A Northern Michigan estate planning lawyer can help you to make plans to protect your family and your assets. There are many circumstances in which it makes sense for you to talk with an attorney who can assist you in making effective use of legal tools to secure your future. Talk with Biddinger & Estelle, PC if you experience any of these five situations so our attorneys can help you to make or update a plan.
You get married
Getting married means you have another person who is now dependent upon the income you bring into the household, the services that you provide to the family, or both. You want to ensure that your spouse is taken care of in case something happens to you. This means making a last will and testament or other estate plan so your spouse can inherit the assets that you want to leave to your partner. Your estate planning attorney can also discuss the possibility of purchasing life insurance in case your spouse is depending upon your income to pay for the mortgage or other essential household expenses.
You have a baby
When you have a baby, it is vital to talk with an estate planning lawyer. A new baby is dependent upon you for care and for financial support. You need to make plans for what would happen to your child if something happens to you and the child’s other parent before the child becomes an adult. You should talk with an estate planning lawyer about naming a guardian to care for your kids in case something happens to you before your child are grown. An attorney can also help you to make plans for the financial support of your children in case you aren’t able to raise them to adulthood, and can explain the legal tools you can use to structure an inheritance so a child doesn’t simply get handed a lot of money at age 18 with no guidance on what to do with it.
You acquire expensive assets
Once you have built a substantial nest egg or acquired expensive property, you need to talk with a Northern Michigan estate planning lawyer for a few different reasons. You should talk with an attorney so your lawyer can help you to make sure your assets are protected. You don’t want to lose your valuable assets in case you get sick and require Medicaid to pay for your nursing home care. Medicaid is a means-tested program that would require you to spend down those assets. Your attorney can help you to explore all possible risks that you face and all sources of losses so you can make appropriate risk mitigation plans using the right legal tools. You can also get help making plans to transfer those assets to your loved ones and, if necessary, to take steps to avoid estate taxes that are charged on larger estates.
You start a business
When you start a business, an estate planning lawyer can help you to create a business succession plan and to ensure you can transfer that business in a timely and efficient manner to a new owner. You may not want your interest in your business to transfer through the probate process, as this process can take a long period of time during which the business could be hurt by uncertainty. If you can create a business succession plan and work with your attorney to transfer your business using other appropriate legal tools, you can ensure that the company is able to survive you and continue operations even after you have passed away.
You are diagnosed with a serious illness
When you are diagnosed with a serious illness, you want to talk with an attorney to make decisions on medical care issues in case the illness progresses to an end stage illness. You also want to work with your lawyer so you can ensure that you have an incapacity plan in place in case your illness leaves you unable to manage your own assets, make your own decisions, or live independently.
Contact a Northern Michigan Estate Planning Lawyer Today
Biddinger & Estelle, PC will help you to use the right legal tools to respond to any big change in your life. When you need a Northern Michigan estate planning lawyer, our experienced and compassionate legal team is here to provide the assistance you need more. To find out how we can help you, join us for a free estate planning seminar. You can also call us today at (989) 872-5601 or contact us online for personalized information.
- Best Ways to Protect Your Business with Estate Planning - May 8, 2020
- What Should Prompt an Estate Plan Update? - May 5, 2020
- How Your Family Situation Affects Your Plans for Your Legacy - December 18, 2017