Regardless of family structure, income level or assets, everyone needs an estate plan. In fact, one is already in place for you. It just happens to be the one the State mandates for you.
By creating your own estate plan, you can prevent tension and discourse amongst those you love upon your passing. Most people do not believe this will occur, but the unfortunate fact is that it often does. It is already an emotional time for those you love. Having an estate plan that you create and which clearly details your wishes will alleviate these issues of contention.
Other reasons for creating an estate plan include:
- Probate Avoidance
- Creditor Protection
- Business Planning
- Planning for your real estate, your home, your family cottage, or property up north
- Federal Estate Tax Minimization
- Federal Gift Tax Minimization
- Medicaid Planning
- Long-term Care Planning
- Social Media Estate Planning
The most common purpose for many people in creating an estate plan is to avoid probate. Probate is the administration of one’s estate through the court system. In probate, your estate and estate assets become public record. Your estate thus becomes open to all creditors so that anyone can make a claim against your estate assets. Probate involves increased costs, fees, time and emotional expense to family and friends.
Spring Lake Attorney Cara L. Galbavi can prepare an estate plan specific to your situation and your goals. Tools used in creating this specialized estate plan include:
- Wills and Codicils to Existing Wills
- Trusts and Amendments to Existing Trusts
- Special Needs Trusts
- Pet Trusts
- Gun Trusts
- General Financial Durable Powers of Attorney
- Medical Durable Powers of Attorney (Patient Advocate Designations)
- Limited Durable Powers of Attorney (for a specific event or need)
- Limited Delegation of Parental Rights
- Conveyance Documents for Personal Property Transfers
- Deeds for Real Property Transfers
- Funeral Representative Designations
- Lifetime Gifting
- Guardianships for Minors and Incapacitated Adults
- Conservatorships for Minors and Incapacitated Adults
Contact Grand Haven Attorney Cara L. Galbavi to discuss estate planning options for you and your family or to review your existing plan to determine if your goals will in fact be met.
Cara L. Galbavi holds a Certificate of Completion in the areas of probate and estate planning issued by the Institute of Continuing Education and the Probate and Estate Planning Section of the State Bar of Michigan.