Protect Your Family and Assets With An Estate Plan | Michigan Elder ...

The July death of actor Sherman Hemsley, the star of the 1970s sitcom ?The Jeffersons? has provided a great example of the significance of having an estate plan. His family members battled over the will because Hemsley never took the time to decide how his assets should be distributed upon his death. Flora Enchinton claims she was Hemsley?s girlfriend, and is named the sole beneficiary in a will the actor reportedly signed, while Hemsley?s brother says he never drew up a will at all.

An estate plan can consist of several elements, including:

• A will, which explains how your assets will be allocated
• Assignment of power of attorney to someone you trust who can take care of your financial matters if you are no longer able
• A living will, which details a person?s desires regarding medical treatment if they are no longer able to express informed consent.

Funeral arrangements are often included in estate plans, and might involve a separate bank account to pay for expenses. Advanced preparation of an estate plan alleviates the burden in the event that you become incapacitated or die.

If you are interested in setting up an estate plan, consider the following:

1. Draw up an estate plan regardless of your net worth. Your family has financial goals and estate planning can ensure they meet those goals after you pass.
2. Everyone should have a will. This will distribute your assets accordingly when you die, and explain who should get guardianship of your children.
3. Utilize trusts. A trust is a legal mechanism that allows you to put conditions on how and when your assets will be distributed. Trusts can help reduce your estate and gift taxes and allow your heirs to avoid probate court, which administers wills.
4. Have an understanding of tax law. As it stands, estates under $5 millions are exempt from taxes. Next year, that limit is set to drop to $1 million, when the estate tax rises to as much as 55 percent.
5. Discuss your will with your heirs. Conflict and disputes can easily be avoided if they fully comprehend your intentions.

Contact an estate planning attorney if you?re interested in setting up an estate plan. Provide and protect for your loves ones in the event you become mentally or physically incapacitated with an attorney that makes your business and personal affairs his priority.

Read More: Why estate planning is critical for your family

Attorney Christopher J. Berry is a Metro Detroit estate planning and elder law lawyer who helps families, seniors, veterans and business owners with their important legal needs. Oakland County estate planning lawyer, Christopher Berry is a partner in the Bloomfield Hills law firm of Witzke Berry PLLC. Mr. Berry practices in the areas of estate planning, business, probate, veterans benefits & Medicaid planning. Follow Christopher on Twitter @chrisberryesq

Source: http://michiganelderlawcenter.com/family-asset-protection-estate-planning/

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