Many people in Michigan approach estate planning reluctantly. After all, it can be difficult to face the topic of one’s own mortality as well as other difficult decisions, such as those involving your kids. In this case, Forbes recommends anticipating the following tough questions to ensure you’re fully prepared for the process.
Have you disclosed all personal relationships?
It’s a sad fact that many spouses withhold important information from each other during the course of their marriage. If this information involves a hidden relationship, serious consequences could occur should the person die. For instance, if you have a disgruntled former spouse or extra-marital relationship, these people could potentially contest your estate plan, thereby throwing your family into turmoil. In this case, make sure your attorney is fully aware of the big picture.
Have you made any large gifts?
Gifts over a certain amount must be reported on your tax return, even if they don’t end up being taxed. If you made such a gift and failed to include it, your estate could face serious tax repercussions that may incur huge fines and penalties. In this case, the best course of action is to report any gifts to your attorney while estate planning so that he or she can devise a good strategy.
What are your desires regarding end-of-life medical care?
How far would you like medical staff to go when preserving your life? Would your opinion change if you were suffering from a terminal illness? Is your family on board with your wishes? These questions are crucial when creating a health care directive, which stipulates end-of-life care services. While it can be unpleasant to think about, neglecting these tough questions may lead to your final wishes being ignored.