Talking about planning for what happens after your death can make many people uncomfortable. Yet if you don’t make plans for your estate, then the loved ones you leave behind could face some very real difficulties when it comes to the distribution of assets and government policies such as estate taxes.
Michigan no longer has any state inheritance taxes, except in cases where people inherited from someone who died on or before 30th September 1993.
But if you have significant assets, then the federal government may seek inheritance tax which can be up to 40% of the total amount of assets.
Helping You Protect Your Assets, Avoid Probate & Make Sure Your Legacy Goes to the Right Place
Hiring a competent estate planning attorney is not just about preventing the government from taking a slice of the pie. There are various aspects to estate planning beyond simple tax planning.
Making plans for later in life can also include things such as living trusts and special needs planning. It can also involve having a power of attorney in place in case you lose capacity at some point in the future.
You already know that a strong, government-and-medical-expense-proof estate plan is essential to securing your family’s future.
The issue with many estate planning services is that they focus on what might happen after your death. But it is just as important to look at possible events in later life which could affect your estate’s value. That means ensuring that your estate is protected from things such as medical expenses or nursing home costs in later life.
Your Probate, Estate Planning & Trust Attorney
By appointing an attorney to help you plan for your estate, you are helping to plan not only for your family’s future but your future too. Your attorney can also assist with trust administration and other plans.
What is a Living Trust?
A living trust is an estate planning tool where all ownership of your assets is transferred into a trust. You can appoint yourself as the initial trustee but must also name a successor in the event of your death.
While you are still alive, you can continue to use your assets as normal. After your death, the successor trustee will continue to manage the assets and will distribute them as set out in the directions and terms you have set.
A major advantage of a trust is that no probate is needed. With a will, probate can take months and involves additional expenses for an attorney, executor, and court fees.
It is also important to know the difference between the two main types of living trust. A revocable trust can be changed at any point. An irrevocable living trust becomes permanent and cannot change the original conditions set out.
Special Needs Planning
If you have a child or family member who suffers from a disability, then you may want to consider special provisions for them. We can help you formulate a plan that ensures they will be well cared for in the event of your death or if you are no longer able to provide their care yourself. Any plan will take their legal, medical, financial, and personal needs into account.
Your estate planning attorney will work with you to get an understanding of their needs and your wants when it comes to their ongoing care. The customized plan we provide will be unique to your – and their – personal circumstances.
Any trust you set up on their behalf can complement services already provided by the government such as Medicaid. And we will take special care to ensure that the trust does not affect their eligibility for any of these assistance programs.
The trust can provide for things such as education, travel, housing, and even entertainment. The whole idea of the trust is to maximize their quality of life.
Our experienced team of super lawyers has vast experience in dealing with the intricacies of rules regarding government assistance programs, so we can draw up a trust that protects your loved one and allows them to enjoy life.
Estate Planning & Elder Law Services
When you are considering estate planning and looking at law firms, you want one that has experience and knowledge of elder law. You want the provision of legal services which will cover both future planning and unexpected events. Our specialist is a rising star in this field and can help you with the following:
- Create a lasting power of attorney
- Discuss wills or creating a living trust
- Look at long term healthcare options
- Financial planning and protection of assets including real estate
- Advise on special needs planning if required
- Help with guardianship issues if needed
- Help you identify long term care facilities and advise on assisted living costs
- Discuss probate law and appointment of a probate attorney
Helping Protect Michigan Families for Almost 20 Years
As one of the leading law firms in the area, we have been providing all forms of estate planning services for almost 20 years now. Whether providing our services as a probate lawyer or setting up a living trust, we help clients make often difficult decisions. Such plans are not only about protecting your family and loved ones but also about protecting yourself and putting strategies in place that reduce worry and stress.
Why Do Michigan Clients Need Estate Planning Legal Help?
There are several reasons why hiring a knowledgeable estate planning attorney is crucial. They can assist in reducing taxes for those who inherit your assets, they can help if you own a business and wish to pass it on after your death and they can help with setting up living trusts or special needs plans.
To benefit you, they can also help with medical decisions and planning for later in life, as we as looking at setting up a power of attorney if you lose capacity. We are here to help and guide you through the often complicated legal maze.
We Help Keep Your Legal Documents Updated Through the Years
If you have chosen our law firm for any estate planning services such as trust administration, then we may contact you to suggest reviewing and updating documents such as wills.
Circumstances can often change, as can laws and regulations, and a regular review of some or all documents is advised. And of course, if you feel that anything has significantly changed, you can also contact us to request reviews and changes.
The Takeaway
At Michigan Premier Law, we fully appreciate that conversations and decisions about late-life or end of life events can often be uncomfortable. Our team are not only experienced and up to date on relevant laws but are also empathic and compassionate when it comes to such discussions.
We can also offer fully customized plans to suit your needs and your budget, so why not call us now to make an inquiry or book an appointment on 248-688-0045.
