No one wants to think of dying, but it is important to plan for it, or else things can get really messy. For parents with young children in Michigan, naming a guardian is imperative in the unfortunate event both parents pass away before the kids turn 18. There are a number of factors you should consider before making a decision so your children get the best care possible.
Whether a marriage breaks down because of a partner’s infidelity or a married couple grows apart after many years, countless factors can lead to a divorce. As if the divorce process is not challenging enough in and of itself, there are other legal considerations that may arise in the wake of a divorce, such as those involving an estate plan. For example, it may be smart for you to take a look at your will and ensure that any necessary changes resulting from your divorce have been taken care of.
As the season changes to warmer weather, it is a good time to reevaluate your estate plans in Michigan. Perhaps you wrote a will, but you have not made any changes to it since. There are certain circumstances that call for adding to, or changing, a will, so now is the perfect time to consider if you should make any changes.
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.