Tag Archives: estate
By: Erin R. Solaiman, Attorney at Law. Macomb County, Michigan. The simple answer to this question is, “yes.” However, if you have spent any time at all helping your parents plan for the unfortunate event that they might have to enter a nursing home, you know that “simplicity” is a luxury not often afforded in this situation. In Michigan to qualify for Medicaid, a single person can have no more than $2,000 in assets. The primary residence and one car are exempt, as long as they are not owned by a trust. Therefore; on many occasions, prior estate planning may need to be changed to fit the situation. Because we are unable to use a Quit Claim Deed, in most circumstances a Ladybird Deed is used to ensure that the individual’s primary residence avoids probate. Any individual that receives Medicaid assistance is subject to Estate Recovery if their assets go through probate. Under the current law, the key is to avoid probate. Under the Estate Recovery program, the Michigan Department of Community Health (MDCH) will seek repayment of benefits received by Medicaid recipients by filing a lien on an individual’s probate estate. The liens can be placed for no more than the amount spent on the individual’s care. With the rising costs of nursing home care, a one to two year stay in a long term care facility can deplete a majority, if not all, of the value of the home! There are many complex scenarios and restrictions on the treatment of the home for Medicaid purposes, and many strategic plans that can be used to protect the parent’s home and the family’s heirs. The best way to discuss your specific scenario and develop the best overall plan is to meet with the experienced staff of Elder Law Attorneys at Simasko, Simasko & Simasko, P.C. Call today to schedule your FREE consultation. As always, remember that it is better to look ahead with preparedness than to look back with regret!
By: Farrah C. Ramdayal, Attorney at Law. Dearborn, Michigan. Everyone Has an Estate What is an Estate? According to The U.S. Internal Revenue Code, “the value of the gross estate of the decedent shall be determined, by including to the extent provided for in this part, the value at the time of his death of all property, real or personal, tangible, or intangible, wherever situated.” Contrary to popular belief, everyone has an “estate”, whether it’s worth $1 or $100 million. An individual’s estate does not only include a person’s “real estate” nor is it referring strictly to one’s probate estate; instead, your estate includes all the property over which you have some interest at the time of your death
By: James M. Simasko, Attorney at Law. Macomb County, Michigan. Most people spend more time each year planning a vacation than they do creating or reviewing their Estate Plan. Life is constantly changing and at the minimum, you should take the following steps on a periodic basis. Create a Will and Trust. Review these documents after life changing events, i.e. marriage, divorce, a death or birth, a new job, nursing home or long term care admission, etc. Make sure your estate administrator or a close loved one has copies of or access to these documents when they are needed.
By: Jeff M. Burns, Attorney at Law. Macomb County, Michigan. To easily understand the importance of estate planning, search the Web for “the Estate of Spicer H. Breeden.” The case depicts a tragic story that ended with the heartbreaking and untimely death of a beloved reporter from Denver and the suicide of a wealthy Denver socialite. Spicer Breeden was the great-grandson of Charles Boettcher. Mr. Boettcher was a tremendously successful Denver entrepreneur. At age 95, he told Time magazine: ”I like to work. I’ve worked hard all my life, and I suppose I’ll keep working as long as I can raise a hand.” His great-grandson, on the other hand,
By: Erin R. Solaiman, Attorney at Law. Probate is the court process by which the property of a deceased person is distributed to heirs. It is handled by special probate courts under state law. Although Michigan probate law is similar to the probate law of other states, the details of the process include features that are unique to Michigan. Probate is initiated in Michigan by filing a probate petition with the probate court located in the county where the decedent lived when he died, along with the death certificate and the decedent’s will, if any…