Detroit, Michigan Estate Planning & Probate Litigation Law Firm

Prince P. C.

31300 Northwestern Highway Farmington Hills, Michigan 48334 USA

 (248) 865-8810 or (888) 368-8810
 (248) 865-0640

www.probateprince.com
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Law Firm Overview

At Patricia Gormerly Prince, PC our clients goals are our goals. As probate and estate planning lawyers, probate litigation attorneys, and probate administration lawyers, we help clients with sensitive issues, often during difficult times. It is important to us that you feel comfortable. Our estate planning lawyers will take the time to find out what your goals are before recommending a course of action. Then our attorneys will explain everything in plain English - just because we know big words, we don't feel we have to use them. We do our best to return calls within a day and keep you updated on everything in your file. Our goal is always, as stated by attorney Patricia Gormely Prince, (our fearless leader), "to provide our clients with the best possible and most professional legal representation available."

Our estate planning lawyers stay abreast of all relevant changes in Michigan state and federal tax and probate law. As attorneys, we craft creative and unique estate plans for our clients. As lecturers and authors on estate and tax planning and probate litigation matters, we are respected by the Michigan legal community. Pat Prince and Shaheen Imami are both trained mediators, and through our affiliate, Michigan Dispute Resolution & Mediation Services (MDR&MS) offer full service alternative dispute resolution (ADR) services.

Practice Areas

Additional Practice Areas: Joint & Mutual Wills, Advanced Health Care Directives, Options for Marital Trusts, AB Living Trusts, Special Needs Trust, Probate Litigation, Guardianships & Conservatorships, Business Succession Planning, Durable Powers of Attorney, Health Care Powers of Attorney

Practice Areas Description

Patricia Gormerly Prince, PC offers legal representation and services in the following areas of practice:

- Estate Planning

At our offices in Greater Detroit, estate planning lawyers help every client consider his or her needs, desires, and options under Michigan and federal tax law. Our attorneys then craft a will and possibly a trust, designing a comprehensive estate plan in light of the client's priorities, resources, and responsibilities. Has something changed since you wrote a will ? Do you wonder if a trust is a good investment for you? Do you need a health care power of attorney to be sure your designated representative is recognized by the client’s physicians, health care providers, and hospitals if you are unable to make decisions for yourself? Perhaps you need a durable power of attorney to provide the same protection in terms of financial institutions.

We will never oversell a client, such as drafting a trust when a will would do. At The Prince Law Firm our lawyers focus their practice entirely on estate planning, probate litigation, probate administration, and related tax areas. Our attorneys are prepared to accurately assess each client's situation and provide the skillfully drafted wills and trusts that help the client and the client's heirs avoid painful and expensive probate litigation. If you are not able to travel, one of our attorneys will visit you in your home or care facility.

- Wills

A Michigan will is a powerful instrument, and your last opportunity to express your wishes or make a statement to those you care about. In fact, under the current state and federal tax law it may be all you need to effectively provide for and protect your family. Many clients at The Prince Law Firm in Farmington Hills are told by their lawyer that, in combination with a health care power of attorney (Michigan does not recognize a living will) and durable power of attorney, a will provides an adequate and effective estate plan.

- Joint & Mutual Wills

From our office in Farmington Hills, just outside of Detroit, we at The Prince Law Firm provide guidance and information to clients in a wide variety of estate planning matters. Our firm is fluent in the language of the estate laws in Michigan and can effectively explain your options for establishing estate planning documents. Two types of will that may be explored are called joint wills and mutual wills.

Joint Wills
Contrary to its name, a joint will is a single document executed by more than one person, such as a husband and wife. This affects a relation to each signatory's property on his or her death unless the will is cancelled throughout their lifetime. Though is it a solo document, the joint will is a separate distribution of property by each executor and will be treated appropriately on admission to probate.

Mutual Wills
Mutual wills are two or more wills that are reciprocally binding, so that after the first death the survivor's ability to dispose of his or her property is restricted by the terms of agreement (will) he or she made with the deceased. Typically, these types of wills have played a significant role in guaranteeing that property passed to children of a marriage rather than a widow or widower's spouse in a situation where the has been a remarriage.

