Estate planning is important, no matter how small your estate may be. It allows you, while you are still living, to ensure that your property will go to the people you want, in the way you want, and when you want. It permits you to save as much as possible on taxes, court costs, and attorneys' fees, and it affords the comfort that your loved ones can mourn your loss without being simultaneously burdened with unnecessary red tape and financial confusion. All estate plans should include, at minimum, two important estate-planning instruments: a durable power of attorney and a will. The first is for managing your property during your life, in case you are ever unable to do so yourself. The second is for the management and distribution of your property after death.
In addition to these planning instruments, more and more Americans today are using revocable (or "living") trusts to avoid probate and to manage their estates both during their lives and after they're gone. A complete estate plan should also include a medical directive that may encompass a number of different documents, including a health care proxy, a durable power of attorney for health care, a living will, and medical instructions.
Our attorneys work with clients to develop personalized strategies for family wealth preservation, as well as achieving philanthropic goals. Common estate planning techniques employed include:
Family Limited Partnerships
Irrevocable Life Insurance Trusts
Charitable Remainder Trusts
Charitable Lead Trusts
Grantor Retained Annuity Trusts
Qualified Personal Residence Trusts
Don't worry about facing your family's financial future on your own. Let an experienced attorney help you put a detailed plan in place. For all of your estate planning needs in the greater Hastings, Michigan area, contact the Depot Law Office today and schedule a consultation to get started.