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Estate Planning for 2012
January 2, 2012
Filed under: Estate Planning,IRA Trust,Stretch IRA — Christopher J. Berry @ 10:24 pm
Estate Planning is a great topic to disccuss in the new year, especially with your family in for the holidays.
One New Year’s resolution you could make is to have your Michigan estate plan reviewed, updated, or (GASP!) done for the first time. While it’s a great topic to discuss, many families avoid it. However, making sure everything you care about and everyone you loved is taken care of if something were to happen to you is vitally important.
In 2012, we’ve had ever changing tax laws and changes to the Michigan Trust Code in the last 3 years. In addiiton to the changes in law, many baby-boomers are starting to retire and need medical care. This means its even more important to review your estate plan and consider implementing a Life Care Plan.
One of the biggest changes we’ve seen in our practice and something that will play a large role in 2012 is planning for IRA’s. Our firm has developed the Standalone Retirement Plan Trust to help protect many people’s largest asset, their IRA or 401k. The IRA Trust, or Standalone Retirement Plant Trust is a great way to stretch IRA distributions for loved ones after you pass away.
2012 is here. Make a resoultion that isn’t just short term. Take some time to speak with a Michigan estate planning attorney
