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

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Estate Planning in a Recession | Invest in Certainty

March 3, 2009

Michigan 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

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.

Continue reading “Estate Planning is More Than Just Passing Along Money” »







	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 Share this: LinkedIn Facebook Twitter Pinterest Email Print Comments (0) 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 Michigan 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 Share this: LinkedIn Facebook Twitter Pinterest Email Print Comments (0) 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. Continue reading “Estate Planning is More Than Just Passing Along Money” » Share this: LinkedIn Facebook Twitter Pinterest Email Print Comments (0)						(248) 481-4000 Free Initial Consultation Name* Email* Phone Comments Phone This field is for validation purposes and should be left unchanged. Subscribe by email: For Email Newsletters you can trust Basic Estate Planning 101: What You Need to Know Michigan reveals goals on autism services Estate Planning For Your Digital Assets Estate Planning For Your Digital Assets Lawyer For Life: Keeping Your Family Healthy, Wealthy and Wise March 2013 February 2013 January 2013 December 2012 November 2012 October 2012 September 2012 July 2012 May 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 August 2010 July 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 Asset Protection Business Planning Cohabitation Agreement Do It Yourself Estate Planning Gone Wrong Elder Law Estate Administration Estate Planning Estate Recovery Estate Taxes and Lifetime Gifts Events Federal Estate Tax Financial Planning Health Care Directives Holistic Estate Planning Identity theft IRA Trust LegalZoom Life Insurance Life Insurance Trust Living Trust Living Will Long Term Care Medicaid Planning Michigan Veterans Benefits Nonmarital Agreement Planning for Parents with Minor Children Planning for Pets with Pet Trusts Power of Attorney Prenuptial Agreements Probate Probate Litigation Quicken Willmaker Retirement Accounts Special Needs Planning Special Needs Trusts Stretch IRA Suze Orman Uncategorized Veterans Benefits Will Michigan Elder Law Attorneys & Lawyers \| Michigan Elder Law Center Michigan Estate Planning Lawyers & Attorneys Tulsa Estate Planning Blog

Why Crummy Trusts Are Not So Crummy

May 1, 2009

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Estate Planning in a Recession | Invest in Certainty

March 3, 2009

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Estate Planning is More Than Just Passing Along Money

December 10, 2008

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