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Young professionals and empty-nesters need estate planning that reflects their assets and life plans. Though estate planning is not easy to think about, it’s necessary to protect your loved ones. Even families with minimal assets and property must be prepared to deal with medical decisions.
Wills and Trusts are two of the primary estate planning services lawyers can assist with. However, financial and medical power of attorney decisions must also be part of the estate planning process.
Will-based planning is common among younger families, and it may be an appropriate choice for young families with few assets. However, trust-based planning can help families with more assets avoid probate court. The best option for each family can vary widely depending on their property.
Any legal documents related to your wishes must be reviewed and updated periodically. It’s especially important to review documents when you purchase property or make major financial changes. If you’re moving to Michigan, your Will and Trust need to be reviewed by an attorney to make sure that they fully protect your family.
Decision-making rights must be appropriately conferred as well. In addition to financial and medical powers of attorney, joint ownership for property should be discussed well in advance. Certain types of joint ownership are not exempt from probate court proceedings in case of one owner’s death, so an attorney will need to review the property in question and advise you on your options.
Inheritances are usually subject to both Michigan and federal estate taxes. However, it’s possible to structure a trust in a way that minimizes tax obligations. An experienced estate planning attorney can walk you through available options.
Living trusts are an especially popular option because they can minimize federal tax obligations and avoid probate court. These are a more robust form of estate planning for families with significant assets.
Estate planning can be a very sensitive issue, and it’s important to get a legal team who understands complex estates. At Michigan Premier Law, P.C., we use our experience and knowledge to give you the peace of mind you deserve. Our team works hard to communicate clearly and research as many options for you as possible. Contact us at (248) 688-0045 to see what we can do for you.