Estate planning is not an easy undertaking for many Michigan residents. People do not like thinking about their deaths and often put off the issue in order to avoid the topic. However, it becomes important for individuals to assess these topics throughout their lifetimes. Even younger individuals can find that they have become incapacitated due to a variety of situations. No one is immune from a sudden accident or injury that requires the use of legal estate planning tools.
Every year more and more baby boomers are reaching retirement age. As this happens, the need to consider estate planning options becomes more and more real. Many may not realize it, but estate planning goes far beyond trying to figure out how assets should be distributed after a person's passing. In fact, part of estate planning and elder law is making plans for situations that affect a person while he or she is alive.
When Michigan residents are struggling to make ends meet, it can be easy to let certain expenses fall to the wayside. In many cases in which people choose to stop seeking routine medical care as a way to save money. However, people need to be aware that they may qualify for government benefits in these situations. Long-term planning is often needed to ensure that people can take advantage of benefit programs well into the future.
Many Michigan families hope for healthy and happy families with many children. They plan for the future hoping that everything will be perfect. However, things don't always go according to plan.
For decades, same-sex couples have struggled to string together legal protections that could work for them in times of emergencies. People had to struggle to make sure their partners had some legal rights should they become incapacitated or die. In some states where same-sex marriage was allowed, this was easier than in other states. In states where same-sex marriage was banned,however, gay couples were left with legal uncertainties if their partner fell ill or passed away. Long term planning issues, therefore, were much more complex.
There is no doubt that Americans are living long lives. It is not uncommon to read a local Michigan story about an individual reaching the 100-year-old mark and still enjoying life. Whereas the life expectancy of the average person was relatively low only a few generations ago, now many people comfortably survive into their eighties and nineties.
Many people spend tons of time preparing and planning for some things--like a wedding or a vacation--and virtually no time on other important issues--such as long-term care. The problem is that many Michigan residents do not like to think about a time when they may become partially or fully incapacitated or need to rely on the care of others. Long term planning is crucial, however, for those who want to protect their interests and their families and ensure that their wishes are carried.
The end of one year and the beginning of another probably has many of our Michigan readers thinking of what options are best for them when it comes to financial decisions. As our nation's leaders spend the beginning of the year working toward trying to figure out how much each of us should be paying in taxes, they are also working on changes to some government benefits, which could include Medicaid and Medicare. When the dust finally settles on these issues, our Michigan readers will probably want to make some tweaks to their long term planning, and one recent article has suggested that it may be time for many to consider long-term care insurance.
Michigan residents have many different areas to cover when it comes to constructing a comprehensive estate plan. Most everyone will need a will and a couple of different forms of power of attorney. Some will need to consider trusts, which can be one of the best methods of protecting assets. However, when it comes to estate planning, many people may not even think of one particular area, which can be even more important than all the others: long-term planning.
Most of our Oakland County readers would like to have a financial plan. But what does that mean, really? Does it just mean saving for retirement? Or how about budgeting household expenses and saving specifically for "splurge"-type expenditures like vacations? While these types of steps can absolutely make up part of an overarching financial plan, some people don't think to take care of what can be the most important parts -- long term planning and estate planning.