Brian Powers
or near Comstock. The Department of Natural Resources Comstock Township Access, about a mile east of the intersection of M-96 and Business Route 94 and less than a half-mile west of River Street, offers gentle put-in waters. More-experienced paddlers will find the current a little faster upstream at the launch site at Merrill Park, located at the corner of Comstock Avenue and River Street. This stretch of the river offers glimpses of the Kalamazoo area’s industrial side and its past industry, including the former site of the Georgia Pacific paper manufacturing complex, which is now vacant land, Kalamazoo Metal Recyclers’ active scrapyard and the Grand Elk Railroad yard. The river will also take you past Mayors’ Riverfront Park and Red Arrow Golf Course, under East Michigan Avenue and past the former Arcadia Brewing Co. facility. You’ll continue through Kalamazoo’s Northside area, past the Graphic Packaging paper mill, which is currently undergoing a massive expansion that is visible from the river. Once you pass under Mosel Avenue, through Parchment and into Cooper Township, the scenery becomes more natural and wooded as the river runs alongside the Kalamazoo Nature Center. The D Avenue launch is private, and there is a small fee to take out there.
Brian Powers
From top left: You can see the city’s industrial side floating the Kalamazoo River; Einstein throwing a frisbee on WMU’s Parkview Campus; history at Vicksburg Historical Village & Depot Museum; and colorful quilt blocks on the Vicksburg Quilt Trail.
Ask ASK
LAWYER
THE BUSINESS AND ESTATE PLANNING
LAWYER
MICHAEL J. WILLIS, J.D., C.P.A., WILLIS LAW
Please send your questions to:
Please send your questions to:
Michael J. Willis, J.D., C.P.A. Willis Law 491 West South Street Kalamazoo, MI 49007 269.492.1040 www.willis.law
Michael J. Willis, J.D., C.P.A.
Q.
ASK
Q. ILAWYER understand ASK THE BUSINESS AND ESTATE PLANNING
My husband is going into a nursing home. I’ve been told it is possible for me to create a trust and protect my assets from the spend down at the nursing home. Is that true?
THE BUSINESS AND ESTATE PLANNING
SenatorLAWYER Bernie Sanders proposed A. Q. a new bill related A.to the estate tax. What does it say? A.
Yes. Most often when folks talk on trust planning, they are referencing a revocable trust. In fact, that is the case probably more than 99% of the time. A revocable trust under Michigan law generally is set up only to avoid probate--that’s its only benefit. However, there Please send your questions to: husband going into a nursing home.that I’ve told it is is anMy irrevocable trustisfor persons in your circumstances can been be established withtoyour assetsatotrust the extent they exceed protected possible for me create and protect my the assets from the spend Willis Law amount (which under Michigan law will cap at a little over $125,000). down at the nursing home. Is that true? 491 West South Street If the trust is irrevocable and the assets are effectively established in an Kalamazoo, MI 49007 MICHAEL J. WILLIS, J.D., C.P.A., WILLIS annuity LAW income stream back to you per the terms of the trust, then in 269.492.1040 such Yes. a circumstance the trustwhen will no folks longer talk be considered Most often on trusta countable planning, they are www.willis.law asset, but instead an income stream and thereby exempt for Medicaid Please send your questions to: referencing a My revocable trust. Ingoing fact, that case probably more intois atheand nursing purposes. This is husband a sophisticatedis planning technique, I highly home. I’ve been told it is thanencourage 99% of you the time. counsel A revocable trust underthisMichigan law generally before implementing or possible toforseekme to create a trust andtechnique protect my assets from the spend is set only to avoid probate--that’s its only benefit. However, there anyup other Medicaid planning. Willis Law MICHAEL J. WILLIS, J.D., C.P.A., WILLIS LAW
Michael J. Willis, J.D., C.P.A.
Q.
Willis Law 491 West South Street Michael J. Willis, J.D., C.P.A. 491 West South Street Kalamazoo, MI 49007 Kalamazoo, MI 49007 269.492.1040 www.willis.law 269.492.1040 www.willis.law
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at thetrust nursing home. Is that true? is an down irrevocable for persons in your circumstances that can be established with your assets to the extent they exceed the protected amount (whichYes. under Michigan law will cap folks at a little Most often when talkover on$125,000). trust planning, they are If the trust is irrevocable and the assets are effectively established in an referencing a revocable trust. In fact, that is the case probably more annuity income stream back to you per the terms of the trust, then in than 99% of the time. A revocable trust under Michigan law generally such a circumstance the trust will no longer be considered a countable up only to avoid probate--that’s its only benefit. However, there asset, isbutset instead an income stream and thereby exempt for Medicaid purposes. is a sophisticated I highly is an This irrevocable trust forplanning personstechnique, in your and circumstances that can be encourage you to seek this technique or the protected established withcounsel your before assetsimplementing to the extent they exceed any other Medicaid planning.
Michael J. Willis is the Managing Partner of Willis Law, Attorneys and Counselors at Law, is licensed to practice law in Florida and Michigan, and is registered as a certified public accountant in the state of Illinois. Attorney Willis is rated as an A V -Preeminent Attorney by Martindale-Hubbell. This rating, according to Martindale, which has been rating lawyers for over a century, signifies that an attorney has reached the heights of professional excellence and is recognized for the highest levels of skill and integrity. He is listed in the Best Lawyers in America.
THE BUSINESS AND ESTATE PLANNING
9471992-01
amount (which under Michigan law will cap at a little over $125,000).
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such a circumstance the trust will no longer be considered a countable asset, but instead an income stream and thereby exempt for Medicaid
A. It says trouble for wealthy Americans. The current estate tax exemption (gen-
erally, the amount one may own or control without paying estate tax) would drop from $11.7 Million (today) to $3.5 Million, effective January 1, 2022, under Senator Sanders’ bill. Further, where today the estate tax exemption is “unified” with the gift tax exemption (so each of us may give away as much as $11.7M without paying gift or estate tax), this new proposal would drop the gift exemption to $1M and any gift during life in excess of that amount would be subject to tax. The bill also attacks some of the more sophisticated techniques that are employed by estate planning lawyers to minimize against the estate tax. Given Senator Sanders’ bill, and President Biden’s intention to tax wealthy Americans, at death, on capital gains, we may be in a narrowing window to “plan ahead” of a very different tax structure for estates and gifts in the future. Gabriel Giron in his Kalamazoo home.
Michael J. Willis is the Managing Partner of Willis Law, Attorneys and Counselors at Law, is licensed to practice law in Florida and Michigan, and is registered as a certified public accountant in the state of Illinois. Attorney Willis is rated as an A V -Preeminent Attorney by Martindale-Hubbell. This rating, according to Martindale, which has been rating lawyers for over a century, signifies that an attorney has reached the heights of professional excellence and is recognized for the highest levels of skill and integrity. He is listed in the Best Lawyers in America.
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This is a sophisticated technique, and I highly Michael J. Willis is the Managing Partner of Willis Law, Attorneyspurposes. and Counselors at Law, isplanning licensed to practice law in Florida and Michigan, and is registered as a certified public accountant in the state of Illinois. Attorney Willis is rated as an A V -Preeminent encouragewhich you to seek before implementing this over technique or Attorney by Martindale-Hubbell. This rating, according to Martindale, hascounsel been rating lawyers for a century, signifies that an attorney has reached the heights of professional excellence and is recognized for the highest levels of skill and integrity. any other Medicaid planning. He is listed in the Best Lawyers in America.