Legacy Planning

img
img

Jasmine D. Rippy and Ameena R. Sheikh (pronounced “shake”) are dynamic Ladies in Law® and the founders of a boutique law firm in downtown Detroit. They specialize in legacy planning – the process of arranging for the preservation, management and distribution of assets in the event of an individual’s incapacitation or death. Ladies in Law® make quality legacy planning accessible.

Ladies in Law® have been recognized as leading attorneys by Marquis Who’s Who America and National Trial Lawyers Top 40 under 40 Michigan. Jasmine and Ameena have been featured in The Michigan Chronicle, Detroit Legal News, Michigan Lawyers Weekly, BLAC Detroit and Close Up Radio with Doug Llewelyn. Both Jasmine and Ameena graduated magna cum laude from their law schools, The University of Toledo College of Law and Wayne State University Law School, respectively. Following law school, their paths crossed while working at a prestigious business law firm in Detroit. After honing their skills at the firm but realizing that large corporate law was not their passion, they ended up leaving the firm but initially went in separate directions. Jasmine pursued her dream of entrepreneurship and started her own law firm geared toward helping individuals, specifically with criminal cases. Ameena’s adventurous spirit took her to California, where she became licensed to practice law and worked for a small boutique law firm specializing in family law. Ameena eventually returned home to Detroit and teamed up with Jasmine to form their firm.

To learn more about the Ladies in Law®, please visit https://www.theladiesinlaw.com/

Packages and Pricing

We know our clients are all at a different place in life and planning for the future isn’t one size fits all. We have a variety of packages to choose from that will meet your needs and budget. CLICK HERE to view our packages and pricing

Meet The Ladies

What Is Legacy Planning

OUR SERVICES

With legacy planning we protect our client’s assets and businesses, as well as keep their hard-earned wealth in their family or however they desire to have it disbursed.  Everyone needs and deserves legacy planning.  Ladies in Law® ensures that happens by making quality legacy planning accessible.

img

Will

A legal document that sets forth a person’s wishes as to how his or her assets should be distributed upon death, and which person is to manage and/or disburse the property.  Wills also cover who will have guardianship over minor children when a person passes.

  1. If you want to control who receives your vehicle, house or jewelry when you die, then you must have a will.
  2. If you do not want the Probate Court controlling where your assets go, then you must have a will.
  3. If you want to prevent potential heirs from receiving your assets when you die, then you must have a will.
  4. If you do not want your heirs to receive equal portions of your assets, then you must have a will.

Learn More

Medical Power of Attorney

 A legal document that allows you to give someone legal authority to make important decisions about your medical care, including what treatment you receive and where you receive it, if you cannot do this for yourself.

1. If you want to decide who chooses the type of medical treatment you will receive, then you must have a medical power of attorney.

2.If you do not want the Probate Court or a random relative deciding where you live or receive medical treatment, then you must have a medical power of attorney.

3. If you want to control when your life-sustaining procedures are withdrawn, you must have a medical power of attorney.

img
img

Financial Durable Power of Attorney 

A legal document that lets you appoint someone to manage your finances and property for you.

  1. If you want to control who has access to your finances and property while you are incapacitated or sick, for example, then you must have a financial power of attorney.
  2. If you do not want the Probate Court or a random relative managing your finances and property while you are unable to, then you must have a financial power of attorney.
  3. If you want to ensure that your finances and property are maintained by someone you trust, then you must have a financial power of attorney.

Trusts 

A legal document where a designated person, the trustee, is given responsibility for managing an individual’s assets for the benefit of the beneficiary or beneficiaries.  The trust document spells out the rules that you want to be followed for property held in trust for your beneficiaries. Trusts can reduce the estate tax liability, protect property in your estate, and avoid probate.

1. If you do not want your assets to be public knowledge after you die, you must have a trust.

2. If you want to prevent any potential heirs from fighting in Probate Court over your assets, then you must have a trust.

img

Although revocable living trusts may not have tax benefits or creditor protection, for example, there are numerous other benefits.  First, with a revocable living trust you avoid probate with the assets in the trust.  Also, because trusts do not go through probate, there is privacy and control with them, as well as ease of administering them.  Additionally, there is potential for professional money management and continuity of ownership if the trustee succession provisions are well-drafted.  Importantly, revocable living trusts place conditions on how and when assets should be distributed which gives the grantor even more control of their assets while alive and when they pass away.

