Tag: wills and trusts attorney grand rapids michigan

Aging Issues and Estate Plans

July 24, 2011 /

As a Grand Rapids, Michigan estate planning attorney, I take special note of conversations in the media about estate planning.  That’s how I ran across this recent Grand Rapids Press article entitled “Aging Issues Can Imperil Retirement.”  I believe the overall emphasis of the article is important for two reasons: (1) it points out that everyone needs an estate plan; and (2) trusts are not just for the financially wealthy or for minimizing estate taxes.  After a general discussion, the article lists specific, basic guidelines that can help protect seniors and their families from the consequences of declining mental health.

You’ll notice that #1 on the list is to prepare an estate plan.  I couldn’t agree more.  Why?  No, it’s not just because I’m an estate planning attorney.  It’s because everyone has an estate – either you can say how you want it handled by working with an estate planning attorney to put an estate plan in place, or you can let the Michigan government’s one-size-fits-all plan control what happen.  I think it is important to quickly note the article’s mention of having a living will.  As I previously wrote about in this post, living wills are not legal documents in Michigan.  So make sure you have a Michigan healthcare power of attorney and patient advocate designation.

You’ll notice that having a living trust is #3 on the list.  I’m happy to see that it made the list.  Why?  Because there are so many misconceptions about trusts . . . the biggest being that you have to be wealthy to need one or benefit from one.  I assure you that most of the great families who work with me to create a trust plan for their family are not wealthy by any means.  To give you some examples of “everyday people” reasons, read this previous post.  I’m also pleased to see that the article discusses the benefits of a trust while you are still alive.  There is a big misconception “out there” that trusts are only for when you pass away.  Not so – there are huge benefits to having a trust while you are living.  I will add that in my experience the fees are not usually the 2-3% stated in the article – in my experience that is a high number.

And finally I think it should be emphasized that these issues are too important to do it yourself.  Here in West Michigan we have a very strong work ethic and like to “take the bull by the horns.”  I know . . . I’m that way too.  That’s why we have so many successful individuals and companies.  However, this is not an area where you should do it yourself – there is too much to loose.  To get some real world examples you can read my previous posts on the topic by clicking here, here and here.

After reading the article and this post, why wouldn’t you call us to make sure you have a plan that is uniquely you and provides for you and your family during life and after life?  Call us at 616-827-7596 and mention this blog post for a special treat.

Michael Lichterman is an estate planning and business planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on estate and asset protection planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses and pet planning.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

What’s Included In Your Estate Tax Estate?

July 3, 2011 /

In last week’s post, we took a look at what an “estate” is here in Michigan.  Guess what?  That’s not the only “estate” you need to consider when working with a Grand Rapids, MI estate planning attorney (or going through the probate process . . . yuck!).  You also need to consider your federal estate tax estate. No, that doesn’t necessarily mean that you will have to pay estate taxes, but you do have to add things up to find out if estate tax is due.  To do that, you need to know what is included when adding up those numbers.  I guarantee you there will be at least a few surprises.

The easiest way is to think about everything you own . . . everything!  Real estate, bank accounts (including some or all of jointly held accounts), retirement accounts, brokerage accounts, automobiles, collectibles, business interests, and life insurance, just to name a few.  Did you catch that last one?  It is a surprise to many people that life insurance they own is included in determining the size of their estate tax “estate.”  I regularly hear, “but I was told life insurance is not taxed!”  Well, yes, it is not income taxed and it may not cause any estate tax (depending on the size of your “estate”), but it is included in determining how big your estate tax “estate” is and whether any estate taxes are due.  You can read my previous post about how to avoid that by clicking here.

We’re not done yet!  Here’s another big surprise to many people . . . your estate tax “estate” even includes some things you gave away!  Yes, you read that right.  A couple of common examples are gifts made within 3 years of death and property that you gave away but in which you retained an “interest.”  The definition of “interest” for these purposes is too in depth for this post, but it is roughly (very roughly) the same as keeping a “benefit” of what you gave away (e.g. the right to say who gets it, the right to receive payments, etc.).

A little bit surprised by all that’s included?  Most people are.  Here’s the thing about probate (your Michigan estate) and estate taxes (your estate tax estate) . . . they are voluntary!  The only people who have deal with them (or whose loved ones have to deal with them) are those who don’t plan to avoid them.

