Pet Trusts not just for Rich and Famous

Mick Jagger once said, “anything worth doing is worth overdoing,” and that certainly applies to over-the-top Pet Trusts. There are countless examples of extravagant pet inheritances like multi-million dollar residences, gourmet food plans and high-class transportation. For instance, Megan Johnson writes in her blog, “Will Bark for Trust Fund: How the world’s richest pets spend their inheritance” about “Conchita, the Chihuahua of Miami heiress Gail Posner, and her “sisters” (a Maltese and a Yorkie) are chauffeured around town in Conchita’s very own gold Cadillac Escalade. When Posner passed away in 2010, Conchita and her four-legged siblings inherited her Miami mansion Continue Reading…

Lady Bird Deed is Estate Planning Tool

A “Lady Bird Deed” is a tool of estate planning that allows the transfer of ownership of property to an heir. It’s more official title is “enhanced life estate deed.” In Michigan, by utilizing a Lady Bird Deed, property can be passed down to direct relatives without probate or “uncapping” the property tax valuation. These are standard benefits of life trusts. What makes a Lady Bird Deed unique is the transferor’s retention of the right to sell or lease the property during his or her lifetime. As Rockford, MI Lawyer Kary C. Frank’s article, “The Search for The Lady Bird Continue Reading…

Complete Estate Plan is not Just About the Money

When trying to save money, some people choose the minimum when it comes to creating a will. After all, a will’s a will, right? Not so. A thoughtful and complete estate plan will can save relatives months of heartache and expense that results when disputes go to probate court. In fact, many times probate can be completely avoided. In addition to assets, retirement funds, real estate, and valuables like art, jewelry and vehicles, a will needs to cover items of “emotional value.” Heirlooms and personal items can be distressing for family members to split after a loved-one’s death. Do-It-Yourself and Continue Reading…