Many people believe elder law attorneys help seniors only. While it is true that an elder law professional does help people who are getting older to plan for their futures, this is not all that an elder law attorney does. An elder law attorney can also provide assistance to people of all ages who want to make a plan to become financially secure and who want to make a plan to protect the wealth they are building. Here are five ways that Biddinger & Estelle, PC can help you to make the right choices and use the right tools to achieve financial stability.
Making a plan to build your nest egg
The sooner you make a plan for what to do with your money, the better off you will be. You want to plan for retirement and decide how much to save, and in what accounts to save your money in, when you are as young as possible. This allows you ample time to benefit from compound interest. An attorney will help you to set goals and to identify the steps to take in order to ensure that those goals are achieved.
Using the right type of accounts to grow your wealth
When you make your plans to invest for your future, there are specific types of accounts that will provide you with tax breaks for investing. Generally, these are also accounts that allow you to keep the invested assets protected from certain types of losses, such as a bankruptcy filing that could result in liquidation of your assets. An attorney can explain to you the different kinds of Individual Retirement Accounts (IRAs) that you may wish to use to get tax breaks for savings and to ensure the money isn’t lost. There are rules for how much you can invest each year in tax-advantaged accounts, and rules for the amount of invested money you can deduct from your taxes based on your income. Your attorney can explain these rules to you so you’ll know what to expect.
When you have built wealth, you want to try to protect it and prevent loss. A Michigan elder law attorney can help you to identify different risks that could jeopardize your nest eggs and put your financial security in jeopardy. For example, your attorney can help you to determine if your ownership in a business is putting your personal assets at risk or if you are in the greatest jeopardy of loss due to the risk of high nursing home bills. Whatever the specific risk factors that apply to you, your attorney can assist you in ensuring that you use the right legal tools to mitigate those risks.
Planning for the management of assets in case of incapacity
Asset owners need to ensure they have made a plan in case sickness or injury makes them unable to care for their own assets. If you get sick or hurt, you don’t want all of the assets you have worked so hard to acquire to be in jeopardy due to the possibility of mismanagement. You’ll need to work with an attorney to make an incapacity plan including a power of attorney, living trust, and/or other tools to allow you to determine who will begin to immediately manage your assets when you no longer can do it on your own.
Determining what happens to your assets after you pass away
When you pass away, you want to ensure that your assets are used to provide a better life for your family or that your assets are used to give to charitable causes that you care about. You can work with an attorney to use the right types of estate planning tools so your assets can pass quickly on to new owners. Your attorney can also guide you through the process of avoiding estate tax if your estate is large enough that you would end up owing money to the government just because you have passed away.
Getting Help from a Michigan Elder Law Attorney
Biddinger & Estelle, PC can help clients throughout Michigan to try to grow and protect their assets during their lifetime and to ensure their assets are able to safely pass on to the next generation. To find out more about how an elder law attorney at our firm can help you build and protect wealth, join us for an estate planning seminar. You can also call us today at (989) 872-5601 or contact us online for personalized information on how we can help you.