estate planning Archives

Estate planning as part of elder care

The fastest growing age group in Michigan and elsewhere in the country consists of those 55 years of age and older. They are known as the baby-boom generation, those who were born in the years after World War II. As they near retirement age, or are already retired, there are special issues regarding retirement planning and estate planning that they and their loved ones should be aware of.

Estate planning can ease pain at a difficult time

Aretha Franklin passed away almost one year ago. At the time, it was believed that she had not left a will. Three documents appearing to be wills were recently found in her Michigan home. The discovery is likely to add to the complexity of settling the late singer's estate and also illustrates the benefit to comprehensive estate planning.

Estate planning and financial planning should be connected

Estate planning and financial planning are two terms that are frequently heard in Michigan. What many people may not understand is the interconnectedness of the two. People may believe they don't need a financial plan as they have an estate plan in place and vice versa. The reality is that one without the other could leave significant aspects of one's estate and family unprotected in the event of one's passing. Estate planning can serve as a comprehensive guide for what happens to one's assets, both financial and nonfinancial.

Estate planning crucial for terminally ill Michigan residents

When a loved one is facing a terminal illness, it can affect all family members and the way in which life is lived day to day. Michigan residents who are in ill health need to think about estate planning and getting the proper documents in order as soon as possible. It will not only give them peace of mind but will also help their family members to focus on their loved one in the moment without having to think about the future.

Estate planning is not without risks

Planning for one's estate is becoming recognized more and more as an essential tool for protecting wealth in Michigan in order to pass it on to the next generation. This may be particularly true of the baby boomer generation as they enter retirement. They may wish to reap the benefits of their wealth in retirement but also leave some behind for family or favored charities. Without good, well-thought-out estate planning in place, this is a risky proposition.

Estate planning can be an emotionally fraught issue

What happens to one's wealth and property after death can be a difficult subject to broach in Michigan. People are seldom comfortable confronting their own mortality, and family dynamics can play a part as well as people may be fearful of causing family conflict when estate planning is discussed. Perhaps people should consider that the conflict can happen now, while they can exercise some control, or after they have passed when they will have no control.

Estate planning and the revocable trust

The need to have a will and other estate documents is widely accepted and practiced in Michigan. As with so many other aspects of modern society, estate planning is full of terms that can almost sound like a foreign language to those trying to make sense of all of the different components. One aspect of estate planning that may create confusion is the use of a revocable trust.

Estate planning should be reviewed when starting a second family

An estate plan should be an ongoing process in Michigan and around the country. Many factors can prompt the review of existing estate planning documents. Some of these include marriage, the birth of a child, a new job or a second marriage. When starting a new family, the needs of the previous spouse and particularly minor children should be considered.

Estate planning is critical for small businesses

The United States is largely a land of entrepreneurs. It was founded by people who fled their homelands in search of a better life for themselves and their families. This entrepreneurial spirit thrives in Michigan and elsewhere around the country as new technologies provide the impetus for the birth of new businesses on an almost daily basis. While estate planning is vital for the protection of one's family, it can also be vital to the protection of one's business.

Estate planning can be a comforting winter task

February weather can be cold, snowy and cruel in northern Michigan. It can be a time to cuddle up in front of the fire with a good book or reflect on the resolutions one made for January that are still not begun. Maybe one of those resolutions was to look into estate planning in light of getting a new job or having a new baby. Both are good reasons to consider establishing a plan. Any adult can, and should, have an estate plan.