It is an edible and mild anti-diarrheal as well as a few other medicinal properties. Before going off and chowing down though it's good to consult a few edible plant guides for preparation. I occasionally use the young leaves in salads.
To be precise it is called Sessile Trillium and in some areas it is called Toadshade.
It is in the lily family. Generally an indicator of a woods with rich soil. There are many old remedies that include trillium, but none medically substantiated that I am aware of. Their seeds are an important part of ants diet, who are important to the general health of a woodland. Ants burrow into the seed case and cache them underground. The ones that don't get eaten sprout, therefore ants do propogate them.
Should not pick them in Michigan before checking if they are on the protected list.