Allegan County Estate Planning Attorney
Estate planning is a personal process rooted in building a long-lasting legacy. At Legacy Legal & Business Services PLC, our Allegan County estate planning attorney also understands that clients often have more questions than answers concerning short and long-term objectives.
We understand that end-of-life affairs are a complicated topic. Our Allegan County family law attorney will provide compassionate and knowledgeable guidance to Allegan County residents, including those in Dorr, Wayland, Allegan, Hamilton, and Shelbyville, as they handle the complexities of Michigan’s estate laws. Schedule your free consultation with Legacy Legal & Business Services PLC at (616) 681-0100 today.
Allegan County Service and Experience
We will ensure you receive attentive, timely, and committed personal service. Our knowledge and experience in estate planning techniques permit us to offer a broad range of services to fit your unique needs, ranging from the most straightforward plans to the most complex:
- Wills
- Trusts
- Durable Powers of Attorney
- Living Wills and Patient Advocate Designations
- Gift Planning
- Succession Planning for Closely Held Companies
- Succession Planning for Family Cottages
- Retirement Distribution Planning and IRAs
- Charitable Giving
- Guardianships and Conservatorships
- Marital Agreements
Partner With Your Estate Planning Attorney in Allegan County
Through confidential discussions, you can explore opportunities and ideas. The emphasis is on building a relationship between you and your attorney – a partnership that may be relied upon long after the vision has been written.
You and Margaret L. Webb will spend time discussing your estate plan objectives and dealing with critical issues such as:
- Establishing a plan to accomplish your personal and financial objectives.
- Providing financial security for your family and assuring that dependents are cared for.
- Reducing the tax burden on your survivors by taking advantage of opportunities.
- Avoiding probate.
- Establishing a succession plan for a family business.
- Establishing a succession plan for a family cottage.
- Exploring options for charitable giving.
How Legacy Legal & Business Services PLC Will Help You
Estate planning is more than drafting a set of documents; it is a necessary process that ensures your financial legacy aligns with your desires and protects your loved ones. While essential for everyone, estate planning requires a nuanced understanding of the state’s legal landscape of MCL 700. Otherwise, you could be letting significant legal opportunities pass your estate by.
If you decide to hire Legacy Legal & Business Services PLC for your estate planning needs, you can rely on us to:
Determine a Practical Tax Strategy
Michigan imposes an estate tax on those exceeding a specific value, which can significantly impact the amount your loved ones receive. Estate planning will protect your valuable assets from creditors while ensuring that your hard-earned money remains with the family. Our legal team will implement tactics that reduce or eliminate your tax burden to preserve wealth for heirs.
Explain Complex Estate Planning Laws
Michigan’s probate and estate planning laws are complex and apply dynamically to every case. Our experienced Allegan County estate planning attorney will help you devise appropriate strategies that anyone can understand. Even if your situation is unique, Legacy Legal & Business Services PLC will find a solution while complying with applicable laws.
Handle Your Digital Assets
In today’s technological landscape, most people own digital assets. From email to social media, planning for your digital footprint after your passing is critical. Our legal team will help you compile your digital assets and draft the required documents, so your family knows how to handle them.
Personalized Solution for Every Family
Every family is different, which is what makes every family great. The Allegan County estate planning attorney at Legacy Legal & Business Services PLC will craft a personalized estate plan addressing unique issues while ensuring that your assets are distributed according to your wishes.
Plan for the Unexpected
Life is unpredictable, and incapacitation due to illness or injury could happen to anyone. The correct estate plan will include essential documents that plan for incapacity. These documents allow trusted individuals to make critical legal decisions on your behalf, and you can see how you would have made these for yourself if you were suddenly unable to do so.
Schedule Your Free Consultation with Us
Discuss your legal options with our Allegan County estate planning attorney at no cost or obligation. We will answer your questions and offer solutions before you even decide to hire us. Get your free consultation by calling (616) 681-0100 or messaging us online.
