Page 13 - Senior Times South Central Michigan - June 2018 - 25-06
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Senior Times - June 2018
Page 13
children in a second (or third, or fourth) mar- riage situation. If you leave everything to a new spouse, and then you pass away, if your new spouse remarries, or has children from the first marriage, your kids could end up being disinherited by that new spouse, and all of your assets could eventually end up with someone who is not even related to you. If you set up a living trust that says every- thing goes to your children, even if you are married to a new spouse, they will receive what you had intended. You can protect those assets. Of course, you can leave assets to the new spouse, too. However, if you want to be sure that your children are not disinherited, you can leave assets to them as well. Putting this in a legal document insures that your wishes for the next generation will be carried out.
Also, trusts can be used if you want to be sure one of your heirs does not receive an inheritance from you. If you have a child or grand child who has taken advantage of your kindness and generosity during your lifetime, and you want to make sure that he or she does not get anything (or as much as your other children) upon your death for exam- ple, a trust is an excellent way to protect your other children from an unreasonable
trusts is if they ARE millionaires and have a taxable estate. Luckily, over the past several years, the inheritance tax limit has gone up considerably, and most people do not have to worry about this issue. In fact, with a new round of tax cuts this year, the exemption went up to $11.2 million per person and that stays in effect until 2025. So, if you are a couple and have under 22 million dollars, you do not have to worry about inheritance tax (at least until the year 2025.)
The inheritance tax limit is now $11.2 million per person or $22.4 million per couple.
These are just a few of the many reasons that people create trust agreements. As you can see, they can be very beneficial in many instances. If you have any questions about creating a trust please be sure to seek the advise of a trusted attorney to learn all of you options.
Stacey Lott Attorney at Law practices
in the areas of estate planning and elderly. She is located at 130 E. Columbia Avenue in Battle Creek. For more information call (269)-963-8222 or visit Staceylottlaw.com.
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challenge by a disinherited child, On the flip side, if you have a step child, or other unre- lated person that you would like to inherit part of your estate, just like a biological child would, a trust is an excellent way to do that.
Other reasons why a trust might be in order are for things like creditor protection or protection of certain assets in order to qualify for long term care benefits, These are very specific reasons that often have to do with protecting assets in cases where the client has unusual circumstances. Trusts can be used as tools to help protect assets if the situation calls for it.
The final reason people should create
Helping Seniors Stay
Informed
NUMBER OF UNITS INDEPENDENT LIVING ASSISTED LIVING SKILLED NURSING ALZHEIMER / DEMENTIA RESPITE CARE
ADULT DAY CARE PETS
RESIDENT PARKING TRANSPORTATION PRIVATE PAY NURSE ON DUTY REHAB
LONG TERM STAY SHORT TERM STAY MEDICATION DELIVERY LAUNDRY HOUSEKEEPING ACTIVITIES
100% MEALS
24 HOUR STAFFING LICENSED FACILITY SPECIFIC DIET PLANS
SENIOR HOUSING
GUIDE
MAPLE GROVE APARTMENTS
15 1041 Maple St, Albion, MI Balinda Cavazos, 517-629-2026
72
114
55
104
50
100
77
30
36
40
20
45
69
40
MAPLE LAWN MEDICAL CARE FACILITY
16 50 Sanderson Lane, Coldwater, MI 49036 Sue Failing, 517-279-9587
MAPLEWOOD OF MARSHALL
17 200 Westbrook Court, Marshall, MI Karin Gallagher, 269-781-4997
MEDILODGE OF MARSHALL
18 879 E. Michigan Avenue, Marshall, MI 269-781-4251
NORTHPOINTE WOODS ASSISTED LIVING
19 700 North Avenue, Battle Creek, MI Pegge Huntley, 269-964-7625
NORTHPOINTEWOODSINDEPENDENTLIVING
20 700 North Avenue, Battle Creek, MI Pegge Huntley, 269-964-7625
OAKS AT NORTHPOINTE WOODS
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21 706 North Avenue, Battle Creek, MI Jamie Pancost, 269-964-4655
PENNFIELD PREMIER LIVING
22 632 North Avenue, Battle Creek, MI 49017 Renee Kelly, 269-964-8292
PENNOCK VILLAGE
23 1009 W. Green Street, Hasting, MI 49058 Sarah Staple, 269-945-5871
REFLECTIONS MEMORY CARE
24 14316 Helmer Road South, Battle Creek, MI Jenny Andrews, 269-969-2500
STONE RIDGE ASSISTED LIVING & ADULT FOSTER CARE
25 4825 Fruin Road, Bellevue, MI 49021 Jym Garman, 269-758-3388
VILLAGE OF MILL CREEK
26 300 Carl Ave, Battle Creek, MI 49037 Jennifer Bouchard, 269-962-0605
WESTBROOK PLACE APARTMENTS
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27 183 West Street, Battle Creek, MI 49037 Whitney Wardell, 269-753-0062
WOODLAWN MEADOWS RETIREMENT VILLAGE
28 1821 N East Street, Hastings, MI Lauren Bauer, 269-948-4921
= CITY ✚ = MED MANAGEMENT
 = EMERGENCY CALL   Like to be added? Email Christyn McCleary at csherban@wwthayne.com.


































































































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