Handling All Aspects of Estate Planning, Asset Protection & Probate Proceedings
Many people incorrectly assume that “estate planning” is only about your last will and testament, or that trusts and other arrangements are solely for the very wealthy. Nothing could be further from the truth, however. A solid estate plan has many benefits—it can outline everything from how your assets should be divided upon your death to your healthcare and medical treatment wishes in the event that you are incapacitated. Unfortunately, as of 2019, it’s estimated that almost half of all Americans over the age of 55 do not have a will or any other estate planning documents in place.
To ensure that your loved ones are protected from tax liability – or from having to sort out your estate in the absence of a will – it’s crucial to start discussing your estate plan as soon as possible. An estate plan will also allow you to make arrangements for your family in the event of an accident, as well as ensure that your wishes are observed in the event of illness or debilitating injuries. These documents can always be changed later on, and should be updated every 5 to 10 years to reflect changes in your life. However, without any estate plan in place at all, your future and legacy may be at risk.
Our estate planning attorneys in Michigan can help you with:
- Estate Administration – Selecting a person to act as the executor or administrator of your estate, avoiding probate, and administration of your loved one’s estate
- Creating a Will – Appointing beneficiaries and naming heirs, stating how assets/properties should be divided, naming a guardian for your minor children, funeral wishes, and more
- Property Ownership and Transfers – Gifting property deeds while you are still living, placing a property into a living trust, and more
- Establishing a Trust – Naming trustees, creating revocable and irrevocable living trusts, trust management while you are alive, and modifying the terms of a trust
- Gifting Assets – Making inheritance gifts to loved ones while you are alive, asset and property transfers, reducing tax burdens, and more
- Estate Tax Penalties – Understanding when federal estate taxes apply, avoiding tax penalties (especially on large estates), and more
- Asset Protection – Protecting your hard-earned assets, reducing burdensome taxes, paying for end-of-life care, and protecting your family members and loved ones
- Business Succession – Choosing a business successor, working with boards of directors, and protecting the future of your business
- Establishing Durable Powers of Attorney – Establishing a person to make medical decisions on your behalf in the event that you are unable to (also known as “health care proxy”)
- Healthcare Directives – Stating your healthcare wishes, Medicare and Medicaid planning, healthcare crisis planning, and more
- Naming a Guardian/Conservator – Appointing a person to care for your minor child/children or a special needs adult in the event of your death or incapacitation
- Special Needs Estate Planning – Establishing a special needs trust, naming a guardian or conservator for a special needs loved one, avoiding benefits programs penalties, and more
Additionally, we can assist you with elder law concerns, such as Lady Bird Deeds, as well as property ownership issues and more. Our knowledgeable estate planning and probate attorneys are prepared to help you navigate the entire process from start to finish.
Why Planning for the Future Is So Important
Many people don’t think too much about the future of their estate. This is understandable; no one likes to think about the possibility of severe illness, incapacitation, or death. However, having a plan in place for the future of your estate not only provides you with unparalleled peace of mind, but it also allows you to rest easy knowing your loved ones and hard-earned assets are protected. Without an estate plan, your family will likely have to go through the probate process to settle your estate. This can be lengthy, time-consuming, and expensive.
If you wish to create a new estate plan or you would like to make modifications to your existing estate plan, we can help. Contact Grewal Law PLLC to speak with an experienced estate planning and probate lawyer in Grand Rapids, Northville, Okemos, or throughout Michigan.
We can be reached by phone at (888) 211-5798 or online via our contact form.