Estate planning provides adults peace of mind knowing their families and wishes are protected no matter what the future brings.
The baby boomer generation is the largest population in the United States with over 100 million adults. In 2014, the final wave of this group turned 50, marking an important transition for many as they approach retirement and the beginning of the golden years. During this time of life, it is important to continue to make smart financial decisions and plans to maintain a high quality of life for oneself and your family. It is wise to take time every few years to review your financial situation and create or update your estate planning. This way, you will have peace of mind knowing that you will continue your independence and financial security as you age and that your family will be protected and provided for in the event of volatile market conditions, health emergencies, or other unforeseen events.
When it comes to estate planning, there are many different factors to consider:
There are a few basic considerations that should be planned for immediately if they have not already been addressed. First, you should ensure there is someone authorized to make financial or medical decisions on your behalf should you become incapacitated due to an emergency or poor health. This person may be your spouse, a child, or other significant person in your life. An estate planning lawyer can help you designate this person and complete the necessary legal documents.
Second, it is important to create a will that covers basic topics such as inheritances, final wishes, and the care of any minor or disabled dependents. You may also wish to create a trust or other special estate plan document to provide for your family in the event of your death or serious medical emergency.
It is also important to meet with an estate planning lawyer to address and protect your personal preferences as you age. Do you plan to remain at home as you age or do you prefer to be cared for in a different setting? Have you discussed your preferences with your family or spouse? It is important to address these concerns now while you can clearly communicate your wishes and can discuss options with your family so everyone will be prepared and have a solid plan of action as time continues on.
It is also important to address how you plan to pay for care as you age. Those who are unprepared often rely on the help and care of family members which can quickly become overwhelming for the family caregiver. Ensure that your loved ones have the support they need to be able to give you the highest quality of care by thinking ahead and creating a financial and estate plan to manage your care needs.
When it comes to passing on your estate after your death, it is important to meet with a professional estate planning attorney to learn about all of the different options available. Have you considered who your beneficiaries will be? How you will pass on their inheritance? When or how you would like them to access funds and assets? An estate planning lawyer can also provide information on estate and inheritance tax planning and ways to minimize the amount of taxes your loved ones will have to pay on their inheritance.
Even if you already have a will in place, it is important to re-address your will and estate plan often. By working with an estate planning lawyer you can ensure that you will be able to protect yourself and your finances and optimize the benefits available to yourself and your family so you can spend more time enjoying this incredible time of life rather than worrying about the future.
Michigan Legal Solutions
Our experienced attorneys are committed to providing our clients with the guidance and support that they need to resolve their estate planning issues. With over five decades of serving clients in Southeastern Michigan, the attorneys of Michigan Legal Solutions (Seglund Gabe Quinn Elowsky & Pawlak, PLC) have the knowledge and resources to resolve your issues.
No two families are alike and our attorneys are qualified to handle every type of estate planning situation, no matter how confusing or complex it may seem. We stay up to date on state and federal laws concerning estate planning and the latest laws regarding Medicare changes, Medicaid changes or nursing home issues. Our attorneys will provide you with the guidance you need and the service you expect so that you and your family get the result you want and the protection that you deserve.
Michigan Legal Solutions
28345 Beck Road, Suite 401
Wixom, MI 48393
Phone: (248) 869-0030
Fax: (248) 869-0039