Galloway and Collens, PLLC
248-284-1990
248-284-1990

Estate Planning Archives

Beware of loss of control in an estate plan

Creating an estate plan can be an overwhelming and emotional journey. For some, outlining the division of assets or funds can pose unique complications. Anyone in Michigan who is involved in creating an estate plan may want to carefully consider his or her options before relinquishing control of any aspect of his or her life.

Avoid making estate plan mistakes through proper planning

When it comes to life lessons, there are a few lessons to be learned from the lives of certain celebrities. There are also lessons about what not to do based on mistakes exhibited in the estate plans of the rich and famous. While each and every estate plan is unique, as unique as the Michigan family involved, there are easy ways to avoid making mistakes that are similar to some brought to light by the passing of celebrities.

Proactive tips for an estate plan in Michigan

Creating an estate plan typically involves drafting, signing and filing a few key documents. While this is an important part of the process, there are other recommended steps for creating an estate plan. Michigan families may be interested in the following tips and ideas, if they are in the midst of the process of simply beginning to think about creating an estate plan.

An estate plan for single parents should be done early

There are many challenges that come with being a single parent. A single parent may find him or herself in a situation where he or she is solely shouldering the burden of ensuring a stable financial future for his or her children. Michigan single parents may want to stop and think about how crafting a comprehensive estate plan is one very vital move that should be made sooner rather than later.

Tips to not let an estate plan go horribly wrong

When the time comes for a family, couple or an individual to set up an estate plan, that party or parties may have very clear ideas about what they want to happen or what they foresee the situation to be. Nevertheless, most Michigan families realize life circumstances and family changes can and do happen throughout one's lifetime. Anyone who has already or is in the process of creating an estate plan may want to think about what can go wrong after that plan has been created.

Without knowledge of an estate, an estate plan can be complicated

People may know they need an estate plan, but that can mean different things to different people. Anyone in Michigan who attempts to create an estate plan will need to understand what their estate actually entails. It is then important to understand what one's wishes are and how to make that happen efficiently and cost-effectively.

Potential pitfalls of not making an estate plan

No one likes to think about needing an estate plan. An estate plan essentially forces a person or family to think about their mortality or the mortality of a loved one. However, not planning accordingly or not being prepared can be costly to loved ones and can also leave more work and cost more money for those who have to deal with the aftermath of an ill-prepared or incomplete estate plan. Anyone in Michigan who has not thought outside of the box when it comes to an estate plan may benefit by stopping and doing so.

Creating an estate plan isn't just for the elderly

When people think about estate planning, they may automatically assume it is a concern for those who are of a certain age and lot in life. However, there is never an age that is too young to think about an estate plan and ensure that the process is handled correctly. Anyone, especially those in their 30s in Michigan, who owns a home, has a family or has any kind of assets should act to protect themselves and their loved ones.

Michigan residents may want to consider a trust fund

Michigan residents who are looking to begin the estate-planning process may be a bit overwhelmed by the different documents that they may be able to set up. Many individuals are aware of how a will works and may believe that this document is the most important one. While individuals should not rule out making a will, they may also want to consider other documents and accounts as well, such as a trust.

College Savings accounts a good estate plan option

Parents and grandparents are always looking to make preparations for providing for the next generation. One of the most pertinent concerns families in Michigan have is saving for college for their children and grandchildren. A parent or grandparent may want to consider incorporating a 529 college savings account in his or her estate plan in order to begin saving for the education of the next generation while also avoiding tax liabilities.

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