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Lansing, Michigan Estate Tax Planning

Historically speaking, the federal estate tax is an excise tax levied on the transfer of a person's assets after death. In actuality, it is neither a death tax nor an inheritance tax, but more accurately a transfer tax. There are three distinct aspects to federal estate taxes that comprise what is called the Unified Transfer Tax: Estate Taxes, Gift Taxes, and Generation-Skipping Transfer Taxes. Legal planning to avoid or minimize federal estate taxes is both a prudent and an important aspect of comprehensive estate planning.

Michigan Estate Taxes

Michigan's estate tax system is commonly referred to as a "pick up" tax. This is because Michigan picks up all or a portion of the credit for state death taxes allowed on the federal estate tax return (federal form 706 or 706NA). Since there is no longer a federal credit for state estate taxes on the federal estate tax return, there is no longer basis for the Michigan estate tax. Michigan has neither an estate tax – a tax paid by the estate, nor an inheritance tax – a tax paid by a recipient of a gift from an estate.

 

Grace Legal Services, of Lansing, Michigan, offers comprehensive legal planning in many areas of your life. They provide qualified advice and guidance in estate planning, wills and trusts, living trusts and wills, powers of attorney, medical directives, health care documents, long-term care and Medicaid planning, divorce law, family law, child custody and support, elder law, senior planning, senior housing, guardianships, veterans benefits, Aid & Attendance, government pension applications, probate & estate administration, probate process and court, special needs planning, charitable planning, gift taxes and exemptions, estate tax planning, transfer taxes, business succession, business law and planning, Medicaid crisis planning, asset protection, and limiting liability. They serve families, individuals, and businesses in the Lansing, East Lansing, Okemos, and Mid-Michigan area.

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