The Importance of Estate Planning

Many of us work hard all our lives to live a better quality of life, and hopefully have some assets to pass down to our loved ones. Therefore, it makes sense to have a solid plan in place regarding how your assets will be managed during your lifetime, and how you want them distributed should you pass away or become incapacitated. Estate planning is one of those topics that most of us don?t want to talk about or think about–but it?s undoubtedly the most important. While no one knows when they will die, death is inevitable, and we must consider what is going to happen after we die.? As you grow older, the possibility of incapacity or becoming disabled becomes a real danger. An estate plan guarantees proper management of your property under these circumstances. The future is unpredictable, but you can be sure of one thing?if you don?t create a comprehensive estate plan, your assets could be lost to the State Department of Unclaimed Property. Even worse, life for your loved ones could be complicated, especially if they are minors or have special needs. That?s why it is essential to create an updated estate plan that designates how your assets will be distributed upon your death and how your affairs will be conducted should you become incapacitated. Contrary to the misconception held by many people, estate planning is not an affair solely for the super-wealthy. Nearly everyone can benefit from creating an estate plan.?

Whether you?re wealthy or middle class, young or old, estate planning can minimize or even eliminate the expensive estate taxes. Your assets are subject to federal estate tax at the time of your death, and the tax amount can be extremely high if you don?t use the right financial instruments to transfer property to your beneficiaries. A Lansing, Michigan estate planning lawyer will evaluate your situation and advise you on the most cost-effective financial tools for transferring property from one generation to the next.? Estate planning helps you to protect your assets from the costs and delays of probate. Usually, this court process is costly and time-consuming and could deprive your loved ones of the resources they need to live comfortably. Working with our Lansing, Michigan estate planning attorneys will help you avoid this process in any way possible and save up 5% to 7% of your estate value. An estate plan ensures your property goes to the right beneficiaries in the event of your death. This ensures there are no unanswered questions that will need to be resolved by the courts or disputes among family members.?

There are many ways you can transfer assets to your heirs to minimize the tax burden and protect your beneficiaries. Some people use wills; others use a living trust, while others make use of joint tenancy. The best method will depend on your unique situation and preferences.? Therefore, it?s a good idea to work with a Lansing, Michigan estate planning attorney who will help you evaluate the available options and choose the best.? If you have not answered all the questions regarding how your affairs will be settled in case you pass away or become incapacitated in a comprehensive estate plan, you owe it to yourself to find an experienced Lansing, Michigan estate planning attorney to start the process. Our Lansing, Michigan estate planning attorneys at Leydorf Law Firm, PLLC have vast experience preparing and updating estate planning documents. Our estate planning attorneys at Leydorf Law Firm, PLLC will guide you through what?s likely to happen when you don?t have updated estate planning documents. After that, our estate planning attorneys will answer your questions to clear any doubts you might have.

The first step towards creating an estate plan is knowing what you own and having a clear understanding of your state of affairs. At Leydorf Law Firm, PLLC, we start the process by conducting a Family Wealth Planning Session whereby our Lansing, Michigan estate planning attorney will spend time with you to understand your perspective and answer all your questions. Before the Family Wealth Planning Session, we will require that you complete a Family Wealth Inventory and Assessment. Based on your current state of affairs and the needs of your family, our estate planning lawyers will help you draft estate planning documents that will protect your loved ones and give you peace of mind knowing that the right decisions have been made no matter what the future holds. The experienced estate planning attorneys at Leydorf Law Firm, PLLC will evaluate your situation and recommend the best financial instruments for transferring your assets. No matter your preferences, we will draft an estate plan that will minimize costs and expenses while offering you the flexibility to control your assets. Working with Leydorf Law Firm, PLLC helps your heirs to avoid years of costly and time-consuming legal hassle and makes planning your estate more accessible. We also provide advanced estate planning services for persons with additional needs.

While DIY estate planning can save you money, it could lead to terrible estate planning mistakes that can be expensive to fix later on. This is particularly true for people with complicated financial lives and large estates. The complexities of estate planning cannot be adequately addressed with a DIY estate plan. Besides, you may not know the financial instruments to use to minimize estate tax. You may be misled to think that a do-it-yourself service for estate planning is the best option, but it?s certainly not. Hiring a professional Lansing, Michigan estate planning attorney is always recommended.

Leydorf Law Firm, PLLC has the most knowledgeable and experienced estate planners you can trust to draft a comprehensive estate plan. Our Lansing, Michigan estate planners will educate you, answer your questions and produce an estate plan that suits your goals and keep your family out of court.?

If you have minor children or those with special needs, it?s your responsibility to ensure they are well taken care of if the unthinkable happens. Contacts us at Leydorf Law Firm, PLLC, to start the process of protecting your minor children while you?re still healthy and well off.