So you can see that we all have an estate and in many cases it is bigger than we thought.  Knowing that, why wouldn’t you call us at 616-827-7596 to have your say in how your “estate” is handled?  We look forward to planning with you.

Michael Lichterman is an estate planning and business planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on estate and asset protection planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses and pet planning.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

What is a Michigan Estate?

June 26, 2011 /

As a Grand Rapids, Michigan estate planning attorney, I field all sorts of calls and conversations about estate planning and probate. I also receive calls and questions about areas of law outside my practice area and I am happy to refer those folks to colleagues I trust explicitly to handle the matter well.  I had just such a call this past week.  Why, you may ask, would I use that story to start a post about having a Michigan estate?  Well, as we were wrapping up the call the nice lady said “I really like you and you can be sure that I will call you for estate planning if I ever have an estate.”

I have news for her and everyone else . . . we ALL have estates.  Sure, some are bigger and some are smaller . . . it is not necessarily the vision we may conjure up of rolling green hills with a stately colonial mansion set atop a hill with horses grazing in a field nearby.  Although that sounds nice!  So that begs the question – what is an “estate” for probate and estate planning purposes?

There are actually two “estates” that matter in this context – (1) your Michigan probate estate, and (2) your federal estate tax estate.  In this post I will tackle the first one.

First, make sure you understand what probate is and the context(s) in which you may find yourself (or your loved ones) dealing with it.  If you are unsure, you can read my post on it by clicking here.

So, what makes up a probate estate?  I would start by considering the value of everything you own.  Oh yeah, do not deduct any debt owed on what you own.  That’s right – no deduction.  Why is that?  Because according to Michigan law, the value of assets that must be reported to the probate court is the “fair market value.”  Yes, you can list any “encumbrance” (close to “debt,” but technically not the same), but as far as the inventory fee with the probate court, such “encumbrance” will not be deducted.

Ok, so you’ve added everything up.  Is it a bigger number than you thought?  For most people it is.  Now, you will be happy to know that several common ways of owning assets will keep them out of your probate estate.  If you have any of the following, it will not be part of your probate estate:

  • Jointly owned property (bank accounts and marital homes are the most common in this category).  Note: this only works as long as there is more than 1 joint owner . . . because if there isn’t, it is no longer jointly owned.
  • Beneficiary designated assets – IF the person designated is still alive and is at least 18 years old (retirement accounts and life insurance are the most common in this category)
  • Assets owned by a trust.  Note: just having a trust is not enough . . . it must own the property (you can read more about that in my previous posts by clicking here and here)

So there you have it.  The basics of a Michigan probate estate.  Keep in mind, this is just a basic overview.  It is more complex when you “dig down into it,” which is why I recommend meeting with an attorney who really focuses on estate planning so you can fully understand your specific situation.

Stay tuned as next time I will share what makes up your federal estate tax estate.  That one is not one you want to miss . . . I guarantee you will discover some BIG surprises in that one.  And if you’re ready to make sure that your “estate” is taken care of and that it is done in a way that is unique to who you are, then call us at 616-827-7596 to schedule your Peace of Mind Planning Session.

Michael Lichterman is an estate planning and business planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on estate and asset protection planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses and pet planning.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

A Creative Idea for “Supercharging” Your IRA – Part 1

June 5, 2011 /

As a Grand Rapids, MI estate planning attorney, I regularly help individuals and families plan for how to transfer their IRA accounts according to the legacy they want to leave.  One scenario that provides an incredible opportunity is when you don’t need the required minimum distributions (RMDs) for living expenses.  If you don’t need your traditional IRA funds to live on during retirement, you may be focused on building up this nest egg for your children or other loved ones and be tempted to avoid taking any withdrawals from it. After all, the larger your IRA is, the larger your children’s inheritance will be, right?

Unfortunately, this isn’t necessarily the case. After age 70½  you must take RMDs annually. If you don’t, you’ll owe a 50% penalty on the amount you should have taken but didn’t — in addition to any ordinary income tax you owe. So, for example, if your RMD was $12,000 for a given calendar year, you would owe a $6,000 penalty. That’s $6,000 that would go to “Uncle Sam” rather than to a loved one or charity.