- Contract to Make Wills

As experienced estate planning lawyers, The Prince Law Firm in Farmington Hills, Michigan, provides comprehensive estate planning guidance to clients in the greater Detroit area. We take the time to find out what your goals are, and the specifics of your situation, before recommending a course of action. Once we have determined what instruments are most beneficial for your estate plan, we explain them in plain English, ensuring you understand before you make a decision.

One of the issues our clients sometimes face is called "contract to make a will." This is a contractual arrangement that details a person's right to:

* Make a will
* Not to revoke a will
* Die without a will

In some cases, a contract to make a will is called a testamentary contract. This means that the testator is essentially making a contract with the named executor or administrator of the estate. The contract details that the executor or administrator will perform actions related to the estate that are according to your exact, written wishes. The executor or administrator is in essence the other party to the contract, even though they do not have to sign it or even accept it.

A contract to make a will, or a testamentary contract, does not arise with most simple estate plans. However, when assessing your facts and goals, our firm may conclude it is in your best interest to establish a contract to make a will in order to ensure that your wishes are preserved, along with your property and assets.

- Pour Over Wills

When dealing with wills, trusts and other aspects of estate planning, it is important to speak with an experienced attorney. We at The Prince Law Firm in Farmington Hills, Michigan, have years of experience handling estate planning matters, including providing advice and guidance related to a pour-over will. Our firm can assess your situation and determine if a pour over will is needed.

As a testamentary document, a pour-over will is created after the writer of the will (the testator) has created a trust and detailed in the will that any property held by his or her estate at the time of their death is placed into that trust.

It is important to note the testator's estate may be subject to probate until the pour-over clause is applied. Though the trust in which the assets and property pour into must be created during the testator's lifetime, the trust may be completely funded after the person's death.

If you have property or assets that have not been previously placed in a trust, you may benefit from a pour over will. With a pour over will in place, your property and assets will pour into a previously established trust and therefore be protected, even without direct specification that they be placed in a trust.

- Advanced Health Care Directives

Estate planning is not only important for protecting your property and assets after your death. Some estate planning documents can also provide specific directions on how you wish to be cared for should you become unable to communicate your instructions. At The Prince Law Firm, we tailor the estate planning documents we create to suit our clients' individual situations and needs.

One estate planning instrument that has become increasingly common is an advanced healthcare directive. This document, similar to a living will, provides directions regarding health care in the event that the individual cannot speak for him or herself. You should know that Michigan law does not expressly provided for the use of advanced health care directives or living wills, only for healthcare powers of attorney; however, there is no express prohibition either, so there is little harm in creating a document that details your desires and expectations.

An advanced healthcare directive can be specific as you require. You also may appoint an individual who can make medical care decisions for you. This is known as creating a health care power of attorney. By giving a trusted loved one this power, you can ensure that not only are the terms of your advanced healthcare directive followed, but that your best interests are looked after in the event that decisions have to be made that are not detailed in the directive.

- Trusts

At The Prince Law Firm in Greater Detroit our lawyers focus on trusts, estate planning, probate and trust administration, probate litigation, and related areas, such as business planning. With that experience, we are able to see how all of these areas interact and offer exceptional counsel on tax planning and asset preservation.

Our attorneys will evaluate your situation in relation to state and federal tax laws, and if appropriate, will suggest a trust to be funded during your lifetime (living trusts) to protect your estate from estate taxes, income taxes, and probate fees or to provide a safety net for vulnerable family members.

- Options for Marital Trusts

At The Prince Law Firm, our dedicated team of estate planning-focused lawyers and staff strive to help clients structure their estates in order to preserve their assets and legacy for the future. In addition to handling AB living trust creation, there are many other types of trusts that can be created in the best interests of a married couple. Below are some of the other types of marital trusts that we can assist you in establishing.

Qualified Domestic Trust (QDT or QDOT)
The marital deduction allows transfers of unlimited amounts between the spouses at death, but only if both spouses are U.S. citizens. The outcome is that the surviving spouse does not have to pay any tax on the estate of the first spouse to die, provided the surviving spouse is a citizen. The rationale behind the creation of a QDT is a need to preserve the marital deduction when one spouse is not a citizen of the U.S. and trust assets are generally subject to the federal estate tax.

