2850 S. Milford Road | Highland, MI 48357 | Tel: 248.685.8743
 
 

Estate Planning

Establishing an estate plan of your own, and having it designed by a firm that focuses on estate planning, is one of the most important steps you can take to protect yourself and your loved ones. Why? Because proper estate planning is not just about the efficient distribution of your assets after you pass away. It is also about maintaining complete control over your assets while you are alive; protecting them against the high cost of long-term healthcare and other threats, so that more of your estate is available for your enjoyment and that of your loved ones; passing your values and dreams on to your children and future generations; minimizing estate taxes; avoiding the delays, frustration and needless expense of probate; and more.

We will take the time to get to know you personally, gain a thorough understanding of your concerns and objectives, and then design a comprehensive plan that is uniquely tailored to address all of your goals.

We can help accomplish all of these goals, and others as well, depending on your particular situation. We will take the time to get to know you personally, gain a thorough understanding of your concerns and objectives, and then design a comprehensive plan that can help you address every one of them and to establish a relationship that will continue throughout your life.

Incapacity Planning

Many people think their spouse or children can simply take over the management of their affairs in the event of incapacity. Unfortunately, without proper planning, the legal process associated with taking control of your affairs is anything but simple. To manage your finances, your loved ones must petition a court to declare you legally incapacitated, a process that is long, expensive, stressful and often emotionally devastating for all family members involved. Worse, the court may not appoint the person you would have wanted. And even if it does, the person appointed to act on your behalf may not have the ability or time to handle your finances effectively. Family disputes and ill-will that can last a lifetime are not uncommon in these situations. Fortunately, we can help you to have a proper plan to avoid this difficult situation.

We can also show you ways to ensure your healthcare wishes will be carried out should you become incapacitated. The law permits you to appoint someone you trust, such as a family member or close friend, to get information and to make decisions for you about your medical treatment if you cannot make them yourself. This is particularly important when it comes to the use of extraordinary measures to keep you alive in the event of prolonged unconsciousness or a terminal illness.

Avoiding Probate

Did you know that even if you have a Last Will and Testament, your estate will still be subject to the expense, delays and public scrutiny of probate? This means your heirs will not have access to your assets until your estate has been settled by the court. A situation such as this can put a great deal of financial stress on family members at a time when they are already grieving your loss. Your spouse may even have to petition the court for cash to pay for living expenses. All of this can be avoided through proper planning.

Protecting Your Minor Children

If your children are young, it is critically important to take steps to protect them should something happen to you. This may involve putting a plan in place that can:

  • Allow your surviving spouse to devote more attention to your children without the burden and stress of work obligations
  • Provide counseling and other resources for your spouse if he or she lacks the experience or ability to handle financial and legal matters
  • Provide for your children in the event you and your spouse die at the same time
  • Nominate a guardian to raise your children if you and your spouse cannot do so
  • Designate a trustee to manage your minor children’s finances. (This does not have to be the same person you nominate as guardian.)
  • Control how and when your children receive your assets. Provisions can be made to account for your children’s age, needs, and ability to handle large sums of money.

Obviously, your choice of both guardian and trustee are crucial decisions. We can help you select the proper candidates, make sure they are legally bound to carry out your wishes, and guide them through the myriad duties and responsibilities associated with such an important role.

Estate Tax Minimization

We can show you a number of ways to reduce or even eliminate estate taxes, both federal and state. Given the ever-changing rules governing estate taxes, it pays to consult an experienced firm like ours, and to do so as soon as possible. The earlier you start planning, the more options we will have to help you preserve the most of your hard earned assets.

Charitable Giving

Giving to charity is a thoughtful way to provide for the people, organizations and institutions that have come to mean the most to you over the course of your life. It can also be an excellent tool for reducing capital gains and estate taxes, creating a lifelong income stream and earning higher yields on certain investments. We can show you many different options for accomplishing these goals, and ensure the largest possible amount of your gift goes to your charity of choice rather than the IRS.