Grand Rapids Estate And Trust Attorneys
What is probate? What is the difference between a will and a trust? How do I avoid paying Michigan inheritance taxes? How do I choose a trustee or a personal representative? Do I want to avoid probate in Michigan? What is a living will? How hard is it to handle an elderly parent's estate? Can a Michigan nursing home take my personal assets to pay for taking care of me? Am I responsible for paying for my parents long term care? What are the different types of trusts available in Michigan?
If you are asking any of these questions, you are not alone. These are some of the questions the estate planning attorneys at our firm answer everyday for clients. Wills, trusts, estates, probate, it is all overwhelming and confusing if you don't have the right people to help you through everything. Everyone has a unique situation and that means you need a unique plan that fits you.
Our number one goal is to put you in a position to leverage our experience and knowledge so you can protect your wealth, your lifestyle, your family, your heirs and your estate.
Estate Planning Grand Rapids MI
Creating an estate plan is a very important decision. It is a serious matter with numerous, complex factors to be considered, everything from owning a business, avoiding probate court, planning for a special needs child, avoiding inheritance tax and anticipating potential conflicts among heirs. No two clients are alike and so no form can replace our estate planning techniques and innovative strategies that address your individual needs. You want to protect you family, your wealth and yourself.
So What Is An Estate Plan?
Grand Rapids Lawyer for Wills
Any complete estate plan includes, at a minimum:
Or maybe you are asking, what are some of the other documents your estate plan could need. Let us tell you:
Wills and Trust Attorneys Grand Rapids Mi
Selecting the best and right attorney in Grand Rapids is important because a trust, in general, is not just a simply a agreement between you, yourself, and your future beneficiaries. While you are alive, the property in your trust comes from you to yourself to do with as you please while you are living and of sound mind. Once you pass away, or in the event that you become mentally incapacitated, your successor trustee – the person you trust to handle your affairs – manages your property to provide for those you love – your beneficiaries. Trusts are a great way to ensure that those you trust have the resources to provide for those you love. A properly funded trust avoids the need for probate court involvement and because of that, adds a layer of privacy to your estate. They also are the only way to effectively “disinherit” a spouse or child and avoid certain inheritance tax issues that might impact your estate.
Family Trust Advice Grand Rapids Mi
Grand Rapids Lawyer Protecting Assets From Nursing Homes
When a family member has to be admitted to a nursing home, it can be an expensive burden on their family. Many believe that the government will cover these expenses but certain laws and requirements can deplete the assets from your estate before you are eligible for those benefits. Before you start giving away assets or making transfers to a spouse, you need to know what the rules are. These transactions if done improperly can cause you to not qualify for benefits. A proper estate plan and the right transactions that fall within the rules can work for you.
Medicaid Waiver Michigan Legal Help
Nursing homes used to be the only choice for older or disabled persons who needed help caring for themselves. Today there may be the choice to stay in your home or a community setting, but you or a family member may need assistance in doing so. A properly drafted estate plan is flexible enough so that a person remains eligible for government benefits. Parents especially need to realize that without careful planning, any inheritance may make their child ineligible for disability benefits which can be far more valuable than the inheritance itself.
Probate Lawyer Grand Rapids
The problem with probate is the court makes the rulings on all assets, collections and debts if you do not have a plan in place. This means that the final determination of your estate is out of your hands and your family may have little control over the process too because it will ultimately be a decision by the probate court. It is not uncommon for business partners, spouses, children and other family to fight over claims to your estate. Creditors may try and make claims against the estate too. Often deceased individuals pass away without paying all of their debts. Estates should provide notice to creditors when someone dies. If the estate does not provide proper notice, a creditor may have up to 3 years to collect on their claim, even against the personal representative of the estate personally. The Michigan probate courts do a good job but that does not mean that your estate is handled the way you would want it to be. Only proper estate planning can do that.
Wills and Estate Planning For Military Personnel
A will is part of the estate planning process. While younger service members seem to accumulate little assets, the need for estate planning grows more important as one grows older and begins to accumulate more assets than debts. The most important aspect is for the service member to take care of one's survivors. In addition to normal investments, life insurance (SGLI for service members) is a vital part of this. For the most part, it avoids estate taxes and avoids probate. Correct estate planning can minimize the amount of taxes paid to the government, thus allowing your heirs to inherit more.
Has a family member passed away? Do you know what you need to do? Need to know more about Probate Court?
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