Estate Planning | Non-Crisis Situations
The estate planning attorneys at The Elder Law Firm PC assist clients with estate planning in a non-crisis situation. Financial planners focus on asset accumulation, traditional estate planning attorneys focus on death and distribution, drafting documents that primarily serve as tax minimization tools and tools for asset distribution at death, as elder law attorneys, we realize that estate planning is not just about what happens to your assets after you pass away. In order for an estate plan to be truly effective, it must address all of the issues, from death and disability to Medicaid and nursing home care.
Your estate plan should do all of the following:
- Help you to retain control of your property for as long as you remain healthy
- Protect your family and your assets if you need long-term care
- Provide long-term financial security for any heirs with special needs
- Communicate how you wish to be cared for in the event you become incapacitated
- Provide for the timely distribution of assets at your death
- Minimize taxes
- Provide asset protection from creditors and predators
- Accomplish all of these goals with a minimum of legal process
Here are several issues that should be addressed in your estate plan:
- Nursing Home Care – When someone in your family needs the services of a nursing facility, the cost of their residential care will range from $5,000 to $10,000 a month. And statistics tell us that fully 50% of the individuals alive today who are 65 years of age or older will spend some period of their lives needing physical and/or custodial care. We are dedicated to insuring that you will not lose your home and that you will be able to keep the greatest amount permissible by law.
- Quality of Life – Your estate plan should effectively dictate how you wish to be cared for in the event that you should become incapacitated. We will ensure that your estate planning documents incorporate your particular values - your desire for quality of life, for example - in the event that you or a loved one becomes disabled.
- Protection from Creditors and Predators – Many of our clients fear that their life’s savings will be lost to creditors or predators.
Their concerns fall into seven major categories:
- Remarriage of a spouse after the client’s death
- Spendthrift heirs
- In-law issues
- Liability of heirs due to lawsuits
- Financial abuse of surviving spouse or special needs or underage heir by a loved one/care provider
The estate planning attorneys at The Elder Law Firm PC work to ensure that your assets are protected from all conceivable threats — not just long-term care expenses. Our elder law attorneys provide you with comprehensive estate planning options for assuring the long-term financial security of you and your loved ones. If you would like to know more about your estate planning options, please contact us for a free confidential counseling appointment.
Click here to receive our Free Report: The Michigan Consumer’s Guide to Medicaid Planning.
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 616.840.3754 or by requesting a free consultation online here.