Estate Planning and the New Michigan Tax Code
Posted by catherine jacobs on Wed, Apr 28, 2010 @ 02:03 PM
www.dykemalaw.com
Many people are receiving letters or postcards in the mail stating that you need to re-do your estate plan because of the newly enacted Michigan Trust Code.
The new MTC took effect April 1, 2010 in an effort to clarify the existing estate planning laws. The new MTC also was drafted to put all the trust law in one section of the Michigan Compiled Laws.
So, do you need a new estate plan?
If you already you have a revocable "living" trust, most likely you don't need to change your trust. It is only under unusual circumstances would a new trust amendment be required as a result of the MTC. Rest assured that the MTC was not enacted to render all previously drafted trusts useless or out-of-date. Nothing is further from the truth.
You will keep getting letters in the mail claiming that you need to have your trust changed because of the new MTC -- don't panic. Remember, however, that it is always a good practice to have your estate plan reviewed periodically. As your situation changes (guardian issues, death of fiduciaries, buying and selling of trust assets), you should made the corresponding changes to your trust.
We can evaluate your existing trust to determine if you need to amend your existing trust. If you're like most of us, you need to have a trust prepared or updated. Let us get it done today.
Dykema Law Offices -- Estate Planning Made Simple