A New Year, A Fresh Start
Every year around the end of December, people in Michigan begin to express desires to change something in their lives. When looking at customs like New Year’s Resolutions, I notice that every one of us has something in our lives we can improve. For instance, you may resolve to eat healthier foods if you have bad eating habits. Or you may resolve to live a healthier lifestyle by quitting destructive social habits. Whatever your resolution may be, the goal is usually easier to start than to finish — however, with a solution to every problem, New Year’s Day still offers individuals a chance to start fresh.
How many times have you said, “I am going to do my estate plan this year and make sure my family is taken care of if I pass away?” But who knows where to start. Some people visit free websites with draft Wills and Powers of Attorney to create their basic estate plan. I want to reiterate that “basic” means basic. Why do you think it is free!
Estate planning is more complicated than “who gets my money when I pass on.” Estate planning is your fundamental right to align and protect your assets to the fullest extent of the law. Although having a proper distribution plan is necessary, it should not be the sole focus of your plan. As I’ve asked before, what good is a plan that requires you to plan again to protect the original plan? That sounds more confusing than it actually is.
This New Year should be the year that you plan to quit procrastinating about your estate planning opportunities. You should set up an estate plan with protective barriers to shield against long-term care expenses. The costs of long-term care are already too high and those costs are only going to increase over the next five years. My resources tell me that planning opportunities will become harder to come by because the Federal and State Governments need to collect more and pay less money.
Whatever the New Year brings your way, I want you to know that help is only a phone call — or just a click — away. If you are interested in looking into creating a life plan, rather than a death plan, please read more of these blogs and review some of the other material on our website. The professionals at The Elder Law Firm PC are working hard to create a bank of information that is available at your fingertips. If you would like to talk to us personally, just call the office at 877.933.7252. We will take the time to talk to you and let you know about all of the options available for you and your family.
Michigan Elder Law Attorneys at The Elder Law Firm PC provide assistance in protecting your assets and protecting your family through trusts, wills, Medicaid and estate planning. Contact us by calling 877.933.7252 or by requesting a free consultation online here.