The team from Rutkowski Law Firm: Asset Protection & Estate Planning provides answers to some of our most popular questions.
a. Make a list of all personal (not business) vehicles to determine if the current $60,000 (2022) threshold for vehicles set by the Secretary of State is met. Include the type of vehicle, owner(s) and current total $ value. Types might include car, SUV, ORV, RV, trailer, etc. Do this same exercise in a separate list for your watercraft. That threshold is separate and set at $100,000 (2022). If the total $ value is over either threshold, then you might want to consider placing the asset into trust.
a. It does not necessarily matter whose name the vehicle title is in if the total $ value of all vehicles for that person are under the threshold mentioned above. If both spouses are listed on the title, the threshold only becomes a problem at the passing of the second spouse.
a. To avoid transfer issues and probate at the time of your death, it does not matter what kind of Trust that you have. However, if you are concerned about asset protection for your vehicles, you should speak to your attorney regarding your estate plan.
a. You will need to set up an appointment at your local Secretary of State branch. You should bring with you the current title to the vehicle and the Certificate of Trust for the trust that you want to retitle the vehicle to.
a. Yes, just as we do for Homeowner’s policies during funding. Once the vehicle has been retitled, and new title is in hand, you will need to contact your auto insurance company to have the trust added as an additional insured.
a. RLF does not need to know about the retitling of your vehicle. However, it would be very beneficial to keep your new title either with your Estate Plan or where your Successor Trustee knows where to find it. They will need it should something happen to you.
Estate Planning Law Firm Serving Bloomfield Hills, Kalamazoo, Rochester, Sterling Heights & Macomb, MI
The government imposes estate taxes for the privilege of transferring assets to your heirs. However, you can reduce your tax burden with the help of an estate tax planning lawyer.
Here are some of the most frequently asked questions about estate tax planning:
Your heirs cannot legally enjoy their inheritance if estate taxes remain unpaid. They cannot transfer the properties to their name or sell and dispose of them in any way an actual owner could. Before your heirs can transfer inherited properties to their name, they must prove that estate taxes were settled.
You will pay a substantial federal estate tax if you have a large estate. Fortunately, estate tax planning attorneys can help you devise strategies to minimize liability.
Remember that these strategies might not always apply to everyone. Your solutions may differ based on your personal circumstances and the type of assets you have.
Single individuals, for example, might only need to sell or donate some properties to lower the value of their estate. Married couples, on the other hand, would more likely worry about their children. In such cases, setting up a trust could be more beneficial. Talking to an estate tax planner can help give you a clear picture.
Yes. Consulting an estate tax planning lawyer is vital because they can help you assess the advantages and disadvantages of each strategy while keeping your interests in mind.
Furthermore, estate tax planning is just one aspect of estate planning. Your lawyer must also consider your plans regarding the distribution of your estate. And if you have minor children, your estate plan should include provisions for their care and support.
If you want to know more about estate taxes and your legal options, call the Rutkowski Law Firm at (248) 970-1947 to schedule a free virtual consultation.
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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. Contacting us does not create an attorney-client relationship.
