Think Ahead When it Comes to Estate Planning!

It’s critical to think ahead, especially if you have a family to support. Your loved ones will have a hard time navigating the waters if you’re the bread winner of the family and they need to turn to the guardian you put in place of your estate.

According to Kiplinger, “Before it becomes necessary for a guardian to be appointed to handle your physical or financial decisions, think about whom you would trust to act in that capacity and put it in writing. Let others know that if a guardian is needed, this is the person you want to serve in that capacity. A one-page directive will make your wishes clear and remove this important decision from a judge, who knows nothing about you or your priorities.”

Learn more about why guardianships should be a last resort here.

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about estate planning, please contact estate planning attorneys in Ann Arbor at 734-665-4441.

Guardianships Should Be a Last Resort

Are guardianships a good thing?

It depends on your situation. Guardianships remove you from being able to take control over your own life and puts the control into the hands of someone you trust. However, you should consider less extreme options first!  

1. Limited guardianships 
2. Powers of attorney 
3. Assisted decision-making 
4. Wills and trusts 

Learn more about why guardianships should be a last resort here.

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about estate planning, please contact estate planning attorneys in Ann Arbor at 734-665-4441.

What You Need to Know About Special Needs Trusts

A special needs trust (“SNT”) needs to be established to safeguard the beneficiary’s government benefits and to withstand the scrutiny of the Federal Government in reviewing the SNT.

As a result, the question becomes “Who gets what when and what is he or she allowed to receive?” Government regulations in this area are stringent and change frequently.

Learn more about special needs trusts here.

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about estate planning, please contact estate planning attorneys in Ann Arbor at 734-665-4441.

What is Supplemental Security Income and How Does it Affect My Estate Planning?

Estate planning comes down to 2 simple questions – “Who gets what?” and “Who’s in charge”? However, if one of the beneficiaries is receiving or might receive Medicaid or Supplemental Security Income (“SSI”) in the future, the answer to these questions gets more complicated.

Learn more about special needs trusts here.

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about estate planning, please contact estate planning attorneys in Ann Arbor at 734-665-4441.

Did your Personal Representative Agree to Act?

It’s important that you get approval from the person you choose as your Personal Representative before naming them as it is vital that the individual understands their responsibility and can commit to the position. It’s also recommended that you consider and name a successor, or even more than one successor, in case your primary choice is unable to meet the demands or be available when it’s time to act.

It’s also important that your Personal Representative or other family members be told where to find your estate planning papers and that you try to keep an updated list of assets. This will allow the Personal Representative to not have to spend unnecessary time and energy locating basic documents and will allow them to administer your estate efficiently and cost effectively.

Learn more about the things you should consider when it comes to naming your Personal Representative here.

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about estate planning, please contact estate planning attorneys in Ann Arbor at 734-665-4441.

Factors to Consider When Naming an Individual Personal Representative

The Personal Representative plays a critical role in the management and the distribution of your assets and most likely will be your spouse or a close relative, but it can also be a friend or someone who you have had a business relationship with and who is well suited for the role.  

Some factors you should consider when naming this individual:

1. Trustworthiness
2. Responsibility and availability
3. Well-organized
4. Location
5. Age and wellbeing
6. Agree to act

Learn more about the things you should consider when it comes to naming your Personal Representative here.

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about estate planning, please contact estate planning attorneys in Ann Arbor at 734-665-4441.

Simple Per Capita Estate Planning Distributions

Per capita is a Latin phrase that translates to “by head.”  This equalizes the shares per designated class.  

In this method of distribution, each child receives a share, and the remaining shares are divided equally among the surviving descendants of the deceased child(ren), within each generation.  

Using the previous example, Child 2 would receive a one third share of the estate, then the remaining third share of Child 1 and Child 3, or two thirds of the  total estate, would be divided equally between the grandchildren, giving each grandchild an equal 2/15 share of the estate.  

Discuss how the different distribution methods can affect distribution of your estate with your estate planning attorney.  

Learn more about simple per capita estate planning distributions here.

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about estate planning, please contact estate planning attorneys in Ann Arbor at 734-665-4441.