April 29, 2025
Living Trusts: What They Are and Why You Might Need One (Episode 318)
If you’ve ever wondered what a trust actually does or whether you need one, this episode is for you.
If you’ve ever wondered what a trust actually does or whether you need one, this episode is for you.
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Well, good afternoon, Michiganers. Today is Tuesday, April twenty nine,
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twenty twenty five, and of course this is Tuesday with Tom,
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Michigan's only Internet show where we do answer your questions
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about estate planning and a state settlement in Michigan, and
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we don't send you a bill. As always, I'm your host,
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Tom Doyle, estate planning attorney, lifelong Michigan resident, and ambassador
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for all things good in this great state of Michigan.
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And it is feeling today like spring is finally here.
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But welcome to today's program. Well, in our last episode,
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I talked about or it was titled trust funding made Simple,
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so I explored something that's often overlooked but is absolutely
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critical if you're going to have a successful trust as
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part of your state plan, and that is trust funding.
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So if you've set up a trust, congratulations, but your
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job isn't done yet. Listen to my last episode where
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I do explain what trust funding is and why it
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matters and how to do it right. In today's episode,
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Living trust, what they are are and why you might
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need one. So today we're going to tackle one of
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the most important tools in estate planning, and that is
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the living trust. If you've ever wondered what a trust
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actually does or whether you need one, or maybe you
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have one and you're not really sure how it works,
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this episode is for you, but please remember what I'm
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about to discuss is, as always for educational purposes only.
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It is not intended to be legal advice. You need
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to work with your attorney to determine what is appropriate
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for you and your estate plan, living trust, what they are,
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and why you might need one. Well, so let's start
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with what is a living trust? So the living trust
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is a legal document that you create while you're still alive.
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Think of it kind of like a game plan for
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your estate, one that works while you're living and continues
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to function after you have die. It lets you stay
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in control of your assets now, but it also ensures
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a smooth private transition after your death. So there are
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two main types of trusts that we want to talk
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about today. One is what's called a living trust. The
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other is what's called a testamentary trust. A living trust
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is one that you create during your lifetime, while a
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testamentary trust is one that's inside your will and only
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becomes effective after your death and if your state goes
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through probate. So here's a way kind of think about
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a living trust. This way. Imagine a trust is like
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a box. You build a box and then you put
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things in your box. You put your house, you put
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your accounts, you put your investments, basically whatever you choose
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into that box. Now you're still in charge. That means
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you're still in charge of everything that's in the box.
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You can sell your assets, you can give your assets away.
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They are still your assets. But if you become in
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capacitated or upon your death, then somebody else is going
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to step in and manage the trust for you. So
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if it's during your lifetime, they'll manage the trust for you.
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If it's after your death, they'll manage the trust and
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distribute it out to your beneficiaries. Now, there are two
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types of living trust, revocable and irrevocable. Revocable is the
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most common living trust that is used. It basically means
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you can change it circumstances. You can change it. You
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can actually cancel it or update it at any time
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in the future. But there's also something called an irrevocable trust.
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And I've had previous episodes of this program where I've
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talked about irrevocable trust, what they are, and whether or
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not you might need one. So if you're wondering a
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little bit more about that, listen to previous episodes of
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Tuesday with Tom. But generally, an irrevocable trust can't be
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changed once it's set up, and you can't normally be
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the beneficiary of the irrevocable trust, and normally you can't
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be in charge of the irrevocable trust. Think of creating
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an irrevocable trust as like you're building a box. Somebody
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else is in control of it. You're no longer in
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control of that irrevocable one. So it's only going to
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be really used for special purposes. It might be something
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like protecting assets from creditors. Sometimes they're going to be
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used for estate tax planning, which can be very very
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important now depending upon what the President in Congress does
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with the expiring federal estate tax exemption. But essentially for
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everyday estate planning, revocable trust are the go to option,
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not the irrevocable trust. So let's talk about some of
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the key players. When you have a trust, you're going
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to have what's called the grant or or sometimes called
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the settler. That's you. That's the person who creates the trust,
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and if it's a joint trust, it could be you
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and your spouse. You're going to have a trustee. This
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is a person who manages the trust. Again, most often
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you are going to be the trustee during your lifetime,
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so you're going to be managing it. Then you're going
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to have successor trustee that's going to be the backup
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to you. So if you can't manage it one day,
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or don't want to manage it, or upon your death,
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then the success or trustee is going to be the
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person who steps in. And then the other player in
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this trust are the beneficiaries. These are the people who
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benefit from the trust. Again, during your lifetime, you are
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normally the beneficiary of the trust, and then you provide
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in the trust. Who's going to be the beneficiary of
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the trust after your death? Well, people always ask a question, though,
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if I set up this rivcal what about taxes? Do
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my taxes change? So let's just briefly mention good news.
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If you have a revocable trust, your taxes don't change.
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You're going to still report your income just like you
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always have on your regular tax returns. Now in Michigan.
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What are the legal requirements in Michigan for creating a trust. Well,
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in Michigan, we have a statue called EPIC. It's the
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Estates and Protected Individual Codes. EPIC is an abbreviation of that.