A much better option can be to take the RMD, pay the ordinary income tax on it and use the remaining amount to pay the premium on a life insurance policy.  This strategy can “supercharge” your retirement plan by providing a way to maximize the “stretch out” of RMD payments after your death, lengthening the tax deferral period. The longer the RMDs are “stretched out,” the longer the IRA assets can grow tax deferred.  Then you can use the RMD payments to leverage the benefits of life insurance to greatly increase the ultimate amount received by your loved ones, charities or others.

Curious how it works and how you can use it?  Stay tuned . . . I will cover that in a future blog post.

Michael Lichterman is an estate planning and business planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on estate and asset protection planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses and pet planning.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

Your Michigan Family Cottage and Estate Planning

May 8, 2011 /

From the small cabin in the woods to the multi-million dollar cottages on Lake Michigan, many Michigan families have a “home away from home.”  Maybe it’s a cottage, maybe it’s a second home.  In either case, it is a place filled with memories, stories and important family moments.  As a Grand Rapids, Michigan estate planning and cottage succession planning attorney, it is no surprise to me that many cottage owners want to ensure that the “family cottage” stays in the family for as long as possible.  They want to make sure future generations have the same opportunity for family bonding and memories that they’ve had.

And yet many Michigan cottage owners do the complete opposite of what it necessary to reach this goal.  Many assume that “it will work itself out.”  Or they figure that “all my kids get along and they know that I want to keep it in the family as long as possible . . . I trust them to take care of it.”  In my experience, relying on things to “work themselves out” virtually guarantees that they won’t.

Cottage planning is not putting your children’s names on the deed to the property or letting your foundational estate plan handle the distribution.  Cottage planning is much more . . . and rightly so given the number of family members who can ultimately benefit from it.

The goal of cottage planning is to create a legal structure that will help ensure the cottage stays in the family for generations to come . . . rather than leaving it to chance.  A proper cottage succession plan is created with a unique blend of estate planning, business planning and real estate law.  If done correctly, it can even protect the cottage from creditors, lawsuits and divorce among the future generations.  Truly creating a legacy that you can be proud of.

In future posts I will delve into some of the cottage planning strategies that work.  In the meantime, call us at 616-827-7596 if you want to make sure that the “handing down” of your cottage isn’t left to chance.

Michael Lichterman is an estate planning and business planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on estate and asset protection planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses, cottage planning and pet planning.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

 

The Biggest Misconception About Trusts

April 24, 2011 /

Last week I wrote a post about the biggest misconception about wills.  The same recent conversation that I mentioned in that post also reminded me of what I believe is THE biggest misconception about Trusts.  Remember what my friend said?  “So I have my will or trust, so I don’t have to worry about going through probate…”

The Myth: having a trust means that you don’t go through probate.  And the buzzer says “bzzzzt,” wrong.  You may be thinking, “what?!  Mike, you are off your rocker.  That’s why I have a trust . . . to avoid probate!”  Just *having* a trust does not bypass the probate process.  To bypass probate, the trust must be “fully funded.”  “Funding” a trust is the process of changing ownership or beneficiaries of an asset to the trust.  I still have not had a trust come through my office for a review that was fully funded.  Yes, you read that right.  I know they’re out there, but I have yet to have one come in for review!  Not exactly what you thought when you started creating your legacy, huh?  If you’re curious to know more, you can read my blog post on the topic by clicking here.

Michael Lichterman is an estate planning and business planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on estate and asset protection planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses and pet planning.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

The Biggest Misconception About Wills

April 17, 2011 /

As a Grand Rapids Estate Planning attorney, I regularly hear misconceptions about estate planning.  A recent conversation reminded me of what I believe is THE biggest misconception about Wills.  During the conversation, a friend said “so I have my will or trust, so I don’t have to worry about going through probate…”

The Myth: having a Will means you don’t go through probate.  And the buzzer says “bzzzzzt,” wrong.  Just having a Will virtually guarantees that you go through probate.  A Will serves as a “roadmap” for the probate process – it allows you to say who you want to do certain things and how you would prefer they be done (and if you have minor children it is one of the ways to name guardians, but definitely NOT the “best” way, in my opinion).  If you’re curious to know more, you can read my previous blog post on the topic by clicking here.