Specialty Trusts: Revocable living trusts may not have tax benefits and creditor protection, however, there are numerous other specialty trusts that can help with these issues.  These specialty trusts, which are typically irrevocable, allow there to be, for example, tax benefits, creditor protection, and preservation of Medicaid, VA and social security benefits, as well as many benefits that revocable living trusts have.

If you want to protect Medicaid and VA long-term care benefits, then you must have a trust.

Learn More

Your Guide To Legacy Planning

Estate/Legacy Planning Library of Articles
Ladies in Law – Our Process
What to Do Before Your Consultation

FAQs when it comes to Legacy Planning

What legal documents do I need for my legacy plan?

It depends on your unique situation. At the very basic, everyone needs a will, medical power of attorney and financial power of attorney.

How much will my legacy plan cost?

It depends on what documents your legacy plan entails.  For GLP clients, we offer an average 65% discount for plans. Our lowest package is priced at $850 for a will, medical power of attorney and financial power of attorney.

Can I get the documents a la carte?

Yes. We strongly encourage packages for the most complete and cost-effective legacy plan but we do offer a la carte pricing to meet your needs.

I am married. Can my spouse and I have joint documents?

We do not offer joint legacy planning documents for several reasons. Crucially, if one spouse has problems with creditors, the other spouse’s assets are protected by having separate legacy planning documents. What many people do not realize is that joint documents become irrevocable after the death of the first spouse – meaning they never change or go away even if the surviving spouse gets remarried. In general, separate documents are always easier to manage during your lifetime and after.

Do I need to specifically list out all of my assets in my will or trust, or can I generally give them away?

No, your will or trust can be as detailed or as general as you’d like – this is your customized legacy plan! If you’d like to choose who will inherit very specific assets, such as a sword collection, then you can list that out in the will. You can also leave it general, where all of your personal property goes to a specific person.

What is a power of attorney and what is it used for?

Powers of attorney are very important during your lifetime. A power of attorney is a legal document that allows you to give someone legal authority to make critical decisions about your medical care or finances during your lifetime. For example, if you fall seriously ill and lose consciousness, your medical power of attorney will decide what treatment you receive, including life-sustaining procedures. On the other hand, if you are bed bound and cannot make it to the bank, your financial power of attorney can act for you.

What are the benefits of a trust?

  • Your trust will allow you to maintain control over your legacy.
  • Your trust can be customized to fit the specific needs of you and your family.
  • Your trust provides privacy for you and your family because assets in the trust avoid probate.
  • Your trust will save your family time and money during an emotionally difficult period.
  • Your trust gives you peace of mind knowing that a plan is in place for your family. 

How often do I need to update my legacy planning documents?

Your legacy planning documents need to be updated when major life changes occur, such as marriage, divorce, birth of a new child, or receiving a large inheritance.

Where do I store my signed documents? Do I need to send them to people?

You should store your original legacy planning documents in a safe place. You can send copies to loved ones but the originals must be presented to banks, hospitals and the court.

What is probate?

Probate is the legal process that your loved ones will go through upon your death in order to transfer your assets. If you have a will, the probate process will be much easier, quicker and under your control even after you have passed away. If you do not have a will, the judge, under Michigan law, will decide where your assets go. The average length of a probate proceeding is 9 months to 2 years, with the average cost totaling from 5 to 10% of the value of your estate; however, it can drag out much longer and deplete your estate if you do not have proper legacy planning in place.

How do I avoid probate court?

A trust is the single best way for your family to avoid probate court and all the problems associated with it.

What is a revocable living trust?

A revocable living trust is a legal document that holds the title of your property during your lifetime. It is often used by individuals who want to transfer the title of their property from them to their revocable living trust for added protection. You retain control of all your trust assets during your lifetime and determine how those assets will be distributed to your beneficiaries at your death. Any assets transferred to a revocable living trust will bypass the probate process, saving your loved ones time, money and heartache. Most importantly, a revocable living trust ensures that you maintain the most control over your assets.

Hear What Others Are Saying

For more information on our Legacy Planning Services, Schedule your FREE consultation today!

We want to hear from you!

We want to hear from you! Schedule a Free Consultation Today!