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That is basically the statute that controls what is required
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in order to have a legal trust in the stated mission,
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So to create a valid trust one you have to
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be at least eighteen years old, and you have to
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have legal capacity, which simply means that you understand what
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you're doing and your trust will do. So it's not
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very complicated. There are not a lot of requirements now. Normally, though,
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when you have a living trust prepared for you, we're
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going to make sure that that trust is in fact
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notarized when you sign it. And that is because if
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for any reason the trust or a portion of the
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trust ever had be recorded with the Registered Deeds Office,
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we need to make sure that it has been properly notarized.
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But you in Michigan can actually have if you think
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about it, in oral trust. But obviously the difficulty with
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that is how do you prove after your death? How
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does some prove what the trust was supposed to say,
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which is why Obviously it's going to be reduced to writing, now,
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why should you have a living trust? So there's going
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to be a few times that certainly in our office,
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we're going to look at recommending that you have a
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living trust. One if you become incapacitated. Let's say you're
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in the hospital for an experienced expended period of time,
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or maybe you have some health issues or down the road,
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maybe even some dementia where somebody else needs to manage
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the estate for you. A revocable living trust can manage
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that estate and use the estate to take care of
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you then after your death, though essentially that trust is
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going to allow for a generally smoother, more private distribution
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of your estate. That can be helpful. Let's say you
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have a spouse with dementia and you die, so someone
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else needs to manage that estate for your spouse. Or
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maybe you have minor children or grandchildren. You don't want
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them to receive their inheritance maybe till they graduate from college,
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so a trust can be used to manage the estate
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for them. Maybe you have a special needs child and
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now you've got some special needs planning issues where you
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don't want them to lose their Government benefits. We can
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look at considering a revocable living trust for you as
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a tool for providing benefits to that child or maybe
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another example, you just might have some beneficiaries who just
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aren't great with money, they don't know how to manage money,
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and so you're essentially creating the trust to protect them
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from themselves. Now, trust can also help avoid probate. I've
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had previous episodes of this program. I've talked about probate,
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about what it is, what people are concerned about probate.
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They're normally concerned about how expensive it can be to
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go through probate, that it's a public record of whatever
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you owned. When things go through probate, it can be
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time consuming, all of those kinds of things. But if
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you have a living trust and it is properly funded,
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then the trustee can manage and distribute them generally more
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quickly because they don't have to go to the probate court.
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So protecting your privacy and a great deal of efficiency
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in settling your estate. Another example second marriages. Maybe you
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have a second marriage and you and your spouse are saying, look,
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upon your death, you want your estate to go to
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your You want your spouse to be supported after your death,
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but ultimately, on your spouse's death, you want to make
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your estate go to your children, not your spouse's children.
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A very common use of a revocable living trust. And finally,
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one other consideration, and talked about this in previous episodes.
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In Michigan, we have a medicaid a state recovery law
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that's essentially where the state of Michigan says, look, if
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we pay for you to be in that nursing home
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after you die, we want our money back well, and
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appropriate trust can be used to avoid that Medicaid estate
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recovery law. So let's summarize, if you will, a living
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trust gives you control now, protection later, and peace of
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mind throughout. And it's not just for the ultra wealthy.
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You notice in this entire program, I didn't talk about
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how big your state is, and I always asked that question.
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It seems when I do a summonar Tom, how big
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does my estate have to be in order to have
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a living trust. It's not a question of how large
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is your state. That might factor into if we have
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federal state tax issues, but it's really not a question
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of how large your state is. It's what are your
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goals in putting your estate plan together? And oftentimes that
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living trust is going to make it much easier for
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your loved ones who are going to be tasked with
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settling the estate. So if you're curious about whether or
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not a trust makes for you, or if you're ready
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to start planning, please visit our website doylapc dot com.
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There you're going to find information about how you can
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schedule a consultation with us, and you have the opportunity
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ability to download our free estate planning guidebook. Well, I think, well,
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let's talk about a little bit more than that. If
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you will, if you will, on the other side of
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this brief musical interlude, if you will, I was told
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that in a podcast kind of when you're changing segments
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of your podcast, a brief musical interlude is a good idea.
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Lets the listeners know that you're kind of moving on.
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So our moving on today is a call to action,
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Amanda and I would be honored to have the opportunity
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to help you protect your loved ones by perhaps putting
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together a state plan, a mending a current plan that
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you have, or assisting you in settling and a state again.
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At Doyle LOOFPC dot com. You're going to find complete
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information about how to schedule an in person consultation that
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can be in ground, rapids or lancing. Virtual consultations wherever
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you happen to be in this great state of Michigan
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can be via zoom or telephone, so we can likely
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be of assistance to you wherever you happen to be located.
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Also at Doyle LAWPC dot com, you're going to find
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our Legal Store. So let's say you only need one document.
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Maybe you only need a new power of attorney for
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your healthcare. You don't need an entire state plan. Could
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you already have other things in place? Check out the
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Legal Store because through our Legal Store you have the
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ability to download or I'm sorry not to download, to
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order and then ultimately received via email individual legal documents
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such as healthcare powers of attorney, durable powers of attorney,
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certificates of trust, et cetera. So all of that information
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again is available at Doyle LAWPC dot com. Tuesday with
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Tom has been brought to you by the estate planning
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attorneys at Doyle Law PC to learn how we can
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help you with your estate plan or with settling a
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loved one's estate. Please call us today at five one
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seven three two three seven three sixty six. That's five
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one seven three two three seven three sixty six.
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