Michael Lichterman is an estate planning and business planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on estate and asset protection planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses and pet planning.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

Tips On Keeping Your Michigan Estate Out Of Court

March 20, 2011 /

As a Michigan Wills, Trusts and Estate Lawyer, one of my main goals is to help my clients avoid or manage conflict, either now or after a tragedy (death or incapacity).  This goal is one that I feel “traditional” estate planning pays less attention to than is deserved.  It is an area where the “counselor” part of “attorney and counselor at law” becomes keenly important.

Why?  Because the alternative in many cases is a costly lawsuit and/or hurt feelings.  For example, I recently ran across this article, which hints at the results of poorly counseled estate planning and gives real examples of what can lead to problems mentioned above.  And notice that the article is written by an estate litigation attorney.  These are “real life” examples.

As the article points out, many seemingly “benign” decisions can potentially lead to disastrous results if they are not the result of proper counseling and planning.

Here are just a few of the examples the article author gives as leading to courthouse controversy over estates:

  • Do It Yourself (DIY) estate planning – you can read my previous blog post about DIY planning here.
  • Not having even a basic estate plan.  Without this, you are left with the State of Michigan’s plan for you.  A court will decide who gets what and who makes your healthcare decisions.
  • Picking the wrong person to be in charge.  Many families pick certain people out of a sense of obligation, not based on how well they would perform the task for which they were chosen.

I encourage you to read the rest of the examples given in the article.  And if you’re ready to take steps to make sure your legacy isn’t left to squabbling and undesired court involvement, call us at 616-827-7596.

Michael Lichterman is an estate planning and business planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on estate and asset protection planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses and pet planning.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

 

The Importance of a Flexible Estate Plan

February 13, 2011 /

I have been emphasizing the need for flexible estate plans since I first opened my practice.  It seems that most people believe that estate planning is either for the “hear and now” or for the “way down the road.”  If that is your view, your missing out on the “everything in between.”

I recently read this NY Times article, which sheds some light on the importance of a flexible estate plan.  As the article points out, the “certainty” that Congress brought to estate tax planning in late 2010 will only apply for 2011 and 2012.  After that it is anyone’s guess.

I can’t agree more with the part of the article that says “people…need to refocus their estate plans, … toward flexible plans for distribution, protection and management of their assets no matter how Congress tinkers with the tax laws.”  And that is just the estate tax law.  Don’t forget that each state, Michigan included, changes their estate planning laws from time to time too.

This is why I focus on planning for life, not death.  It’s really about who you are and what’s important to you.  How can estate planning pass on who you are?  By structuring your plan in a way that guides and directs your loved ones if something happens to you and that shares your Whole Family Wealth™ with them – not just what you have, but more importantly your values, insights, stories and experiences.

One last thing…note the many advantages of trusts that are stated in the article and how it is not just about tax planning.  My favorite advantage of trusts that they wisely state in the article is “protection against creditors, permitting the beneficiary to continue enjoying benefits from the trust even if bankruptcy were to occur.”

If you already have an estate plan in place, take this opportunity to have it reviewed and updated for flexibility by an attorney who focuses on estate planning.  And if you don’t have an estate plan…why not?  You are leaving your family’s future in the hands of the court system.  Is that what you want?

Michael Lichterman is an estate planning and business planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on estate and asset protection planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses and pet planning.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

The Downside to Leaving Your Estate to Heirs

November 28, 2010 /

I’m sure you’re wondering, “what are you talking about?  Isn’t it good to leave my estate to my heirs?”  Well . . . not necessarily.  As I mentioned in this earlier post, an “heir” is someone who inherits from you if you do not have a Will or a Trust.  That is, they inherit from you based on what Michigan’s “intestacy laws” say.

Before you assume that is “well and good,” consider these situations:

  • Second marriages – you may be surprised at the amount your children receive (or really what they do not receive).
  • Charitable gifts – if you want to benefit a charity, you better have a Will (or better yet, a Trust), because they are not “heirs.”
  • Special needs child – if receiving governmental assistance is important to their quality of life, too bad, because they are set to get their share outright as an “heir” when they turn 18.
  • A child (or spouse) who is a spendthrift or has substance abuse problems – in these cases one of the worst things you can do is give them a significant sum of money, yet they are entitled to it as an “heir” if you haven’t planned otherwise.