Qualified Personal Residence Trust (QPRT)
By establishing a QPRT, certain aspects of the law may be taken advantage of in order to allow a gift of the QPRT by the creator of their personal residence at a discounted value. While this can be beneficial for a child or other loved one receiving the residence, it can also benefit the estate by removing the asset from the estate, therefore reducing potential estate taxes upon the death of the trust creator.

Qualified Terminable Interest Property (QTIP) Trust
A QTIP trust is often established in order for better asset control, but not necessarily to save on any estate taxes. Often established in conjunction with an AB living trust, a QTIP can be used in order to hold any additional assets that a couple controls. Since the QTIP is created at the time of death, any assets above the personal exemption amount are placed in this type of trust. This type of trust is often beneficial for individuals that have children from a prior marriage or have concerns that a spouse may be unable to effectively manage assets in the future.

- AB Living Trusts

Setting up a trust is one way in which to preserve assets for a spouse or other beneficiaries upon your death. At The Prince Law Firm in Farmington Hills, Michigan, we have years of experience helping clients establish many different types of trusts. One of the more common trusts that married couples benefit from is called an AB living trust.

Also known as a credit shelter, an AB trust lets a married couple pass a maximum amount of assets and property to their children and beneficiaries after both spouses die. At the same time, this ensures that after one spouse dies, the surviving spouse is financially comfortable throughout the rest of his or her life.

Instead of outright leaving property and assets to a surviving spouse, each spouse leaves most or all of his or her property to an AB trust. When one spouse dies, the surviving spouse can use that property, though within certain restrictions that are placed. However, it is important to know that even though the spouse can use the property and assets, the surviving spouse does not actually own the property and assets. This is one of the main reasons that an AB trust provides such extensive tax savings. The property and assets are not subject to the applicable estate taxes when the second spouse dies, since the second spouse never legally owned it.

When setting up an AB living trust, each spouse may name final beneficiaries that will receive the trust's property and assets when the surviving spouse dies. Spouses often name the same people, such as their children final beneficiaries, but it is not mandatory.

- Special Needs Trust

A trust specifically created to provide for children and other family members who have special needs and is known as a special needs trust. Our lawyers and staff at The Prince Law Firm in Farmington Hills, Michigan, have a great deal of experience working with clients to ascertain their needs and develop comprehensive estate plan.

A special needs trust is created to ensure beneficiaries (children or adult) who are disabled, physically or mentally, are properly provided for. There are many personal reasons for such a trust, such as the beneficiary being unable to handle their own finances, there are may be financial advantages to using a special needs trust to manage assets.

Special needs trusts also may prevent the disabled beneficiary from losing government benefits. These benefits, when received, can often also be placed in the special needs trust for future use.

An asset that is often used to create a special needs trust is monetary compensation from a settlement or verdict. This situation arises when an individual has been disabled or injured by the negligence of another individual and has received the compensation as a result of legal action. The compensation can be obtained by litigation involving personal injuries, injuries connected to a criminal act, or other situation.

- Trust Administration

Trust administration is a sensitive area. A trustee, the person legally responsible for administration the trust, has a responsibility to fulfill the intent of the grantor (the person who established the trust). That often involves balancing the competing interests of several beneficiaries or even protecting the trust assets from an adult beneficiary who wants to gain more control. Administration of a revocable or irrevocable trust may be simple, or it may be as complex as running a small business or investment company. In addition to the investment and distribution of trust assets, the trustee is responsible for filing tax returns for the trust. Trusts our lawyers administer include those established to:

* provide for the care of a child or adult with special needs while maintaining eligibility for government benefits, including the use of irrevocable life insurance trusts (ILIT)
* generally manage assets for beneficiaries
* provide for charitable contributions, with either the grantor or the trustee designating the beneficiaries
* provide for seamless business succession
* receive insurance benefits and damages from lawsuits

- Probate & Estate Administration

Since April 2000, probate in Michigan is simpler than it used to be. However, it still entails multiple legal filings and many other responsibilities. Our Detroit estate administration lawyers act on behalf of heirs and personal representatives (formerly called, "executors"), handling all phases of the process.

