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Saginaw Estate Planning Lawyers
Saginaw Estate Planning Attorneys
At the Law Firm of Shinners & Ellsworth PLC, we have worked for over three decades in the area of estate planning. In the Saginaw Michigan area, our lawyers have used our expertise and resources to save our clients up to millions of dollars. Just a few things involved in estate planning are:
Similarly, if you have a loved one with a disability — and have only a will to cover their future care — your loved one's inheritance can be taken over by the government. To ensure that governmental benefits (such as Medicaid or SSI) are never altered, diminished or destroyed, it is imperative that you establish Special Needs Planning — including special needs trusts — through an experienced lawyer. We believe that Special Needs Planning is so important we commonly refer to it as a Miracle on Paper.
With so much misinformation floating around, our attorneys are very concerned about educating the public about the true nature of estate planning issues. Contact us for a free initial consultation to discuss your situation. Our compassionate and knowledgeable attorneys can answer any questions you have and provide you and your family the peace of mind you and your family so richly deserve.
From our law office in Saginaw, MI, we proudly serve the entire metro Saginaw, Great Lakes Bay Region, Tri-Cities, and Mid-Michigan area, including Bay City, Midland, Caro, Clare, Gladwin and Mt. Pleasant.
- Estate and Gift Tax Planning
- Wills and Patient Advocate Designations
- Trusts: Revocable Living Trusts, Life Insurance Trusts
- End of Life Decisions: Health Care Durable Power of Attorney, Durable Power of Attorneys for Financial Decisions, Do Not Resuscitate orders
- Special Needs Planning: Planning for Children and Adults with Disabilities
Similarly, if you have a loved one with a disability — and have only a will to cover their future care — your loved one's inheritance can be taken over by the government. To ensure that governmental benefits (such as Medicaid or SSI) are never altered, diminished or destroyed, it is imperative that you establish Special Needs Planning — including special needs trusts — through an experienced lawyer. We believe that Special Needs Planning is so important we commonly refer to it as a Miracle on Paper.
With so much misinformation floating around, our attorneys are very concerned about educating the public about the true nature of estate planning issues. Contact us for a free initial consultation to discuss your situation. Our compassionate and knowledgeable attorneys can answer any questions you have and provide you and your family the peace of mind you and your family so richly deserve.
From our law office in Saginaw, MI, we proudly serve the entire metro Saginaw, Great Lakes Bay Region, Tri-Cities, and Mid-Michigan area, including Bay City, Midland, Caro, Clare, Gladwin and Mt. Pleasant.
One of the essential authorized activities every of us faces is deciding how, after our demise, our property will probably be used and who will benefit from them. Property planning and the writing of a will is a deeply significant option to make a strong statement with these assets. Nonetheless, a large number of people die "intestate" (with no will). When that happens the state or others resolve for us the place and the way the estate will probably be distributed. In case your preferences have not been clearly said in a will, then it is likely that these preferences will not be carried out. It's, therefore, vital that you have a will. It is a great approach of expressing your like to the people and organizations you cherish. It is a option to take management of your property, and make a optimistic statement.
Pointers to Contemplate When Writing a Will
There are 4 "P's" of estate planning:
1. People: Consider all the people who find themselves essential to you and for whom you'd like to provide. This may include your spouse, kids, kinfolk and friends.
2. Property: Contemplate all property that you simply own including bank accounts, real estate, stocks, bonds, life insurance, pension plans and private property.
3. Plans: Ask yourself how you'd like to provide for the folks in your life, and how one can make this happen. Will the people who find themselves important to you be offered for sooner or later? Will you have sufficient earnings to handle during your retirement years?
4. Planners: Who're the individuals who will provide help to along with your financial targets? Consider attorneys, accountants, financial institution trust officers, stock brokers and insurance coverage brokers to help you meet your financial goals.
Recommendations on Naming Beneficiaries
§ Perceive the limits of a will.
§ Know when beneficiaries are required.
§ Determine who gets what.
§ Do not title your property as a beneficiary.
§ Don't name minor kids as beneficiaries.
§ Consider setting up a trust.
§ Take into consideration tax ramifications.
§ Name contingent beneficiaries.
§ Hold every part up-to-date.
§ Make copies.
FAQ
Q: I haven't got a will, the place do I start?
A: As a will is a authorized doc, it's strongly really helpful that you seek the advice of your solicitor.
Q: What about house-made wills?
A: Residence-made wills can be disastrous. You may omit particularly vital particulars, or inadvertently write sections in a manner that may be misinterpreted. Making a will with the help of your solicitor is the one method you'll be able to be sure that your wishes will likely be followed after you die. By drafting a will with knowledgeable, you will save your family numerous additional worry.
Q: What can I include in my will?
A: Wills aren't solely about passing in your assets. You may also embody specific funeral preparations: as an illustration, burial, cremation, or the usage of your physique for medical research. You might also need to appoint authorized guardians to care on your children for those who and your companion ought to die earlier than they're 18.
