At Glenn R. Matecun, PC, we believe in an “abundance mentality” and are committed to providing Michigan residents with the knowledge they need to make informed decisions about the best way to protect themselves and their loved ones now and in the future. Our newsletter provides important information and helpful tips about the four pillars of the “planning pyramid”:
- Incapacity planning. Illness or injury can strike at any age, which is why it’s important to make sure your power of attorney documents are in place and your wishes are known if you become unable to speak for yourself.
- Long-term care planning. Don’t count on Medicare to pay for any nursing home care costs you may need. Medicaid can help, but it’s vital that you plan ahead to meet the program’s strict income and asset requirements while still leaving a suitable inheritance for your spouse and children.
- Wealth transfer. If you plan ahead, you can transfer wealth to the next generation in a way that minimizes tax liability and preserves the value of the assets you’ve worked hard to accumulate.
- Beneficiary protection. Protecting your beneficiaries can mean different things depending on your stage in life. It could mean choosing guardians for minor children, creating a special needs trust for a disabled loved one, or establishing trusts that ensure an inheritance is not being misused.
As you can see, the broad umbrella of “estate planning” encompasses much more than what’s addressed in a simple will. Regardless of your age, income, or family structure, you can benefit from taking a proactive approach to planning for life’s future challenges.
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