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Strategic Planning For Your Complex Estate Assets

If your estate contains high-value or unusual assets, proper estate planning is critical in achieving the goals you have for yourself and your family. You may need to address important tax implications, create a complex trust or think about lifetime giving.

Not all estate planning attorneys have experience with these situations. Make sure that the lawyer you choose understands your needs and how to implement the proper strategy for you. At Bingham Legal Group PC, our lawyer has the experience with high-value assets that you need. With over 20 years of legal experience, attorney Lauren M. Underwood will work with you to tailor your plan to fit your unique needs.

Assets That Require Special Attention

Certain assets require you to strategically plan how you want to manage them both before and after your death. Examples of complex assets include:

  • Business interests – If you own a business or have shares in a business, a membership agreement may dictate how those interests can pass after the death of an owner. Otherwise, you may have to choose how to pass that interest along. You may even need a comprehensive succession plan for your business.
  • High-value real estate – Many people own real estate at their death – often the family home. Despite this, real estate still causes many problems in probated estates due to the tricky nature of real property laws. If you own high-value real estate, acreage or multiple properties, you should have a professional analyze your title documents.
  • Nontraditional assets – Certain assets are not considered common, such as yachts, art collections, personal planes or vacation properties in other countries. Make sure that you understand your options for managing these assets.

These are just a few examples of uncommon property that you may need to address in your estate plan. If you have questions about other unique or high-value assets, we are here to answer those questions and help you find the right strategy for passing them on after your death.

Will You Have To Pay Estate Taxes?

Not all estates have to pay estate taxes, but if you have a multimillion-dollar estate, you should consult with us regarding your situation. The good news is that the state of Michigan does not have an estate tax. We can help you determine if you may need to worry about the federal estate tax, which fluctuates each year. Certain planning strategies may help you minimize the impact of these taxes.

Planned Giving During Your Lifetime

Leaving property to your loved ones in your will is not your only option for managing your estate. Good planning starts with deciding how to spend your money during your lifetime. You may wish to take advantage of the federal gift tax exclusion and gift smaller amounts of property to loved ones each year. Certain types of gifts, such as helping a grandchild with their education, are already tax-exempt.

Another method of planned giving is to establish a foundation or a trust that you can control during your lifetime and pass along to a trusted manager after you are gone. Many types of trusts exist for a variety of purposes that can help you protect your legacy. Our attorney is happy to meet with you to discuss all your options.

We Are Here To Answer Your Questions

Estate planning for complex assets can be difficult for even the most sophisticated consumer. If you have questions about your situation, we are here to answer them. Please contact our office in Bingham Farms by calling 248-952-8783 or reaching out online to schedule an appointment.