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Posts tagged "Estate Planning"

Things people get wrong when preparing an estate plan

The process of creating an estate plan may seem like a cut and dried kind of endeavor. However, there are aspects of an estate plan that people commonly get wrong or disregard altogether. It is important for Michigan residents to understand the mistakes of others to ensure they are on the path to comprehensive estate planning for themselves and their family.

A special needs trust may be ideal for some situations

Families can be complicated, and the individual needs of family members or other beneficiaries may be just as complicated. This means that each family may have specific and very different needs as they move forward with the estate planning process. For some Michigan families, the creation of a trust, specifically a special needs trust, may be a viable option for overseeing the care of a loved one.

Estate plan needs vary for childless couples in Michigan

Oftentimes, when people think about beneficiaries of assets and funds, they may automatically think about parents leaving an estate to be split between children. However, for Michigan couples and individuals without children, the process of crafting an estate plan may be slightly different. It may require some more thought regarding beneficiaries than for those who have children and who simply plan to leave all assets to those children.

Finding out more about a trust is important

There are many options for estate planning and no one plan will work for everyone. However, regardless of the size of the estate, a trust may be a good idea to consider. For anyone in Michigan who is venturing into estate planning, learning about the different types of trusts can help a family determine what may be the best course of action for them.

Estate plan mistakes of James Gandolfini may be lesson for others

Oftent, people think those who have a great deal of assets must have all of their estate planning ducks in a row. However, the death of Soprano's star James Gandolfini showed that not everyone has taken the necessary steps to ensure that a comprehensive estate plan is in place. Because Gandolfini had a will, the details of his estate plan were made public. Anyone in Michigan who has yet to make an estate plan may be able to learn from his reported mistakes.

Drawing up a will could alleviate future stress in Michigan

Broaching the topic of estate planning can be somewhat uncomfortable for many people. However, it is better to have these plans in place long before they are needed in order to ensure that end-of-life decisions are handled accordingly. Estate planning covers various subjects from creating a will to appointing a power of attorney, and these decisions should not be made hastily.

Michigan residents should not put off drafting an estate plan

Many people wrongfully assume that they do not need to think about such things as estate planning if they are just starting out or do not have a great deal of valuable assets. Yet, anyone in Michigan who has children would be wise to make estate planning a priority. Also, residents should seriously consider how the size of their estate or number of owned properties can factor into an estate plan.

Michigan families need estate plan for digital assets

Estate plans essentially outline the fate of one's personal belongings and other assets, such as bank accounts and investments. As technology continues to grow by leaps and bounds, it is becoming more important to think outside of the box when it comes to estate planning. Simply put, it is about much more than who gets the fine china and the house. An estate plan for Michigan residents may now need to include digital assets.

In Michigan, an estate plan can be about more than family

Traditionally, estate planning has been the process of handing down belongings and other assets from one generation to the next. The process of creating an estate plan is highly personal. That is reflected in some recent changes to the process in general, such as for those who do not have children or who are seeking a more creative approach. Michigan residents and others around the country are taking a different approach as family dynamics continue to evolve.

Important factors for an estate plan in Michigan

The general topic of estate planning may be difficult for some to bring up or think much about. However, anyone who has any kind of assets may benefit from learning more about the process and what it entails, especially the important decisions that must be made. Anyone in Michigan who has not begun the process of putting together an estate plan may want to consider some of the following factors.

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