Saturday, February 1, 2025

The Ladybird Deed: A DIY Estate Planning Danger

estate planning attorney Ann Arbor

If you’re talking to a friend and they tell you they have a way you can transfer your house to your kids when you die and avoid probate, that sounds pretty good, right? They’ll tell you it’s simple, all you need to do is go online and search for Ladybird Deed. While a Ladybird Deed might seem like a straightforward solution, DIYing it can have serious unintended consequences.

Think about it: if you have multiple children, a Ladybird Deed makes them co-owners. This 'ownership by committee' can quickly turn into a nightmare. Imagine constant disagreements about maintenance, sales, and even who gets to live in the house. Resolving these conflicts often leads to costly and emotionally draining litigation.

Don't let your desire to save a little money now jeopardize your children's future. Consult with a qualified estate planning attorney in Ann Arbor to explore all your options and ensure a smooth and harmonious transition of your assets.

 

Learn more about the unintended consequences of DIY Ladybird deeds here.

 

Contact an Estate Planning Attorney in Ann Arbor to Help You!

Regardless of your stage in life, consult an estate planning attorney in Ann Arbor to create your estate plan with a will and a trust. With the help of an experienced estate planning attorney at Pear Sperling Eggan & Daniels, P.C, you can rest assured that your assets will be easily located, managed, and passed to your loved ones.

Wednesday, January 29, 2025

What is Estate Planning and Why Do You Need It?

estate planning attorney Ann Arbor

Estate planning is a proactive process that involves creating legal documents to ensure your assets are distributed according to your wishes, both during your lifetime and after your passing. It's essential to have a comprehensive estate plan in place to protect your loved ones and minimize potential legal complications.

Key Goals of Estate Planning

·       Guardianship for Minor Children: Designate guardians to care for your children in case of incapacity or death.

·       Asset Protection: Safeguard your assets from creditors and ensure they are distributed as you intend.

·       Tax Minimization: Implement strategies to minimize estate taxes and other financial burdens.

·       Seamless Asset Transfer: Facilitate the smooth transfer of assets to your beneficiaries.

·       Privacy: Maintain privacy regarding your financial affairs and estate planning.

·       Digital Asset Management: Address the distribution of your digital assets, such as social media accounts and online documents.

Why You Need an Estate Plan

Without a proper estate plan, the state will determine how your assets are distributed, which may not align with your wishes. This can lead to disputes among family members, unnecessary legal fees, and delays in the distribution process.

Key Components of an Estate Plan 

A comprehensive estate plan typically includes:

·       Will: A legal document that outlines your wishes for the distribution of your assets.

·       Trust: A legal entity that holds assets for the benefit of beneficiaries.

·       Power of Attorney: A legal document that authorizes someone to act on your behalf.

·       Healthcare Power of Attorney: A legal document that authorizes someone to make healthcare decisions on your behalf.

·       Living Will: A legal document that outlines your wishes for end-of-life care.

The Role of an Estate Planning Attorney 

An experienced estate planning attorney can help you create a tailored estate plan that meets your specific needs. They can advise you on complex legal and tax issues, draft essential documents, and ensure your plan is legally sound and up-to-date.

Learn more about our comprehensive estate planning and probate services here.

Don't Delay, Plan Ahead 

When you take the time to create a comprehensive estate plan, you can provide peace of mind for yourself and your loved ones. With the help of an experienced estate planning attorney at Pear Sperling Eggan & Daniels, P.C, you can rest assured that your assets will be easily located, managed, and passed to your loved ones.

Wednesday, January 15, 2025

Navigating the Probate Process: A Step-by-Step Guide

What is Probate?

estate planning attorney Ann Arbor

Probate is the legal process of administering a deceased person's estate. It involves identifying assets, paying debts, and distributing remaining assets to beneficiaries.


Why Do I Need Probate?


If you die without a valid will or trust, your estate will go through probate. Even if you have a will or trust, some assets may still need to be probated.


The Probate Process


The probate process typically involves the following steps:

  1. Appointing a Personal Representative: A personal representative is appointed to oversee the estate.
  2. Asset Inventory: All assets are identified and valued.
  3. Debt Payment: Debts are paid from the estate's assets.
  4. Tax Filing: Taxes are filed on behalf of the deceased.
  5. Asset Distribution: Remaining assets are distributed to beneficiaries.

How Can Our Firm Help?


Our firm can help you navigate the probate process efficiently and minimize stress. We can:

  • Guide you through the legal procedures
  • Prepare necessary paperwork
  • Represent you in court if needed
  • Manage the sale of assets
  • Distribute assets to beneficiaries

Learn more about our comprehensive estate planning and probate services here.

 

Contact an Estate Planning Attorney in Ann Arbor to Help You!


Regardless of your stage in life, consult an estate planning attorney in Ann Arbor to create your estate plan with a will and a trust. With the help of an experienced estate planning attorney at Pear Sperling Eggan & Daniels, P.C, you can rest assured that your assets will be easily located, managed, and passed to your loved ones.

Wednesday, January 1, 2025

Understanding Trust Administration: A Comprehensive Guide

estate planning attorney Ann Arbor


What is Trust Administration?

Trust administration is the process of managing and distributing assets held in a trust. A trustee, appointed by the trust's creator, oversees the trust's assets and ensures they are distributed according to the terms outlined in the trust document.


How Does Trust Administration Work with Our Firm?