There are many more situations when being an “heir” may not be a good thing.  These are just some of the more common ones I’ve observed.

The great thing is that you can avoid these pitfalls by taking the time to setup an estate plan with a lawyer who focuses in estate planning.  These and many other undesired outcomes can be addressed through careful planning that centers on what is most important to you.  And it can help you leave the family legacy that is important to you.

If you find yourself in any of the situations listed above, call us at 616-827-7596 to schedule a Peace of Mind Planning Session to discover how you can “have your say.”  And if you mention this blog post, we’ll waive the planning session fee ($750 value!).

Michael Lichterman is an estate planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, and family owned business succession – and he is privileged to do so from a Christian perspective.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

Estate Planning for Young Professionals … What You Don’t Know CAN Hurt You

November 21, 2010 /

I recently read this post by my colleague and friend, Steve Worrall, an estate planning attorney in Georgia.  Mr. Worrall points out several reasons why an estate plan is of critical importance for young professionals.  I’m not going to re-print the list here, you’ll have to read his post.  And I believe the items he mentions are just as important to Grand Rapids Young Professionals . . . hey, that’s catchy . . . I belong to a group by that name!  I assure you that estate planning is critically important whether you belong to the group or not.

As a young professional myself, I have a strong passion for reaching out to fellow Grand Rapids young professionals to make sure they have a plan in place for themselves and their family if something happened to them.  I’m happy to say that the idea of estate planning is typically warmly received.  I think the biggest struggle for Grand Rapids young professionals and planning is that nobody has ever explained the importance of estate planning to them.  As a matter of fact, if I were not an estate planning lawyer I probably wouldn’t have heard about the importance of estate planning either!

And that is why I try to get the word out through speaking engagements and networking with my fellow young professionals.  Being one, and knowing many, let’s me know that young professionals do recognize the importance of estate planning…as long as someone will care enough to talk with them about it.  You’ve worked hard in college, your job, and possibly post-graduate work and you surely don’t want all you’ve worked for to be lost to court proceedings, costs and potentially not benefiting those for whom you cared the most.  And you don’t have to be married or have children to benefit from estate planning.

Finally, don’t forget to work with a grand rapids estate planning lawyer who plans for life by having systems and processes in place to make sure your estate plan is kept up to date.  With all the hustle and bustle of life as a young professional, there is no doubt that your life, your assets and the law is going to change throughout your life.  You should make sure that your estate plan changes to keep up and that your estate planning attorney doesn’t leave the responsibility for the changes all on your shoulders.

Don’t let Michigan law determine what will happen to what you’ve worked so hard for.  Call us at 616-827-7596 to find out what would happen if something happened to you and how YOU can have a say in how things are handled.

Michael Lichterman is an estate planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, and family owned business succession – and he is privileged to do so from a Christian perspective.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

Mental Capacity to Make a Michigan Will

November 18, 2010 /

I’ve had several people ask me over the years about what level of mental capacity is required for someone to create a valid Michigan Will.  The starting point is with the Estates and Protected Individuals Code – Michigan’s law governing Wills (among other things).

MCL 700.2501(2) lists the requirements for someone to legally have sufficient mental capacity to make a Michigan Will.  They are:

  1. The ability to understand that he or she is providing for the disposition of his or her property after death;
  2. The ability to know the nature and extent of his or her property;
  3. Knowing the natural objects of his or her bounty (e.g., who you would normally be expected to give things to, such as family); and
  4. The ability to understand in a reasonable manner the general nature and effect of signing his or her will.

Note: all requirements must be met.

So, how does this “play out” in real life?  Well, there just so happens to be a recent Michigan case that gives an example.  In the case (click here to view) someone challenged a Michigan Will because they felt the testator (creator of the will) lacked capacity when she signed it.  She had been diagnosed with dementia.  The court pointed out that there was no evidence that she was not able to comprehend the nature and extent of her property, recall the “natural objects of her bounty,” or determine and understand the disposition of her property that she wanted to make.  The court stated that “weakness of mind and forgetfulness are insufficient to invalidate a will if it appears that the mind of the testator was capable of attention and exertion when aroused and [she] was not imposed upon.”

If you have questions about a similar situation, call us at 616-827-7596.

Michael Lichterman is an estate planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, and family owned business succession – and he is privileged to do so from a Christian perspective.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.