In this blog post, we will take a closer look at two issues that can be incredibly difficult for people to deal with: being diagnosed with cancer and setting up an estate plan. If you were recently diagnosed with cancer, you may feel as if you have no control over your life or your future, and you could be worried about what will happen to your loved ones in the years ahead. Fortunately, there are steps that you may be able to take to alleviate some of these concerns, such as creating an estate plan.
There is little else as unsettling as thinking about how your spouse would manage if you were to pass away. While you can do your best to provide a supportive lifestyle while you are living, what happens when you are no longer physically able to protect your spouse? At Bingham Legal Group, we have helped many couples in Michigan to create an estate plan that is applicable to their living situation and is capable of meeting their end-of-life desires.
When you work on your Michigan estate plan, chances are, you do so with the intent of leaving as much of your wealth behind for your loved ones, or the causes you care about, as you possibly can. One effective method of doing this involves reducing the amount of tax assessed against your estate, and there are several different methods you can utilize to help do this. At Bingham Legal Group PC, we are well-versed in the various methods of reducing estate tax, and we have helped many clients navigate this and related estate planning objectives.
The estate planning process can seem complex and time-consuming, which causes some people to push off setting up a will or creating a trust. Moreover, some people may believe that they are too young for an estate plan and that they have many decades of life ahead of them. Unfortunately, unexpected problems can arise at any time, from a serious health crisis (such as a terminal cancer diagnosis) to an unforeseen accident that claims a life far too soon. As a result, it is important for you to set up an estate plan if you are worried about how your estate will be distributed to loved ones after you pass away.
Estate planning can be very complex and this is true for almost everyone who decides to set up a plan, whether they move ahead with a will or decide that a trust is the better option. For some people, estate planning can be even more complicated, however. For example, some people own property outside of the U.S., which can make setting up an estate plan even trickier for various reasons. If you have international assets or are dealing with other international issues that could impact your estate plan (citizenship, beneficiaries living overseas, etc.), it is especially important for you to carefully approach this process.
Often, when people tie the knot, they expect to stay in a marriage with their spouse for the rest of their life. However, things do not always work out well and some couples ultimately end their marriage. This can bring on a number of changes in one's life, especially when it comes to financial matters such as estate planning. Moreover, some people may choose to get married to someone else, and this can also give rise to various considerations related to one's estate plan. Whether someone wishes to modify an existing estate plan or set up a will or trust after their second marriage, it is essential to be careful moving forward.
When the holiday season rolls around, people may have a variety of feelings, from excitement to loneliness and stress. Many different family issues may come to a head during the holidays, especially since many family members may be seeing each other for the first time in months (or even years). Our law office knows that estate planning matters can also be difficult to deal with during this time of year and you may be unsure of how to approach the subject with your loved ones. For example, you might decide to discuss your estate plan with your relatives over the holidays. Or, perhaps you have already announced some aspects of your estate plan and there is disagreement.
If you have been placed in charge of a loved one's estate plan, you may have uncertainty for a number of reasons, whether your loved one recently passed on or they just informed you that they decided to name you as the executor of their will. This is understandable and there are all sorts of factors related to estate plans that can give rise to uncertainty. However, by discussing this issue with your loved one if they are alive, or consulting a legal professional if they have passed away, you may be able to ease some of your concerns.
Some people set up an estate plan because they are simply looking to the future and want peace of mind, while others experience an unexpected crisis which prompts them to create a trust or will in order to protect their assets. For example, a health scare may cause someone to set up an estate plan much sooner than they were expecting. If you have recently suffered a medical emergency that you did not see coming, it is crucial to not only protect your health but your finances as well. These situations may also cause people to create an estate plan at a relatively young age.
We have covered many of the reasons why people decide to revise their estate plans, such as the birth of a child, an injury they suffered or the end of their marriage. There are other circumstances in which it may become necessary to go over your estate plan again, however. For example, you may experience a number of different changes with regard to your career which may make it necessary to revise certain aspects of your estate plan. In Detroit, and cities all over the state of Michigan, those whose lives change in significant ways should ensure that their estate plan is also taken into consideration.