Q: Who do I appoint as Executors?
A: One other vital consideration when writing your will is the appointment of your Executors - the people who take care of your property in the event of your death. Ideally, these ought to be enterprise-minded family or mates or skilled advisers.
Glossary of Phrases
Administrators. Those appointed to manage an estate the place there is no such thing as a will or no executor.
Bequest. Similar as "Legacy".
Beneficiary. A named particular person or organisation who advantages from your Will.
Codicil. A document making minor changes to your Will. Must be signed and witnessed in the identical method as your Will.
Crown. This implies the Treasury, the place your money will go if you have no subsequent of kin and did not make a will.
Estate. The whole lot belonging to you, and owed to you, at the time of your death.
Executors. Referred to in your Will as trustees. These are the folks you appoint to deal with all of your affairs after your death.
Guardians. These you appoint to care on your youngsters until they reach the age of eighteen years.
Intestacy. An individual is alleged to die intestate if he dies without making a legitimate Will.
Pecuniary. Legacy Specific sum of money given by a Will.
Probate. A process, required under regulation generally, to ascertain formally whether or not you left a legally valid Will and who your executors will be.
Residuary Legacy. The residue of an property, or a share in it.
Residue. The stays of your property after fee of all money owed, expenses, tax and distribution of pecuniary and specific legacies
Particular Legacy. A tangible item, similar to a gold watch or an engagement ring.
Testator. The individual making the Will.
Call 989-607-9408
Pointers to Contemplate When Writing a Will
There are 4 "P's" of estate planning:
1. People: Consider all the people who find themselves essential to you and for whom you'd like to provide. This may include your spouse, kids, kinfolk and friends.
2. Property: Contemplate all property that you simply own including bank accounts, real estate, stocks, bonds, life insurance, pension plans and private property.
3. Plans: Ask yourself how you'd like to provide for the folks in your life, and how one can make this happen. Will the people who find themselves important to you be offered for sooner or later? Will you have sufficient earnings to handle during your retirement years?
4. Planners: Who're the individuals who will provide help to along with your financial targets? Consider attorneys, accountants, financial institution trust officers, stock brokers and insurance coverage brokers to help you meet your financial goals.
Recommendations on Naming Beneficiaries
§ Perceive the limits of a will.
§ Know when beneficiaries are required.
§ Determine who gets what.
§ Do not title your property as a beneficiary.
§ Don't name minor kids as beneficiaries.
§ Consider setting up a trust.
§ Take into consideration tax ramifications.
§ Name contingent beneficiaries.
§ Hold every part up-to-date.
§ Make copies.
FAQ
Q: I haven't got a will, the place do I start?
A: As a will is a authorized doc, it's strongly really helpful that you seek the advice of your solicitor.
Q: What about house-made wills?
A: Residence-made wills can be disastrous. You may omit particularly vital particulars, or inadvertently write sections in a manner that may be misinterpreted. Making a will with the help of your solicitor is the one method you'll be able to be sure that your wishes will likely be followed after you die. By drafting a will with knowledgeable, you will save your family numerous additional worry.
Q: What can I include in my will?
A: Wills aren't solely about passing in your assets. You may also embody specific funeral preparations: as an illustration, burial, cremation, or the usage of your physique for medical research. You might also need to appoint authorized guardians to care on your children for those who and your companion ought to die earlier than they're 18.
Q: Who do I appoint as Executors?
A: One other vital consideration when writing your will is the appointment of your Executors - the people who take care of your property in the event of your death. Ideally, these ought to be enterprise-minded family or mates or skilled advisers.
Glossary of Phrases
Administrators. Those appointed to manage an estate the place there is no such thing as a will or no executor.
Bequest. Similar as "Legacy".
Beneficiary. A named particular person or organisation who advantages from your Will.
Codicil. A document making minor changes to your Will. Must be signed and witnessed in the identical method as your Will.
Crown. This implies the Treasury, the place your money will go if you have no subsequent of kin and did not make a will.
Estate. The whole lot belonging to you, and owed to you, at the time of your death.
Executors. Referred to in your Will as trustees. These are the folks you appoint to deal with all of your affairs after your death.
Guardians. These you appoint to care on your youngsters until they reach the age of eighteen years.
Intestacy. An individual is alleged to die intestate if he dies without making a legitimate Will.
Pecuniary. Legacy Specific sum of money given by a Will.
Probate. A process, required under regulation generally, to ascertain formally whether or not you left a legally valid Will and who your executors will be.
Residuary Legacy. The residue of an property, or a share in it.
Residue. The stays of your property after fee of all money owed, expenses, tax and distribution of pecuniary and specific legacies
Particular Legacy. A tangible item, similar to a gold watch or an engagement ring.
Testator. The individual making the Will.
Call 989-607-9408
