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Why Crummy Trusts Are Not So Crummy

May 1, 2009

Filed under: Estate Planning,Life Insurance,Life Insurance Trust — Christopher J. Berry @ 9:06 pm

In estate planning, there is a term “Crummy Trust.”  A Crummy Trust is a type of irrevocable trust that has a provision called, “crummy power”.    With a “crummy power” there is only a limited amount of time where the gift can be accessed, but this time allows the gift to be considered complete and removes the asset from the estate of the one making the gift.

These “crummy powers” are typically used in irrevocable life insurance trusts.

You can read more about “Crummy Powers” in a blog by Christopher Yuo at www.thetimesonline.com.

If you have questions on Michigan irrevocable life insurance trusts or “crummy powers” contact our Bloomfield Hills estate planning law firm.

-Christopher J. Berry, Esq.
Michigan Estate Planning Attorneys

Estate Planning in a Recession | Invest in Certainty

March 3, 2009

Filed under: Estate Planning,Holistic Estate Planning,Life Insurance Trust,Living Will,Power of Attorney,Will — Christopher J. Berry @ 2:51 am

recession.jpgMichigan is currently in a tough economy, people look at their 401k’s or other investments and wonder where their money has went.  People are looking for certainty in their investments.   You cannot find that in your IRA’s or 401k’s right now.

One place for certainty is investing in that estate planning that you have put off.   Maybe it is time to sit down with your Michigan estate planning attorney and talk about putting together a will, living trust, power of attorney, patient advocate, or living will.

The money spent on Michigan estate planning will not lose value due to economic times.  Take this opportunity to exert some control in you financial situation and put together your estate plan that will protect your children if you were incapacitated or protect your spouse if you passed away.

-Christopher J. Berry, Esq.
Michigan Wills and Trusts Lawyer

Estate Planning is More Than Just Passing Along Money

December 10, 2008

Filed under: Estate Planning,Holistic Estate Planning,Life Insurance Trust,Living Trust,Will — Christopher J. Berry @ 3:21 pm

The other day I was meeting with another professional in our Bloomfield Hills office and we started talking about financial and estate planning.  We both shared the view that estate planning is more than just passing along assets to the next generation.  Estate planning is about passing on a legacy.

Included in a legacy are family values, beliefs and spiritual principals.  I argue passing down this legacy is more important than just financial assets.

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