In Michigan, probate is usually “unsupervised” – which provides a flexible and inexpensive process where the appointed administrator on behalf of the estate identifies heirs, manages assets, pays debts, files income tax returns, files required documents with the probate court, and distributes the assets according to the terms of the will. The process may be concluded in six months, or may take years, depending on the complexity of the estate.

At any time, usually when an heir or potential heir expresses a concern about the administration of the estate, the court can require that the process be "supervised." In supervised probate, every detail of administration of the estate must be approved by the probate judge.

The probate courts not only supervise the administration of post-death estates, they also may become involved in the administration of trusts and appointing and supervising guardians and conservators for children and adults who are not able to manage their own affairs. At The Prince Law Firm our lawyers assist clients with all types of probate litigation, helping them resolve disputes involving matters handled in probate court.

- Probate Litigation

Probate litigation is a complex and unique area of law. Attorneys at The Prince Law Firm in Farmington Hills, Michigan, focus on estate planning and probate. For that reason, our attorneys are exceptionally well prepared to represent a client involved in a dispute over the legitimacy of a will, trust, or power of attorney, the administration of an estate or trust, or the appointment of a guardian or conservator. Sometimes a dispute involves a fiduciary who disregards the terms of a document or the law; or it involves a family member who is mad because he or she didn't get more or was passed over in favor of another for a position of responsibility; or maybe someone lacked the capacity to make a will or trust or was unduly influenced in doing so. Quite simply, odds are that we’ve seen it – as the saying goes, “no thing new under the sun.” These areas are all supervised by the probate courts. If you have concerns about one of those areas or are involved in a dispute, contact our office and make arrangements to speak with one of our Detroit probate lawyers. During your free initial consultation the attorney will explain your options.

In many cases, our probate lawyers are able to help clients resolve disputes economically, quickly, and privately through alternative dispute resolution processes, including mediation and arbitration. However, they have extensive experience in probate litigation and will provide vigorous representation at trial if that is the best way to protect your interests.

Disputes our attorneys are prepared to handle include:

* will contests
* trust litigation
* breach of fiduciary duty
* guardianships
* conservatorships
* appointment of a personal representative
* surcharge actions
* contract disputes
* title disputes
* business succession

- Guardianships & Conservatorships

Guardianship
A guardian is responsible for making decisions regarding an incapacitated person's personal affairs and living situation. Many people just need a little help with personal care - perhaps someone to organize their medical care or see that their living conditions are reasonable. Other people need more constant and direct supervision, in which case the guardian is responsible for arranging for and overseeing care in a nursing home, an assisted living facility, or a home setting.

Conservatorship
If a person has been determined to be mentally incapacitated and has assets that will be wasted, the court will appoint a conservator to manage his or her assets. In some cases the conservator may also serve as a guardian. In either case the probate court conducts an annual review of the management.

Often a family member will approach us, asking us to help establish that person as a guardian and conservator for a parent or other family member. In other cases, a member of our firm might serve as conservator. These are sensitive issues and our attorneys and staff do all we can to help families find the best solutions possible for their situations.

- Tax Planning

You have worked hard, and accumulated some assets - now it seems that the IRS is going to rob you blind. At The Prince Law Firm in Greater Detroit, our tax planning lawyers work to help our clients preserve their assets. We may be able to help you.

Federal and Michigan state tax laws provide a variety of options. This complex area of law is constantly changing. In order to provide our clients with the most effective representation possible, our attorneys focus almost exclusively on tax planning, estate planning, and probate. After carefully evaluating your situation, our lawyer will make suggestions based on provisions in the law, the nature of your assets, your personal goals, and your tolerance for risk. You will then direct us in assembling a plan that best suits your needs. It may involve one or several of the following measures:

* a revocable trust that takes full advantage of both spouses' estate tax exemption, often referred to as a living trust, A-B trust, or marital and credit shelter trust
* a carefully designed gifting program that reduces your net worth by distributing assets while you are alive
* an irrevocable life insurance trust (ILIT)
* a charitable trust to preserve assets for the benefit of charities
* generation skipping measures such as a dynasty trust
* a limited liability company (LLC) or limited partnership (LP)

When considering tax planning, it is important to avoid costly mistakes based on common myths. Adding your children to your house deed may help reduce the cost of probate - however the value of the house is taxable as an unreported gift. Worse yet, if it’s only one of several children on the deed and he or she is supposed to share with the rest after your death, it’s not unheard of for that “minor” detail to be forgotten. A revocable or irrevocable trust can be a valuable asset preservation strategy, but your estate may not be large enough to warrant the expense.

