities.  For instance, for all of our clients who feel a trust-based estate plan will be best for their family, we help them get a clear picture of what assets they have, how they are owned and whether or not they are coordinated with the plan we’re draft for them.  And if they aren’t, we provide them with a “funding toolkit” that guides them through the process and we followup with them on a regular basis after their plan is signed.  Because as you may have read in this previous blog post, just “having a trust” is not enough . . . the trust must be “funded.”

So, how about you and your family?  Do you know beyond a doubt what you have, whose name it’s in, and who would receive it if something happened to you?  If not, why not let getting a new (or updated) estate plane help you have the clarity you need to have added peace of mind?  Call us at 616-827-7596 and schedule your personal Peace of Mind Planning Session to get started today!

Michael Lichterman is an estate planning and charitable planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for “stuff” – it’s about who your are and what’s important to you.  He focuses on estate, charitable, and asset protection planning for all generations (“young” and “experienced”), the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses, and pet planning.  He enjoys creating life long relationships with his clients centered on their family’s values, insights, stories and experiences.

Should I Put My Car In My Trust?

March 24, 2013 /

This is the most common questions I’m asked as a Grand Rapids, Mi will and trust lawyer.  And the short answer is: usually not, but it depends.  You see, Michigan actually has a rather simple post-death automobile transfer procedure.  It isn’t the best for all situations, but it works well in many situations.  There are requirements for using the procedure.  You can find out more about the procedure and its requirements by reading this previous blog post.

Another reason for not putting your automobile into your living trust is because of a common public misperception of people who have trust . . . many people think families with trusts are “rich.”  As I’ve previously written here and here, that is certainly not the case.  Trusts have many benefits to families from all walks of life, including the heart and soul of our fine country – the middle class.  If your car or truck is registered in the name of your trust and you cause an accident, the injured party may think you are “rich” and take actions they may otherwise not think of taking, hoping to dig into your deep pockets.

All that said, there are occasions when I do recommend that my client families transfer ownership of their automobiles to their trust.  The first is when the value of their automobiles exceeds the dollar value in the post-death procedure mentioned in the first paragraph of this post.  And the second is when one or more of their automobiles is a collector car.  And, in fact, usually if they fall into the second category they almost always fall into the first category.

As with all situations involving families and the law, every situation is unique.  So, make sure to give us a call if you have questions, need to review your estate plan, or your family needs a caring plan in place!

Michael Lichterman is an estate planning and charitable planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for “stuff” – it’s about who your are and what’s important to you.  He focuses on estate, charitable, and asset protection planning for all generations (“young” and “experienced”), the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses, and pet planning.  He enjoys creating life long relationships with his clients centered on their family’s values, insights, stories and experiences.

Ways to Pass Assets to Your Children

March 10, 2013 /

Just last week I ran across this great article about the different ways you can leave assets to your children.   I’m not going to repeat the article here – it’s worth your time to read it, so please do so.  What I will say is this – as a Grand Rapids, Mi estate planning attorney I’ve been somewhat surprised by how many families believe their only choice is to pass their assets at their death to their children.  As the article points out, there are many ways to leave assets to your children and, there is no single right answer for every family.  Remember, estate planning should not be just about what you have, it should also be about who you are.  How you leave your estate to your children is a unique opportunity to share your Whole Family Wealth – who you are and what’s important to you.  This is truly creating a legacy!

There are just two items I want to repeat from the article because they bear repeating (and are items many families don’t think about):

  • “Fair” distributions to your children (or grandchildren) and “equal” distributions are not always the same thing
  • There are many benefits to leaving your assets in trust for your kids’ lifetimes – benefits for them and for you

Have questions?  Give us a call at 616-827-7596 and discover how you can leave a true legacy for your family!

Michael Lichterman is an estate planning and charitable planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for “stuff” – it’s about who your are and what’s important to you.  He focuses on estate, charitable, and asset protection planning for all generations (“young” and “experienced”), the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses, and pet planning.  He enjoys creating life long relationships with his clients centered on their family’s values, insights, stories and experiences.

Why Do I Need a Michigan Gun Trust

March 2, 2013 /

As a Michigan gun trust lawyer, I’ve noticed a dramatic increase in the number of calls we’re receiving asking about setting up a gun trust.  It’s really not a surprise given the current state of the “gun control debate” after the horrible tragedy in Newtown, CT.  It seems that the most common question I’m asked is, “why do I even need a gun trust?”  Well, the short answer is that you don’t need a gun trust to own a firearm, whether regulated by the National Firearms Act (NFA) or not.  But, with very few exceptions, a Michigan gun trust is the best way for many Michigan residents to own their guns, especial NFA items (for example, suppressors / silencers).

Why is that?  The reasons vary based on your specific circumstances.  This previous blog post shares many of the reasons a Michigan gun trust is a great way to own, protect, and ultimately transfer a NFA regulated firearm or item in Michigan.  What many Michigan firearms owners don’t realize is that a Michigan gun trust can be a MUCH better way of owning their non-NFA firearms . . . especially if you are a Michigan resident with a firearm “collection.”  Generally speaking, we consider a “collection” to include total value of firearms of $10,000 or more.

Why would you do that when Michigan law already provides a way to transfer non-NFA regulated firearms if something happens to you?  The key lies in the fact that a well-drafted Michigan gun trust is drafted with the purpose of acquiring, holding, and eventually distributing firearms, ammunition, and accessories.  What does that mean for you?  Well, let’s think about the current “gun control debate” going on nationally and in many states.  As you probably know there is “gun control” legislation going through Congress right now.  The goal of much of the proposed legislation is to ban a wide variety of semi-automatic firearms as well as implement “universal” background checks.  And some of the legislators have made no secret of their wish to confiscate all firearms and accessories, and if they can’t do that, to at least prohibit the transfer of any “grandfathered” weapons and require any such weapons to be surrendered to the state at the current owner’s death.  My hope is that none of these laws are passed, but even so, it gives you insight into what they are really thinking about controlling your right to “keep and bear arms.”

Although firearms laws and trust law is still developing, it can be a good idea to transfer non-regulated weapons into a trust prior to the enactment of any such legislation (whether the legislation comes now or sometime in the future). This may avoid a scenario in which your family is forced to surrender your prized collection after you are gone.  Proper estate planning will help create and share your legacy with your family and loved ones.  It’s no different with your firearms – a properly drafted gun trust can help you leave a legacy with your firearms and plan for their use for generations to come.

Call at (616) 965-2221 to start creating your gun trust today!

Michael Lichterman is an estate planning and gun trust attorney who helps families and firearm owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on estate and asset protection planning for  firearm owners (both NFA regulated and non-NFA regulated), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses and pet planning.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.