If you are ahead of the curve in creating an estate plan, great! But it is also important to have it reviewed often. Not only is the law complex, but it also changes constantly. Changing tax law may affect what type of estate plan you need and provide significant benefits for you to take advantage of. New property laws may provide more ways to transfer property after death while also avoiding probate.
 
Similarly, your life circumstances, family dynamics, and property all change over time. A will created twenty years ago may have been perfect for your family at that time, but since then your children have grown up, you may have bought and sold property, and you or your family members may have concerns about your health or finances.
 
It is generally recommended that you review your estate planning every five years to seven years. There are also significant life events that should prompt you to review your estate planning even sooner. These events can include: getting married, divorced, the addition of new children or grandchildren, the death of a spouse, a diagnosis of an illness, or a significant change in your property or finances.
 
To review your existing estate plan, or to start planning your estate, contact my office to set up a consultation.

In the vast realm of estate planning, the Michigan Ladybird Deed stands out as a unique and powerful tool. Also called an "enhanced life estate deed," this lesser-known document offers Michigan residents a flexible way to manage real estate after death.
 
Named after First Lady Ladybird Johnson, a Ladybird Deed is a type of deed used to transfer property without the requirement of going through the probate process. The probate court process can be time-consuming, expensive, and emotionally taxing for the family left behind after a death. The Ladybird Deed provides an elegant solution to avoid probate while retaining control over your property during your lifetime.
 
One of the most significant advantages of a Ladybird Deed is its flexibility. Unlike other deed transfers, it allows you to retain full control over your property while you are alive. For example, a life estate grants an interest in the property to both the owner and the beneficiary, or remainderman. The owner of the property is unable to sell the property without the remainderman’s approval, and the owner would only get a portion of the proceeds of such a sale. In contrast, with a Ladybird Deed, you can sell, mortgage, lease, or even give away the property without needing to seek permission from the beneficiaries named in the deed.
 
Additionally, the Ladybird Deed provides an advantage when it comes to Medicaid planning. Medicaid, the state and federally funded program that provides healthcare coverage to eligible low-income individuals, has strict asset limits. Utilizing a Ladybird Deed allows you to potentially qualify for Medicaid assistance while preserving your home for your heirs after death.
 
The Ladybird Deed also allows you to change your mind about the property's beneficiaries at any time. You can simply create a new Ladybird Deed, modifying the beneficiaries or their shares of the property, giving you flexibility in your estate planning strategy.
 
Just like with any legal instrument, a Ladybird Deed requires careful consideration and proper execution. It is important to consult with an experienced estate planning attorney to ensure that the deed is drafted correctly and in compliance with Michigan law. Contact our office today to discuss whether this is the right tool for you and your family.