An estate planning attorney serving Michigan’s shoreline communities can help you to make plans to protect your finances and your family at all stages of your life. An attorney can assist you in making certain that you have made effective use of legal tools and that you have the right plans in place for your current life situation. Because you never know what tomorrow holds, it is important to make sure that your estate plan is always up-to-date and reflective of your current wishes.
Biddinger & Estelle is here to help you to make an initial estate plan that is right for you, whether you are young or old. Once you have your plans in place, we can meet with you on periodic basis to help ensure that your plan is still the best option for you. Give us a call to find out more about how an estate planning attorney can assist you with both the creation of a plan and the updating of that plan on an appropriate scheduled.
How Often Should You Meet with an Estate Planning Attorney?
If you do not already have an estate plan in place, you should meet with an attorney today to rectify this situation and create a plan appropriate for your life circumstances. You may think that you don’t need a plan if you’re young, but you should still have one because unexpected tragedies happen every day and you don’t want default intestacy law determining what happens to your property. You may also think you don’t need a plan if you don’t have a lot of assets, but you still need a plan in case you have pets or kids depending upon you or in case you want to control what kinds of medical care you receive if you get sick or hurt.
Once you have put a plan in place that takes control of your legacy, protects your assets and addresses end-of-life issues, it is important that you keep your plan updated. This means you should meet with your attorney if there are any major changes to your life. If you get married or get divorced, you will need to update your plan to account for either having or not having a spouse.
If you acquire new assets or sell old ones, you’ll need to update your plan to specify who should inherit or to adjust instructions on what each of your loved ones will inherit so no one is left without an inheritance simply because you have sold an asset. If you have a new child or grandchild, if your child becomes an adult, or if your child finishes his education, you need a plan. If any of your loved ones becomes disabled or if you are getting older and fear you may need nursing home care, you should talk with an experienced attorney. If your wealth grows and you will become subject to estate tax, you also need to work with a lawyer to reduce or avoid this burdensome tax.
If you do not experience major life changes, you still need to check in with an estate planning attorney. Although your circumstances may not have changed since you made your plans, other changes may have occurred that impact what your plan should include or how your plan should be structured. Laws can change and evolve, for example. There are currently proposed changes pending to the federal Medicaid program and President Trump has suggested repealing the federal estate tax. Since a change in state or federal regulations could affect what your plan should entail, you should talk with an experienced attorney on a regular basis to ensure that your plan is appropriate for the current legal environment.
Meeting around once per year with an experienced attorney even if your life circumstances have not changed dramatically will allow you to discuss your current goals, to find out about any legal changes that could affect you, and to ensure that you have a plan in place that will work now if something should happen to you.
Getting Help from An Estate Planning Attorney
An estate planning attorney at Biddinger & Estelle can provide the personalized help you need to ensure your plan is always up-to-date so you are always ready in case an unexpected emergency arises. We serve residents of counties from St. Clair to Presque Isle along Michigan’s eastern shoreline, including the Thumb and northeast coast. To find out more about the assistance that we can offer to you, give us a call at (989) 872-5601 or contact us online today.