How Will Stretch IRAs Impact Your Estate Plan?

Do you have a stretch IRA?

Were you planning on leaving money for your child or grandchild? 

You need to learn about the major change to retirement plans!

A new Act was passed eliminating the stretch IRA and replacing it with a 10-year pay-out period. This means a beneficiary can no longer stretch the pay-out over his or her lifetime. Instead, the entire IRA must be “emptied” by the end of the 10^th year after death. Therefore, the IRA gets into the hands of child or grandchild or imprudent beneficiary much sooner than anticipated.

Learn more here!

Get Started Today: Schedule Your Consultation!

If you would like to learn more about estate planning services and special needs planning options, contact an estate planning attorney in Ann Arbor today! Attorneys at Pear Sperling Eggan & Daniels, P.C., can help assist you with virtually everything law related. Consult your attorney for details.

Major Change to SECURE Act Effective Jan 1, 2020!

Congress passed the Setting Every Community Up for Retirement Enhancement Act (“SECURE” Act or “the Act”) implementing a major change to retirement plans, effective January 1, 2020.

The Act expands the options for you to save for retirement, but in the process, it greatly impacts estate plans by eliminating the stretch IRA. 

Learn more here!

Get Started Today: Schedule Your Consultation!

If you would like to learn more about estate planning services and special needs planning options, contact an estate planning attorney in Ann Arbor today! Attorneys at Pear Sperling Eggan & Daniels, P.C., can help assist you with virtually everything law related. Consult your attorney for details.

Achieve A Better Life Experience (“ABLE”) Act

Do you have a ABLE account setup for your child?

ABLE accounts are beneficial for parents with a special needs child because of the following:

1) Cost-effective to establish

2) Small minimum contributions are tax deductible on a Michigan income tax return

3) Financial independence 

4) Can be commingled with funds from both the parents and the child

5) Contributions can grow tax-free

6) Save money without losing government benefits

Learn more here!

Get Started Today: Schedule Your Consultation!

If you would like to learn more about estate planning services and special needs planning options, contact an estate planning attorney in Ann Arbor today! Attorneys at Pear Sperling Eggan & Daniels, P.C., can help assist you with virtually everything law related. Consult your attorney for details.

Estate Planning Tools for Special Needs Child

Over the years, the primary estate planning tool for parents with a special needs child was an Amenities Trust. This trust allows parents to provide an inheritance to their child without impacting their child’s eligibility of certain government benefits.

During the Obama administration, the federal government added another tool for parents with a special needs child called Achieve A Better Life Experience (“ABLE”) Act. An ABLE account is a tax-advantaged account (much like a 529 college savings plan) that helps parents and children save funds for qualified disability expenses. 

Learn more here!

Get Started Today: Schedule Your Consultation!

If you would like to learn more about estate planning services and special needs planning options, contact an estate planning attorney in Ann Arbor today! Attorneys at Pear Sperling Eggan & Daniels, P.C., can help assist you with virtually everything law related. Consult your attorney for details.

Can I Disinherit My Spouse?

In Michigan, you’re not able to disinherit your spouse by omitting to provide for him or her in your will or by including an explicit statement in your will that your spouse is not to receive anything from your estate. The law in Michigan provides a surviving spouse in a testate proceeding (one with a will of the deceased spouse admitted to probate by the Court) with the right to elect a share of the estate of his or her spouse even if the will says the spouse is not to receive anything.

Learn more here!

Get Started Today: Schedule Your Consultation!

If you would like to learn more about estate planning in Ann Arbor, contact us today! Attorneys at Pear Sperling Eggan & Daniels, P.C., can help assist you with your case and everything in between. Consult Marty Bodnar for details.

Our attorneys know how to get results for our clients and they’re dedicated to getting a satisfactory outcome. Contact our attorney for estate planning in Ann Arbor today at (734) 665-4441 for a no obligation consultation.

Can I Disinherit My Spouse by Leaving the Spouse Out of My Will?

Our clients raise this question for various reasons. They could be inquiring because they are not getting along and don’t want their spouse to receive anything from their estate when they pass away. It could be that the parties have a pre-nuptial agreement or a financial plan in place that the client wants to make certain is not subject to change by the spouse after the client dies. It could also be a blended family with each spouse wanting to give all of his or her assets to his or her family and not to the family of the spouse. Or it could be that one or both parties are facing long-term care expenses and it’s not their intention to provide additional assets to a surviving spouse that may disqualify them from entitlements or Medicaid assistance.

Learn more here!

Get Started Today: Schedule Your Consultation!

If you would like to learn more about  estate planning in Ann Arbor, contact Marty Bodnar at PSED today! Schedule an initial consultation. 734-665-4441

Michigan Revises Discovery Rules

Depositions, currently unlimited in duration, will be limited to one day of seven hours. Can you imagine having to sit though an unproductive 8-hour deposition, only to have the opposing party come back and ask for another 8-hour day? This is a welcome change!

Learn more here about the changes the Michigan Supreme Court adopted to the Rules of Civil Procedure.

Get Started Today: Schedule Your Consultation!

If you would like to learn more about civil law in Ann Arbor, contact Jeremy Kennedy at PSED today! Schedule an initial consultation. 734-665-4441