A new year has arrived and along with it a multitude of resolutions made with the best of intentions. Many of those resolutions will be broken by February. There is one resolution that should be made and kept in Michigan. Resolve to review or establish estate planning in 2019.
Making such a move can help to protect one’s assets and one’s family as we head into a new year. No one knows the length of time one may have on this planet and preparing for the unknown is a wonderful thing to do for one’s loved ones. There are a variety of steps that can be taken to solidify a person’s plan or establish a new one.
An important element to consider involves the implications of the tax law changes. How will the changes impact one’s personal or business taxes? It’s always a good idea to make sure insurance and asset beneficiary information is up to date, particularly if there was a life change such as a birth or divorce. The same applies for updating wills and trusts to reflect these possible changes. It is also beneficial to review insurance policies to ensure that sufficient coverage is in place to protect the covered assets.
Protecting one’s loved ones is first and foremost on many people’s minds. Not all eventualities can be prepared for. Having a solid estate plan can go a long way to providing that protection. A Michigan lawyer experienced in estate planning can assist with a comprehensive review of a person’s situation to help ensure that unforeseen eventualities are well provided for.