How can people in Michigan plan for the unfortunate but real possibility that their heirs and beneficiaries will encounter debt problems or some other financially draining event such as divorce? This question too often goes unaddressed in estate planning, and the money that well-meaning estate planners intend for their loved ones sometimes ends up being divided in a divorce settlement or siphoned away to pay off debt.
Estate tax laws have changed in the United States, and many Wayne County residents will need to revise their estate planning documents to keep up with the times. In anticipation of the changes, high-earners throughout the country established trusts in 2012 and took other estate planning measures to protect assets and limit tax liabilities.
When you have significant assets and the desire to preserve a legacy, you sometimes need a few brainstorming sessions to cover all of the bases. It is also important for Oakland County residents to draft estate planning documents to ensure that your wishes are carried out; otherwise, unexpected decisions may cast asunder the plans that you assumed would come true.
High-value assets can be good investments. However, passing along such assets to family members or beneficiaries is not always simple. When a person dies, an inventory must be made of both debts and assets. Any debts must be paid before the intended recipients can inherit from an estate. Proper estate administration can help to handle the details of transferring ownership.