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Estate Planning News
Appointment To State Bar Of Michigan Board Of Commissioners
ANNOUNCED BY MICHIGAN SUPREME COURT
LANSING, MI, June 28, 2006 – The Michigan Supreme Court today announced the following appointments to the Board of Commissioners of the State Bar of Michigan:
Beverly Hall Burns of Detroit is an attorney and principal in the law firm of Miller, Canfield, Paddock & Stone, P.L.C.
Eric J. Pelton of Bloomfield Hills is an attorney and principal in the law firm of Kienbaum, Opperwall, Hardy & Pelton, P.L.C.
Michael J. Riordan of Plymouth is an Assistant U.S. Attorney in the U.S. Department of Justice.
Burns, Pelton, and Riordan are all appointed to three-year terms beginning in September, when the State Bar of Michigan adjourns its annual meeting. They will serve as commissioners at-large. Other commissioners are elected by the members of the State Bar.
The State Bar Board of Commissioners is one of two governing bodies of the State Bar of Michigan, the other being the Representative Assembly. The Board of Commissioners oversees the State Bar’s operations, including finance, public policy, member services, and strategic planning.
A "Family Limited Partnership" can be used to own and manage your property
In a similar manner to a Trust, but allowing additional tax planning techniques to be employed. Family Limited Partnerships are typically used for those who have large estates and thus have a need for specialized estate planning in order to minimize federal and state estate/death/inheritance taxes as well as provide elements of asset protection.
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Definition:
The total of all assets, all debts and other obligations of an individual. At the time of death the total amount of benefits (life insurance, annuity and retirement benefits) to be paid to beneficiaries are often also considered part of the estate for Federal Estate Tax purposes
Domicile
Definition:
A person's permanent legal residence. While a person may have more than one residence, he or she can have only one domicile. Typically, the domicile is the same place you use for purposes of voter registration.
In-Terrorum Clause
Definition:
A provision of a will or trust that disinherits a person in the event that he/she challenges the terms of the will or trust. Sometime called a No-Contest Clause.
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