Our firm is dedicated to providing comprehensive trust administration services. We will guide you through the entire process, starting with an initial consultation to discuss your specific needs. We will:

  • Review your trust documents
  • Identify and secure trust assets
  • Manage and invest trust assets
  • Pay taxes and other expenses
  • Distribute assets to beneficiaries

Key Benefits of Trust Administration

  • Asset Protection: Trusts can protect assets from creditors, lawsuits, and taxes.
  • Privacy: Trust assets are generally kept private, unlike probate assets.
  • Control: You can maintain control over your assets even after your passing.
  • Flexibility: Trusts offer flexibility in terms of distribution and management.

Learn more about our comprehensive estate planning and probate services here.

Contact an Estate Planning Attorney in Ann Arbor to Help You!


If you have questions about trust administration or need assistance with your trust, please contact our firm. We are here to help you ensure your wishes are carried out and your loved ones are protected.


Regardless of your stage in life, consult an estate planning attorney in Ann Arbor to create your estate plan with a will and a trust. With the help of an experienced estate planning attorney at Pear Sperling Eggan & Daniels, P.C, you can rest assured that your assets will be easily located, managed, and passed to your loved ones.

Sunday, December 15, 2024

New Michigan Laws to the Rescue

estate planning attorneys Ann Arbor

Michigan has enacted new laws to streamline the probate process and make it easier to transfer assets outside of probate. These laws include:

  • Increased Small Estate Affidavit Threshold: The amount of assets that can be transferred to heirs without formal probate has increased. This means that many smaller estates can now be settled more quickly and affordably.
  • Simplified Vehicle Transfer: Michigan has simplified the process of transferring vehicles to heirs, making it easier to avoid probate for vehicle-related assets.

Protecting Your Legacy

To minimize the risk of probate and ensure a smooth estate settlement, consider these tips:

  • Regularly Review Your Estate Plan: Schedule periodic reviews with your attorney to assess your estate plan and make necessary adjustments.
  • Keep Accurate Records: Maintain detailed records of your assets, liabilities, and beneficiary designations.
  • Work with an Experienced Attorney: An experienced estate planning attorney can help you create a comprehensive estate plan that minimizes the risk of probate and protects your legacy.

By understanding these common pitfalls and taking advantage of the new Michigan laws, you can help ensure a smoother and more efficient estate settlement process for your loved ones.

Learn more about the common pitfalls of probate here and how you can protect your assets here.

 

Get Started Today: Schedule Your Consultation

 

If you’re interested in learning more about estate planning, please contact an estate planning attorney in Ann Arbor at 734-665-4441.

Sunday, December 1, 2024

Avoiding Probate Pitfalls: Common Mistakes and New Michigan Laws

estate planning attorneys Ann Arbor

Due to the complexities of your financial affairs, clients often fail to get all their assets into trust. Probate is required after they pass away. We call this “oops” because their intent is to avoid probate but human error makes it necessary. For example, we’ve experienced the following “oops” situations: 

 

1.     A client opened an investment account for $15,000 in her name alone after her trust was set up. She forgot to title it into her trust. Under Michigan law, a short probate proceeding (2-page application with a court order) was opened to distribute this account to the heir because the value of the account was under $25,000.

2.     A successor trustee found a $40,000 bank account in his father’s name only while administering the trust. The father forgot to title the bank account into his trust, so we had to open up a full probate estate and spend over $1,000 in attorney fees because the value of the bank account was over $25,000.

3.    Before covid a deceased mother forgot to name her children on an annuity. She remembered to do so on the other 6 annuities but forgot on the 7th one. We had to open a full probate proceeding in Wayne County Probate Court to distribute this $40,000 annuity to her children because, again, the value of the annuity was over $25,000.

 

As you can see, an “oops” situations happen, so it’s important to double check the titling of your assets throughout your entire financial life. 

 

In the meantime, under a new Michigan law, the scenarios in #2 and #3 above would be easier. Learn more about the common pitfalls of probate here and how you can protect your assets here.

 

Get Started Today: Schedule Your Consultation

 

If you’re interested in learning more about estate planning, please contact an estate planning attorney in Ann Arbor at 734-665-4441.

Friday, November 15, 2024

Understanding State Medical Boards

What is a State Medical Board (SMB)?
civil litigation Ann Arbor

A State Medical Board (SMB) is a regulatory agency established to oversee the practice of medicine within its jurisdiction. These boards are crucial in ensuring that physicians meet specific standards of education, training, and conduct.

Key Functions of an SMB:

  • Licensing: SMBs issue licenses to physicians who meet the required qualifications and standards.
  • Investigations: They investigate complaints filed against physicians and determine if there are grounds for disciplinary action.
  • Discipline: SMBs have the authority to impose disciplinary measures, ranging from reprimands to license revocation, on physicians who violate medical practice laws or ethical codes.
  • Evaluation and Rehabilitation: In some cases, SMBs may refer physicians for evaluation or rehabilitation programs to address issues that could potentially impact their practice.

The Role of SMBs in Protecting Public Health

SMBs play a vital role in protecting public health by ensuring that only qualified and competent physicians are allowed to practice medicine. By investigating complaints and taking appropriate disciplinary action, SMBs help to maintain high standards of medical care and protect patients from harm. 

Get Started Today: Schedule Your Consultation!

If you are considering filing a complaint against a physician, it may be beneficial to consult with a civil litigation attorney in Ann Arbor. A legal professional can advise you on your rights and help you navigate the complaint process.


For more information or to speak with us about your legal issue, please contact our attorneys in Ann Arbor at 734-665-4441. To learn more about Pear Sperling Eggan & Daniels, P.C., or any of our attorneys, please visit learn more about us here.