Home / Michigan Wills and Trusts Lawyer | Michigan Estate Planning Attorney
Michigan Wills and Trusts Lawyer | Michigan Estate Planning Attorney
Michigan Estate Planning Attorney | Wills & Trusts Lawyer
Peace of mind. That’s what you really want from your estate plan. We focus on helping you achieve peace of mind by carefully tailoring an estate plan to your family’s specific needs. At the same time, we focus on preserving your family’s wealth and protecting your family’s inheritances far into the future.
You may think that estate planning is about how to divide your property after you are gone. But good estate planning is about much more. Your estate plan should cover at least three basic areas:
- Incapacity Planning: What happens when you’re physically here but mentally gone? Click here to learn more.
- Wealth Transfer: How do you get your assets (your home, bank accounts, investments, etc.) to your loved ones in the most efficient, cost effective and tax efficient way possible? Click here to learn more.
- Beneficiary Protection: A “beneficiary” is someone who receives an inheritance or distribution from your estate or trust. Do your beneficiaries need “protecting”? For example, are you worried about a problem son-in-law or daughter-in-law taking part of your child’s inheritance? Does your son, daughter or loved one have problems with creditors? Are you leaving an inheritance to someone with substance abuse problems? If so, your estate plan can provide total protection for your beneficiaries. Click here to learn more.
In addition to the three basic areas of estate planning covered above, there are several other “problem areas” you may need to address in your estate plan. Here are some areas to consider:
- Estate planning for second marriages: You must plan for the unique challenges of a second marriage, especially if you each have children from previous relationships.
- Business succession planning: How to make sure your business is passed on to your loved ones without interruption.
- Estate tax planning: How to plan around the harsh estate tax laws and make your estate plan flexible enough to deal with the changing tax landscape.
- Joint ownership: Why putting someone else’s name on your bank account may cause problems. And why preparing a Quitclaim Deed to your house could be a bad decision.
- Beneficiary designations: Make sure you understand some common mistakes that occur when you name a beneficiary on a financial account or IRA.
- Pre-planning for asset protection: Learn how to plan now to protect assets from the nursing home and other potential creditors.