It is understandable that Detroit residents would want assets they bequeath to their relatives given to them, without any of it being taken to pay off a debt. In some cases, the government may also dip its hand into an inheritance to pay taxes or repay certain benefits. There are, fortunately, a few ways to protect the legacy a family leaves to its heirs.
A revocable trust has many advantages for people who not only want to keep their assets safe for heirs, but who also want to have a certain amount of coverage for themselves while they are still alive. The law is precise as to when possessions should be placed into this kind of financial vehicle.
There are many different types of estate planning available to families in Detroit, ranging from simple wills to trust funds and more. You are likely to want to set up your estate planning to benefit your loved ones after you pass on. Did you know that it is also possible for a trust to generate income? Here, we will discuss how you might set up such a trust, as well as the reasons you might want an income-generating estate plan.
One of the best things about planning trusts is that there are a variety of different trusts available for various needs, and you have a great deal of flexibility in customizing a trust to suit your family’s individual circumstances. If you plan on leaving a large portion of your estate to a family member you are concerned might not be equipped to handle such an inheritance, you might consider setting up a spendthrift trust. It is important that you and other Detroit residents understand how this type of trust works.
In past posts, we have discussed the necessity of appointing someone to take over the financial and personal care of elderly relatives who have become unable to make their own decisions. Many of these cases involve loved ones reaching the end of their lives, who are suffering from Alzheimer’s or dementia. However, it may become necessary for you to appoint someone to oversee the interests of a younger family member who is incapacitated due to mental illness. While this is often an unpleasant and awkward situation, at the Bingham Legal Group PC, we understand that appointing a conservator for a mentally ill loved one may help to put Detroit families’ minds at ease.
If you or a loved one is dealing with medical issues later in life, you might have realized that it can be difficult to navigate the healthcare system, especially with a complicated health problem. One of the ways you might be better informed and able to regain control over your care is by involving a healthcare advocate. It can help for you and other Detroit residents to understand how a healthcare advocate works.