You've probably heard about estate planning or maybe even had some connection to it as the probate of a loved one was open. But plenty of studies have found that there is a significant knowledge gap in estate planning, and you can do your due diligence by investigating the benefits of estate planning and partnering with an experienced estate planning lawyer to discuss what is most appropriate for your long-range view. Nearly three quarters of Americans believe that estate planning is a … [Read more...]
What Is a Trust and How Can It Be Used as a Component of Your Estate Plan?
If you have the essentials of an estate plan, such as a will and a power of attorney document, this might not go far enough to accomplish all of your estate planning intentions. Your will is the cornerstone of your plan, but it doesn’t give you enough control or privacy in most cases. This is a big reason why many people turn to the services of an experienced estate lawyer for the creation of a trust. If you're new to the concept, here are some basics about how a trust functions. If you have … [Read more...]
Tips for Helping Get Your Affairs in Order
Whether you're organizing your own estate planning documents and strategies or helping your elderly parents to do the same, it's important to take a step back and think about the ways that you can make things easier for your loved ones when you are no longer around. From a living will to a trust, your estate planning should be well thought out and organized. This first step of getting the estate plan in place is a necessary one but it's often not the end of the road for all of the things that … [Read more...]
When Does Someone Need Long-Term Care?
There are a variety of different circumstances that could lead you to be researching long-term care today. Perhaps you are researching long term care options for a spouse or for an elderly parent who you believe needs more assistance than current family members and friends can provide. The need for long term care can develop as a result of an illness, injury, terminal condition, disability or old age. Since over 60% of people in the United States will need some form of long-term care … [Read more...]
Best Ways to Protect Your Business with Estate Planning
Entrepreneurs have advanced estate planning needs because they must think about their individual situation as well as the future of their business. It can be catastrophic for both your business and your legacy to not have these concerns properly addressed. Some of the challenges that come with failing to take the necessary steps to protect your business include litigation, tax inefficiency, loss of business value, and dissipation of assets. There are three primary ways that protect your … [Read more...]
What Does It Mean to Have A Trust Established?
A trust is an estate planning device that many families use to protect their assets, prepare for incapacity, and protect their loved ones. Establishing a trust means you are creating a separate entity apart from yourself. If you create a trust entity and intend for the trust to actually own the property, there are several important steps that you need to follow up with after you have created the trust. A trust is not a one and done type of estate planning strategy and in order for it to be … [Read more...]
Five Ways That Property Could Be Passed on to Loved Ones After You Pass Away
It’s important to think about the prospect of doing your estate planning not just for your own peace of mind but to also know that your family members will be taken care of and this process will be more streamlined for them if something happens to you. There are five major ways that your property could be passed on to your loved ones. Whether or not the fourth one is activated has more to do with whether or not you have accomplished your own estate planning. The first method is through a … [Read more...]
What Should Prompt an Estate Plan Update?
Have you already sat down with our Michigan estate planning attorneys to create a will, trust, power of attorney, and other documents? Life changes should prompt you to revisit your estate plan on an as-needed basis. However, even if you feel that your life circumstances have not recently changed enough to warrant a consultation with an estate planning attorney, the age of your plan is another reason to consider partnering with an estate planning lawyer. There are some events that you … [Read more...]
How Your Family Situation Affects Your Plans for Your Legacy
Reese estate planning lawyers at Biddinger & Estelle can provide you with assistance in making the right plans to achieve your desired legacy. There are many considerations that affect the legacy planning process and the legal tools that you need to use to make your plans. One of the most important considerations is your specific family situation. Your family situation can affect your legacy plan in important ways. Here are a few key examples of how your situation will affect the plans you need … [Read more...]
Special Estate Planning Issues When You Have a Large Estate
Elder law attorneys provide assistance with making plans for the protection of your assets. Attorneys can also assist with addressing end-of-life issues and with making a legacy plan so you can use your assets to support your family and the causes that matter to you. There are many legal issues that you need to think about when you make your plans for the future, and Biddinger & Estelle provides help to people in Michigan's shoreline communities at all income levels and in all life … [Read more...]
