Left: "The lack of proper estate planning
is an epidemic," says Danielle Mayoras,
right; and "Estate fights don't just
happen to the rich and famous,"
explains Andrew Mayoras.
ESTATE PLANNING 101
Will: The basic building block
of any estate plan to "tell the
world" whom you are leaving
your money to and how. This can
be used in conjunction with a
Revocable Living Trust. Wills are
public documents that go through
the probate court system.
Revocable Living Trust: The
often-preferred type of docu-
ment (as opposed to a will) that
addresses your financial decisions
when you are disabled and distrib-
utes your money when you pass
away. Trusts can be drafted to help
reduce or eliminate estate taxes,
are private documents and allow
you to avoid probate court when
used correctly.
Financial Durable Power of
Attorney: This document allows
the individual you name to handle
Local couple sparks nationa conversation about estate planning.
WRITTEN BY CAROLYN KRIEGER-COHEN I PHOTOGRAPHY BY LISA DUNLAP
your financial affairs when you
cannot, such as if you become
disabled. If someone has a trust,
this covers assets outside of the
What do Michael Jackson's mistakes,
Marlon Brando's missteps or Leona
Helmsley's lapses in judgment in
their estate planning have to do with
Platinum readers who reside in Franklin,
Farmington Hills or Ferndale?
"Everything," say husband-and-wife
legacy expert attorneys Danielle B.
Mayoras and Andrew W. Mayoras, co-
authors of the highly entertaining and
enlightening how-to (and how-not-to)
book, Trial & Heirs"": Famous Fortune
Fights! (Wise Circle Books, $19.95;
available at trialsandheirs.com).
Turns out, the same estate errors
millionaire celebrities make when div-
vying up their wealth and documenting
their wishes before they die also apply to
individuals from every walk of life. Of
course, the bloopers and blunders that
exist in the wills and trusts of average
Americans usually don't make headlines.
But they can, and often do, devastate
and divide families, decimating relation-
ships between relatives during prolonged
probate battles and painful legal wran-
P10 •
JULY 2010 •
.11N platinum
gling that could have been completely
avoided with proper planning.
The Mayorases, who married 14
years ago at Temple Shir Shalom in
West Bloomfield, are on a mission to
change all that. The West Bloomfield
couple, both 38, spent two years
researching and writing their book,
described as a "must read" by Danny
Fontana, FOX Business Channel
contributor, and Mark Joseph of the
Huffington Post. After working long days
at their Troy-based law firm, Barron,
Rosenberg, Mayoras & Mayoras, P.C.,
they would spend quality time with
their three young children, tuck them
into bed each night — and then switch
seamlessly into writing gear on evenings
and weekends.
Their biggest dilemma? Figuring out
how to take a notoriously dry, uncom-
fortable-to-think-about topic and make
it so compelling and entertaining that it
would inspire readers to start a conver-
sation with their loved ones.
"Most of us dread discussing our
own mortality," says Andrew, a promi-
nent probate litigator who specializes in
contested legal issues, such as guardian-
ships, conservatorships, exploitation of
the elderly and disputes involving wills,
trusts and estates that affect seniors,
caregivers and their families. "So we
take the public's insatiable curiosity
about celebrities and expose the real-life
fortune fights of stars such as Heath
Ledger, Ray Charles, Princess Diana,
Jimi Hendrix, Jerry Garcia and dozens
of others to help people do the proper
planning, cutting the risk that their
heirs will end up in similar family estate
battles."
"The lack of proper estate planning
is an epidemic," continues Danielle, an
estate-planning attorney, Credentialed
Professional Gerontologist and profes-
sional speaker. A lifetime member of
Hadassah, she has spoken at estate-
planning events for many Jewish orga-
nizations.
Both she and Andrew also educate
brokerage firms, banking institutions,
trust, such as tax-deferred assets.
Medical Durable Power of
Attorney: When you cannot make
your own medical decisions
because of incompetence or infirmi-
ty, this document allows the person
you name to make your medical
decisions (other than termination of
life support).
Patient Advocate
Designation: This is the docu-
ment used in Michigan for termi-
nation of life support. It often is
combined with a medical DPOA.
But beware: Other states use Living
Wills, so snowbirds may need more
than one document.
CAVEAT: All estate-planning doc-
uments are not drafted the same
way. It's critical that you work with
an experienced estate-planning
attorney. There are tips in Trial &
HeirsTM to help you find one.