For financially stable families in Michigan, a great deal of pride may be taken in the act of leaving a significant inheritance to a family member. However, Michigan residents may want to consider the downside of leaving a family member a large sum of money. For some families, the concern may lie with what a beneficiary will do with his or her inheritance. For other families, concerns may stem from wanting to protect assets from tax or other liabilities.
When a person leaves assets to his or her family members, there is always the chance that one or more of the family members may disagree with the distribution of the assets or feel slighted in some way. A dispute over a large inheritance has recently made the news as it has pitted a mother against her own son and stepson. Michigan families who are deciding the fate of assets and funds may want to follow the story as it unfolds.
Whenever a family passes, that family member's last will and wishes expressed may come as a surprise to some. However, those typically close to the person may already be aware of the declarations and wishes that are part of a will. When a Michigan family feels that a will does not seem to go along with what that family believes the person would have wanted, the family may have grounds to successfully contest the will. The family of baseball great Ernie Banks has made it clear they plan to dispute the will said to be left behind by Banks.
Estate planning often revolves around who will get an inheritance and who won't. The question of how much money and what assets to leave to whom is an essential part of the estate planning process for Michigan families. However, families have recently begun to think about what else they leave behind for the next generation, namely what their legacy will be.
When it comes to leaving assets to beneficiaries, the process can be difficult for families if there are estranged children or strained family relations to be considered. For Michigan families, there are creative solutions for dealing with how to leave an inheritance to estranged children. While leaving that person out of the estate plan is always an option, there are times when that can make the process more complicated rather than simpler.
The entire estate-planning process can be tricky for families to navigate. It may be challenging for an elderly family member or spouse to disclose assets and financial information to the people to whom they may be closest. However, the more transparency there is when it comes to an inheritance and estate planning, the better Michigan families may be prepared to deal with estate planning and estate administration.