Planning for one’s disability or death is one of the most important things that can be done to provide for and protect a family. Don’t leave such matters unattended. If you do, you will be left with an estate plan specified by the Michigan legislature, with your assets distributed under Michigan’s laws of intestacy. For estate planning, we combine the expertise of our tax and estate planning attorneys to craft estate plans that are custom-tailored to each client’s individual circumstances.
Regardless of your net worth, we highly recommend that everyone have a comprehensive estate plan to ensure that your wishes are followed following your death or your inability to make decisions for yourself. It is essential to have an in depth, complete estate plan that handles more than just who gets your property. A sophisticated and well-designed estate plan can both ensure that your family is protected and your financial goals are met after you are gone and take care of you in the event of incapacity. Additionally, a properly maintained estate plan can minimize death taxes and protect your children and grandchildren from creditors and other predators.
For high net worth families, a failure to create a carefully crafted estate plan can have disastrous consequences. Without cautious planning to minimize estate taxes, you run the risk of losing a high percentage of your assets to federal estate taxes upon your death. Your children and grandchildren may be left with bequests that are far lower than you intended. You work hard for what you have – keep it for your family.
Additionally, estate planning for complex estates often involves planning for the future of a family-owned business on the death of one of the owners. Our estate planning attorneys work closely with our corporate lawyers to create an effective business succession plan.