If your estate in Michigan meets certain thresholds, your loved ones will likely be burdened with a heavy tax bill. An estate tax on all assets and real property must be paid before distribution to heirs.
At EstateGenius, we help you understand tax obligations specific to federal rules. Unlike some other states, Michigan no longer has an estate or death tax.
The limit changes annually, but if your estate is valued in the millions, there’s a chance it may be subject to a federal estate tax. Certain components of an estate plan can help you avoid or minimize the taxes your heirs will owe. You can also distribute gifts up to $15,000 to any one person (or $30,000 if married), set up certain types of trusts, give to charities, or establish a business entity.
Lower your estate’s tax obligation and assist a loved one at the same time by investing in a business. To work, your heir must be a co-owner of the business. Your heir will receive monthly income so long as the business is in operation.
You and your spouse can create a joint revocable living trust to transfer your assets. The trust income and principal––while both spouses are alive––are distributed to either or both, depending on how the trust is structured. When both spouses die, the trust avoids probate and the beneficiaries avoid paying on an estate tax, or at least benefit from a reduced estate tax.
People with certain assets risk losing them to creditors and taxes. We draft wills and trusts that protect assets now and help you provide financial security to loved ones later.Learn More
A revocable trust offers many benefits to the beneficiaries and allows you to control what happens to your assets. We help draft and fund revocable trusts to meet your specific needs.Learn More
You won’t always be able to care for a special needs child or family member. We help you draft a special needs trust to make sure they will continue to get the care they deserve.Learn More
When you accrue wealth, you want to protect those assets from lawsuits, claims, and liabilities. We help create an asset protection plan best for your assets, you, and your family.Learn More
Terminal illness may prevent you from deciding the best care. We devise living wills that allow you to make those decisions now so loved ones know the care you get is what you want.Learn More
You may not always be able to make the best financial or health decisions, but a power of attorney empowers you to allow another person. We help you find the right power of attorney.Learn More
You may need to seek an adult guardianship for a formerly legally competent loved one, such as a disabled spouse or an elderly parent.Learn More
A conservatorship may be the best option to protect a senior citizen or other adult who has lost the ability to take care of himself or herself.Learn More
We offer the experience and skill you need to make sure your estate plan is well-structured and benefits you and your family.Get to know us