Oakland County MI Estate Planning Law Blog

Estate planning can be a complicated subject in Michigan. Not only can it be a fearful experience as it acknowledges mortality, but there could be concerns about disputes arising among relatives as to how the assets are divided. Tax implications are also a common worry. For many, gift-giving is a useful strategy to address a variety of concerns with family members and to give to groups and organizations the testator cares about. There are aspects of gifting that people need to understand as part of the estate planning process. Legal advice can always be beneficial with these considerations.

Gifting is a testator donating to an organization. It could be a non-profit organization or some other group. There are other terms for it including a legacy. The gift could be any amount the testator wants and does not need to be connected to income. This is an alternative for anyone regardless of income level and wealth. It could be done once or as an ongoing series of donations. Money can be donated as a gift, but so too can assets that the person wants to be converted for the recipient's use. Anything can be included. Real estate, collectibles, jewelry, insurance policies and stocks are examples.

In short, and elder law attorney is simply an advocate for the elderly and their loved ones. He or she works to plan and administer a multitude of matters specifically affecting the elderly population, or disabled persons. These issues can include long-term care planning, end of life directives, health care issues, retirement accounts, Social Security, Medicare or Medicaid, guardianship matters and more.

Elder law is a specialized field in that rules are often different once a person reaches a certain age. For example, Social Security disability grid rules change when a person turns 55. Health insurance options change as we grow older, as does our need for assistance in simple day to day living. Elder law attorneys handle all of these matters, making them a valuable and necessary part of growing older.

One of the best decisions a person can make when it comes to estate matters is to leave a Last Will and Testament, setting out their last wishes for the distribution of their assets. As any party who has ever participated in probate work can tell you, things do not always go as planned. Sometimes, they go worse than anyone could have ever imagined. We all want to believe that after we are gone, our loved ones will work together peacefully and respect one another. But, often, this doesn't happen.

There are a multitude of situations when probate litigation may arise. Each comes with its own unique set of family dynamics and circumstances. However, one thing almost always remains the same. Where there is a substantial amount of money or valuable assets at stake, the gloves often come off and the potential heirs come out of the woodwork. This can be especially true for blended families, where disputes may arise among an ex-spouse and current spouse, or biological children and step-children.

As they reach their elderly years, some Michigan residents may no longer be able to handle their personal affairs on their own. Some individuals may suffer a serious injury or illness, and others may develop conditions like Alzheimer's or dementia. For younger loved ones like you, it can be difficult to watch a parent or other older family member struggle.

If you have concerns about the well-being of your parent, you may wonder what to do. At first, you may have thought that your parent simply had a lapse in judgment once or twice or mislaid something that he or she could not find later. However, when a serious event took place like his or her power shutting off because of not paying the bills, you knew you needed to step in.