BRIEF OVERVIEW OF ESTATE PLANNING
Benefits of Wills & Trusts
So, what are the benefits of preparing a will, trust or complete estate plan? In general, the benefits of estate planning may include:
- avoiding issues in probate court
- avoiding probate court altogether
- avoiding estate and inheritance taxes
- preserving your wealth & assets for your family
- saving your family the heartache and headache of dealing with problems after your death
- ensuring your final wishes are legally documented
- and much more.
Our experienced estate planning attorneys will work with you to establish a will, trust or complete estate plan depending on your individual needs. We can help ensure your last wishes are carried out and protect your wealth and assets for your family.
PLANNING FOR THE FUTURE
Wills and Trusts
Wills – A will is one of the essential components of your estate plan. It details what is to happen with your property after you pass away. A will, along with other documents in your estate plan may help your loved ones minimize or even avoid probate in Michigan. There are several types of wills, which will you need depends on your situation. The most common type of will is known as the Last Will and Testament. A Last Will and Testament does not take effect until you die. This takes effect immediately after someone passes away. The estate planning attorneys at Entrusted Estate will help you select the will that is right for you and prepare it as a part of your estate plan.
Trusts – While a Last Will and Testament does not go into effect until your death, a trust goes into effect as soon as it has been properly created. A Trust can provide some asset protection now but a Trust’s primary purpose is to provide funding to your loved ones after your death. The estate planning attorneys at Entrusted Estate have the expertise to help you create the right kind of Trust for you.
CARING FOR CHILDREN, ELDERLY AND DISABLED
Guardianship and Conservatorship
What is the difference between a conservatorship and guardianship? Which one do you need?
Guardianship – When a guardian is appointed by the court, they are placed in charge of making decisions for a minor child or person with special needs. Guardianships are often tricky and can be complex but our guardianship attorneys have the experience to guide you through the process.
Conservatorships – Like guardianships, when a conservator is appointed, they become responsible for the care of another person. Conservatorships are commonly necessary in cases where someone is mentally ill, suicidal, incapacitated, and other urgent circumstances. It may be necessary to establish a conservatorship over an elder’s estate when proper estate planning documents have not been established.
Complex Estate Plans – Every estate plan is different. Many require more complex planning to accomplish specific outcomes that standard wills and trusts do not address. The estate planning attorneys at Entrusted Estate have the experience to handle even the complex estate plans that could make the future worry-free for you and your loved ones.
Special Needs Trusts – A Special Needs Trust is a special kind of trust that provides for funding and assets for a child with special needs and disabled adults while receiving government disability payments and other benefits. You need special legal guidance to properly prepare a special needs trust. The attorneys at Entrusted Estate are here to help.
Business Succession Planning – A business succession plan is a roadmap to the transfer of ownership or control of a business to another upon retirement or other circumstances, such as death or incapacitation. The need for business succession planning makes estate planning particularly important for business owners and entrepreneurs. Our estate planning attorneys know how to protect your business. Contact us today.
Estate and Inheritance Taxes – The State of Michigan does not collect estate or inheritance taxes, but your loved ones may still be required to pay taxes after receiving assets from your estate. Under some circumstances, your loved ones may even be required to pay inheritance tax levied by other states. Larger estates may have to pay federal estate taxes as well. The estate planning attorneys at Entrusted Estate can do a complete analysis of your possible tax consequences and formulate a plan to minimize taxes that your loved ones may have to pay.
Asset Protection – An estate plan tells your loved ones and the court how you want your property distributed after your death. Without a proper estate plan, the court will decide how to divide your property and who will receive it. This often leads to problems among family members and others. Our estate planning attorneys can help ensure your wishes are known and honored in the event of your death or incapacitation.
Medicaid Planning – Medicaid is a state-administered program funded primarily by the federal government. Medicaid can help pay the cost of a nursing home for many people if they meet the qualifying criteria. Without Medicaid, your loved ones may have the burden of paying for your final care in a nursing home. As a part of a complete estate plan, our estate planning attorneys can assist with Medicaid planning to ensure you are eligible for the largest possible Medicaid benefit.
WHY YOU DON’T WANT TO
Die Without a Will
To develop a comprehensive estate plan, your specific situation needs to be evaluated by an experienced estate planning attorney. Your situation is unique and your estate plan should be unique as well. A comprehensive estate plan goes beyond your assets, it also provides for the care of your children, elderly family members, and many other aspects of your life. A properly drafted estate plan protects your assets and will save you and your loved ones time, money and frustration in the future.
But, when you die without an estate plan or with a poorly drafted one, the court may declare your estate “intestate.” This means that the court will have control over your estate. If your estate is declared “intestate,” obtaining the assets will become both time consuming and expensive. The process of probating an estate is often long and there is no guaratee that your loved ones will ever receive what you wanted them to.
MINIMIZE OR AVOID
There really is no trick to avoiding probate and there are no shortcuts. You need a proper estate plan to avoid probate and preserve your wealth and assets for your family. Entrusted Estate can help you create an effective estate plan or we can help you update an old estate plan to meet the current needs of your family. Call us today.