Michigan Estate Planning FAQs
Do you have general questions about estate planning in Michigan? Our Allegan County estate planning attorney answers a few frequently asked questions (FAQs) below:
FAQ #1: What Is Estate Planning?
Answer: Estate planning is a process that gives you a say in what happens to your property and assets after you die. It can also give you a say in what happens toward the end of your life or if you are incapacitated and unable to make decisions for yourself.
FAQ #2: Do You Have to Be Wealthy to Have an Estate Plan?
Answer: No! This is a prevalent misconception. Estate planning is for anyone who wants a say in what happens to their assets after they die—no matter what those assets may be. It is also essential for anyone wanting agency over decision-making if incapacitated. So, anyone over 18 can benefit from estate planning, no matter how much or little they have.
FAQ #3: What Are Wills?
Answer: A will is a document that assigns all your assets and property to beneficiaries (or people who will receive them when you die). If you have minor children or guardianship over a disabled adult, a will can designate who you want to take over guardianship of them if you die or become incapacitated. It also allows you to appoint an executor who will oversee the handling of your estate after you die.
FAQ #4: What Is Probate? Can I Avoid Probate?
Answer: When someone dies with a will, and their assets exceed a certain threshold, their estate goes through probate. During probate, if there is a will, the Court makes sure the will is valid and that all creditors and taxes are paid from the estate. The remaining assets can only be distributed afterward.
Probate can be a very long and expensive process, but it can sometimes be avoided. Many people set up their estate plans to avoid probate, often using a trust.
FAQ #5: What Is a Trust?
Answer: A trust is another type of estate planning tool. There are several types of trusts, but they all transfer ownership of property and assets from a trustor to a separate legal entity (the trust) to benefit the trustor’s beneficiaries (those who will receive the trustor’s assets and property after they die).
One of the main reasons people use trusts is to avoid probate. When a trustor dies, the trust technically owns their assets and property. This allows the trustor’s estate to bypass the probate process, transferring the assets and property directly to the beneficiaries according to the trust’s stipulations.
FAQ #6: What About Healthcare and End-Of-Life Decisions?
Answer: There is an area of estate planning focused entirely on these decisions. One of its primary tools is a document called a Healthcare Directive or a Living Will. It allows you to state your healthcare wishes in case you are incapacitated. These directives mainly deal with issues like resuscitation and life support but can be adjusted to fit other wishes. This will help your loved ones make difficult decisions on your behalf, knowing they are following your wishes.
FAQ #7: What About Legal Decision-Making? What Is a Power of Attorney?
Answer: Powers of attorney allow you to give a trusted person the ability to make decisions on your behalf if you are legally incapacitated. A Healthcare Power of Attorney allows someone to make medical decisions on your behalf. Your Healthcare Directive binds them, but they can also make healthcare decisions outside of it. The Financial Power of Attorney allows someone to make broader financial decisions on your behalf. They can handle all your assets and property, pay your bills using your money, and buy and sell your assets.
FAQ #8: How Do I Make Sure My Insurance Policies and Bank Accounts Go to The Right People?
Answer: Updating your beneficiary designations is the best way to do this. If you have a checking account, you can make a beneficiary designation with the bank as part of your estate planning process. A Transfer on Death Designation form can state whom you want to receive the funds in those accounts upon death.
If you have any life insurance policies, you want to be sure that the right person is still listed as the beneficiary. For example, suppose you were married when you opened the policy and are now married to someone else. In that case, you may want to change the beneficiary.
At Legacy Legal and Business Services PLC, everyone has a vision for their life and the legacy they will leave behind. That vision may include preserving, managing, and transferring acquired wealth, assisting family members, and protecting your children after you pass away. Legacy Legal and Business Services PLC’s estate planning services provide clients with a unique opportunity to partner with an experienced lawyer, such as Margaret L. Webb, to make their vision a reality.