As a business owner in Michigan, you no doubt understand the importance of having estate planning documents in place to ensure that probate and taxes do not diminish your hard work. Our legal team at the Bingham Legal Group often works with entrepreneurs to ensure that their assets are protected.
You may already be familiar with some of the estate planning options available to you in Michigan, such as wills and trusts. Many people rely on the team at the Bingham Legal Group to explain the differences in the roles, and which option may be better in a given situation. However, there is a type of trust that is actually included in the will.
True to its nature, a crisis often occurs when you least expect it. For example, your mom calls you in the wee hours to say that your father has had a stroke and is in the hospital. This seems unbelievable: Your folks came over for dinner last night, and your dad looked and acted just fine.
In Michigan, a person who is concerned about who receives certain assets after his or her death does not have to type out or download a document and find a couple of people to witness its signing. Instead, a pen and piece of paper are all that are needed to ensure that his or her wishes are honored.
Whether you post pictures and updates about your life constantly from your phone or you have important business information backed up in your email account, chances are, your way of life in Michigan has a digital side that is important to you. It could be important to other people, too, and if you die without a plan in place, they could be left without the keys to your online information.
If you are worried about how debt, Medicaid, probate and other factors will affect your estate after you die, you may want to consider a ladybird deed. According to the Michigan Bar Journal, this document transfers real estate to your beneficiary upon your death, but it allows you to retain the use of the property for as long as you live. Not only that, you can continue to make all the decisions regarding the property without the input of the grantee, including selling it or choosing a new beneficiary.
A Michigan estate plan is not something you prepare once and then put away. Divorce and remarriage, in particular, are events that should prompt you to make some changes. The team at Bingham Legal Group PC understands how these factors may affect your loved ones if you die before changing your will, and we often advise clients on the best way to address their unique family structure in their estate plans.
When it appears that you are on your way to court over a business disagreement that has spiraled out of control, or you anticipate disputes over your final wishes, you may want to consider the concept of alternative dispute resolution (ADR).
End-of-life decisions are often a part of a Michigan estate plan, but a person does not necessarily have to be on a deathbed to need important questions answered by this document. However, the answers could make the difference between life or death.
When you sit down with your attorney to flesh out your estate plan, you may be under the impression that the usual information about financial assets, property, bequests and the like will be sufficient. You will be talking about things like wills, trusts and patient advocate designations, and you think you have everything covered.