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August 2017 Archives

3 questions about including your pet in your estate plan

Dogs, cats and other pets make your life more exciting and special. You likely consider them part of the family. Along with the emotional connection you have with your pet, the law considers him or her to be personal property, according to Forbes. Both of these are good reasons to include your pet in your estate plan. Your will or trust can secure a stable and loving future for your beloved pet. 

How can changes in tax laws impact trusts?

Drafting and completing an estate plan is often looked at as an accomplishment. You may feel great that you were able to finalize something very resourceful that is very difficult to approach. However, just because you were able to initiate and complete the process does not mean that you do not need to revisit it again. In fact, if you have not touched your estate plan in the past few years, it is likely that your estate plan documents are no longer functioning the way you intended. Because tax laws can have an impact on trusts, these documents may need attention throughout the years.

A long-term care plan needs a financial plan

Planning for the future is not an easy feat. But because there are so many what "ifs," it is imperative that Michigan residents take this process seriously. Additionally, it is also crucial to begin the process sooner rather than later. No one can predict when he or she can no longer care for him or herself or make their own decisions, and, while this is typically when we are elderly, this could unfortunately occur much sooner in life than one expects.

The importance of long-term planning when you are young

Planning for your future tends to initiate thoughts of fun and goal-oriented events. However, future-planning should also entail considering what might happen if you fall ill and what will happen during your old age when you can no longer care for yourself. Thus, individuals in Michigan need to consider long-term care planning when addressing their estate planning needs. This is an excellent way to ensure your finances are in order and you can afford the care you seek to receive as you age.

The difference between a will and a living will

Drafting an estate plan is an essential step for Michigan residents to take. While many will put the process off until they are older, taking the time to carefully construct the documents of an estate plan early on could prove beneficial. A will is a vital document to include in an estate plan, as it is the best way to communicate your wishes after your death. Although many understand the role of a will, many do not recognize the difference between a will and a living will, noting the function each document can play.

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