color changing star shaped object seen in michigan

i was letting my dog in from outside and i just so happened to look up in the sky and i saw what looked like a green star it was just hovering in the sky i called my step mom too the door. " look out side its a green star'" she then replied with it is probably Saturn i said no Saturn would not be green. so she got up and came to the door we were both looking up at the sky in amazement. with us thinking that is was a star it caught us off guard when it started to move then we though well maybe it is a air plane or a helicopter trying to think of any reasonable explanation, it then looked like it was moving away from us then it came back into our direction it went up came back down and went kind of in a horizontal direction and it was changing colors as before i stated it was first green it changed colors from green to white to blue and yellow. it was just slowly changing colors. after it was moving in the horizontal direction it started falling out of the sky slowly. it then stopped for a while just suspended in the air and then it started falling more till it was out of our view. i stood outside for a while waiting for an explosion if it crashed or waiting for it to come back up but i did'nt see it after it feel out of the sky. we went in the house and tried to come up with every single possible explanation for what we just saw. we live next to a small airport so we thought maybe an airplane or helicopter but airplanes or helicopters don't change colors, airplanes or helicopters don't move like this was moving and they don't fall out of the sky in a straight down 90 degree angle fall without an explosion. we thought maybe a Chinese lantern but they don't change color or moving in the way this object was moving. we can not come up with any explanation.