- Business Succession Planning

If you have been running a family-held business, you have possibly been far too busy with daily emergencies and responsibilities to take time for business succession planning. It is essential, however, that you have a plan in place, not only for the time when you retire or move on, but to direct operations due to an emergency if you are not able to manage the business yourself. A business succession planning attorney will discuss measures that you should consider for your specific situation.

Your relationship with your business is constantly evolving. Is it a start-up, where the greatest asset is your energy and talent? Is it a mature business, with a substantial capital value? Are your children preparing to join you or take over as you retire? At each stage the issues involved include tax planning, protecting your estate, providing control for an able manager, and providing for a comfortable retirement. Our lawyers will have a frank discussion with you about all of those issues, your personal goals, and measures you may consider, including:

* revocable trust for a family-held business
* shareholder agreement
* limited liability company (LLC)
* partnership agreement
* tax strategies
* operating agreements
* buy-sell agreements
* business appraisals
* valuation discounts

- Appellate Work

Dealing with litigation in the areas of trust and estate planning and probate can be difficult. Most trusts and estates settle with minimal intervention from the court, and many attorneys don't handle trust or estate litigation. With our background as sophisticated estate planning attorneys, we at The Prince Law Firm have the necessary experience to effectively handle any litigation.

This experience, in turn, leads to our ability to provide knowledgeable appellate counsel when you need to appeal an issue that was enmeshed in litigation. We handle appeals for clients we currently represent or clients looking for new counsel after receiving a decision from previous case. Our lawyers' experience enables us to quickly assess your facts and offer knowledgeable determination of the most effective appellate strategy.

- Durable Powers of Attorney

None of us wants to consider giving up control of our finances, our personal lives, or our medical care. However, every person needs to have a carefully tailored plan in place in case the unwanted or unexpected occurs. Through a durable power of attorney you can designate a representative to make decisions on your behalf if you are not able to manage your affairs. If you are ready to take this important step, contact The Prince Law Firm near Detroit. One of our lawyers will explain how a durable power of attorney (POA) can be tailored to address your specific needs and concerns.

Attorneys at our firm help each of our clients develop an estate plan that includes a durable power of attorney for management of financial affairs. Again, in your durable power of attorney you designate a person to act on your behalf if you are not able to handle matters yourself. The POA can be designed to spring into effect if you become incapacitated, or it can be effective as soon as you sign it. In most cases our lawyers recommend a POA that is effective once you sign it to provide the most flexible and effective protection. A POA can also be designed for select or single uses. This last type of POA is often used to authorize a representative to sign a specific business or real estate contract, or for some other limited purpose.

- Health Care Powers of Attorney

We have all heard the story - an accident (or a sudden infection) and a family at war over what to do next. Through a Michigan health care (or medical) power of attorney you can designate a health care representative (called a "patient advocate") to make decisions on your behalf if you become incapacitated. In doing so, you spare your family, friends, and medical caregivers from the stressful and sometimes contentious process of trying to determine what your intentions would be if you could be heard and the equally divisive process of determining who gets to make your care-related decisions. At The Prince Law Firm in Detroit, our estate planning lawyers help clients craft documents that leave clear direction for loved ones and the courts.

Partners

Ms. Patricia Gormely Prince Shareholder Estate Planning

More Information on Prince P. C.

Estate Planning Law Firm in Detroit, Michigan
Advanced Healthcare Directive/Living Will Attorney in Detroit, Michigan
Marital Trust Attorney in Detroit, Michigan
AB Living Trust/Credit Shelter Attorney in Detroit, Michigan
Estate Administration/Probate Lawyer in Detroit, Michigan
Detroit, Michigan Guardianships & Conservatorships Lawyers
Detroit, Michigan Tax Planning Lawyer
Detroit, Michigan Business Succession Planning Attorney
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