Estate planning is important for everyone, because it gives you the power to decide on your future in the event of death or disability. If you are concerned about what will happen to your properties after your death, you can contact a Michigan estate planning attorney who can discuss the advantages of estate planning with you.
Estate Planning Advantages
Estate planning gives you the power to choose your beneficiaries and what each will obtain. A Michigan estate planning attorney can help you choose a suitable method to distribute your properties with minimum tax deductions. The downside of not having an estate plan in place can result in your life-long savings and properties being distributed according the state’s wishes and not your own. Estate planning gives you an opportunity to speak with loved ones about your selected beneficiaries, which may prevent potential confusion or conflict. Overall, you make the long-term decision about your properties and who gets them.
A Michigan estate planning attorney can offer legal support for you to establish an estate plan through mediation. Mediation also serves as an alternative to litigation to settle family disputes over properties. Establishing an estate plan can help prevent your loved ones from spending many hours in court dealing with probate proceedings.
While estate planning mostly benefits your beneficiaries, you can also plan for your retirement years by speaking with an estate planning attorney today.
A Michigan Estate Planning Attorney Can Help You Plan Wisely
Estate planning is a comprehensive process, and you need a skilled estate planning attorney to guide you through the process. First, you need to take stock of all your possessions, both real property and personal property. This process can also be problematic depending on the type of ownership; for example, having a joint-ownership.
Next, you must determine the level of tax deductions that will be imposed. This gives you a good idea of what exactly your beneficiaries will receive. But tax deductions are governed by estate laws that change regularly, so it is advised that you use an estate planning attorney.
In 2010 the estate tax in Michigan is repealed, however, it is likely to be reinstated coming January 2011. The upcoming changes may mean that inherited estate may be subjected to 55% tax rate, as well $1 million exemption. These changes may affect your estate plans that you previously established.
By hiring an estate planning attorney, you can ensure your family, assets, and property are all taken care of in the event of your death or incapacitation. If you need a Michigan estate planning attorney to offer legal support, contact Graham & Hubbert law firm at 248-454-1860. Our Michigan estate planning attorneys will secure your properties and ensure that your wishes are carried out.