People tend to put off anything related to estate planning, as it isn't a subject many younger people like to think about. Anyone in Michigan over the age of 18, especially anyone with children, may benefit by preparing and executing a will. Those over 18 may also gain by looking into other vital documents that are better to have and not need rather than not have and need.
Especially for a wealthy Michigan family, it can be difficult to know how to pass wealth along to the next generation and if it should be done through a will or a trust. Estate planning is a vital financial step for anyone, no matter the income level. However, for those planning on bequeathing a significant amount of money or assets, it is best to ensure all documentation for a will or trust is in place and legally binding.
Estate planning is a very important step to take to make sure your wishes are known and followed through after you have passed away. Creating an estate plan has many benefits, but many people fail to create an estate plan before it's too late.
For same-sex couples there have been a lot of changes over the last few months. With the United States Supreme Court's ruling on the Defense of Marriage Act many of the former challenges for same-sex couples have been removed. Michigan residents may be interested to know that under this new ruling, the federal government must extend benefits to same-sex couples who have been legally married in one of the states that allows gay marriage.
Michigan residents often understand that it is important to plan for their deaths. However, people may not know exactly how to go about doing that. Estate planning is so important that without the right help, people may end up making decisions that turn out to be mistakes in the long run. There are a few common mistakes that Michigan residents should avoid as they are drafting their estate planning documents.
Some people understand the importance of planning for their death, while others do not. Even those who understand why it is important have often not taken all the appropriate steps to make sure their final wishes are carried out. According to a study done by the National Endowment for Financial Education, 69 percent of people claim that there are barriers in place that prevent them from discussing their end-of-life care with a family member.
Many older Americans know that they need to prepare for their death. They need to have a series of estate planning documents in place to deal with their affairs in case of a medical emergency or their passing. These documents -- including a power of attorney, health proxy and will -- can help make sure a person is taken care of and comfortable before and after death. Without these documents in place, a Michigan family may have to struggle through the probate courts to be able to finalize a person's affairs.
The unfortunate reality of life is that no one lives forever. At some point, everyone passes. It is important for Michigan residents to plan for their passing by creating an estate plan. An estate plan can help determine how a person's assets are going to be distributed following their death. By creating an effective and comprehensive estate plan, people can help their loved ones deal more easily with their affairs.
A lot of people in Michigan have prepared a plan for what they would like to see happen when they die. Maybe, with the help of an attorney, they have prepared a will or set up a trust. Maybe they have assigned beneficiaries for bank accounts or written a living will. Whatever it is, people usually have some sort of estate plan in place. While this estate planning is essential to make things easier on people's loved ones, people should not just create their estate plan and forget about it.
America is getting older. Every year, baby boomers are inching closer and closer to retirement age. As these baby boomers age, they need to consider estate planning issues. While the loss of a loved one is never an easy thing to face, waiting to plan for a person's death can have detrimental effects on a person's estate. Without the right strategies, Michigan residents may end up dealing with negative tax implications or end up in long drawn out legal battles.