Many Michigan residents put off discussing estate planning or making plans for after their death because it is uncomfortable to think about. However, the desire to leave money, assets, or other possessions to one's children often motivates people to take the steps to begin this planning process. Although there are many different options available for protecting one's own interests, as well as the potential interests of prospective heirs, trusts should not be overlooked.
Many people avoid estate planning altogether because it tends to be an uncomfortable subject. Other people may tackle estate planning head-on but rely primarily on a will as the way to ensure that their wishes are carried out upon their deaths. There are some things that a will cannot do, however, that trusts can--and these things are often beneficial to the owner of the trust.
Because people work so hard for their money during their lives, they often want to be the ones to decide where it will go and how it will be used after their deaths. Many Michigan residents fail to make plans and arrangements involving their money until it is too late, however. This often means that their wishes are not fulfilled and conflicts easily arise among family members about inheritances. Trusts provide an effective vehicle to prevent these problems and ensure that a deceased's wishes are carried out after-or even during-his or her death.
Planning for one's death or physical limitations and health problems is not generally regarded as a pleasant experience by most people. However, long term planning is critical for aging Michigans who want to ensure that their wishes are followed with regard to their medical care and end-of-life plans. In addition, long-term care planning is important to ensure that rising medical expenses and potential nursing home expenses do not unduly burden relatives and caregivers.
For someone who is going through the process of establishing a trust during the estate planning process, selecting a trustee is a critical. After all, this is the individual who will be tasked with executing the terms of the trust in accordance with the settlor's wishes.
Many people may be familiar with Medicaid, a program operated by the state and federal governments to provide medical coverage for people who meet certain income and health-related qualifications. In addition to providing basic medical coverage, Medicaid benefits can also be used to cover the cost of long-term care.
Going through the process of estate planning is all about making sure an individual's assets and property wind up in the right hands upon passing away. Although close relatives are often top candidates to receive these assets, people may also have strong connections to certain charitable causes or organizations.
When taking the first steps to create an estate plan, people might hear a lot about wills and trusts. As this happens, it's natural to wonder if specific types of estate planning instruments will actually be beneficial. One increasingly common strategy is to use a pour-over trust in conjunction with a will as people take important steps to protect their legacies.
Michigan car enthusiasts probably took notice in November of last year when Paul Walker, the actor most famous for his roles in the "Fast and Furious" franchise, died in a car accident. It was a sad event for a number of reasons, but mostly because Walker was only 40 years old and in the prime of life.
There are many reasons for Michigan residents to put together an estate plan. And, for as many different reasons that there are to get started, there are just as many different options to consider. For instance, for some people, protecting inheritance and making sure that assets get passed to the right person is the main goal. Others will want to make sure that they are taking advantage of every tax planning tactic available to ensure that the most amount of assets possible will be passed on. For each different goal different options will be relevant. However, for a growing segment of the population, making plans to make sure a beloved pet is cared for is a top priority.