Our estate planning and elder law firm is proud to serve residents of Harrison Township, Michigan. This Macomb County community is really something special, and it offers residents a fantastic quality of life on many different levels. Lake Saint Clair is the most significant attractions in town. There are fantastic natural wonders to explore at the park, including playgrounds for the children, picnic areas, and nature trails. Of course, since it sits on the shoreline, there are also beaches and docks, and there are pools as well, so it is a spectacular place to spend time during the warmer summer months
Harrison Township has a unique identity all its own, but at the same time, it is just a short drive away from Detroit proper. Residents enjoy the best of both worlds, and over the years that we have been in practice, we have assisted many families that reside in this fine community. We look forward to making new connections as time goes on, and we offer a host of different estate planning and elder law services that Harrison Township, Michigan locals should certainly consider.
The facilitation of postmortem asset transfers is at the core of the estate planning process. A last will is one option, but it is usually not the best one. There are a lot of limitations that go along with the utilization of a last will. One of them is the fact that you would be facilitating direct, lump sum distributions to the heirs that are named in the document. There is no ability to mete out the payments over time to make sure that your loved ones do not burn through their inheritances too quickly.
Probate is another thing to take into consideration if you are considering a last will as your asset transfer vehicle. This is a legal process that an estate must pass through when a will is used. It is time-consuming, it is expensive, and it is public, so anyone can find out how you decided to distribute your resources to your loved ones.
For many people, a revocable living trust will be a better choice. You don’t have to worry about losing control of assets that you convey into this type of trust, because you can dissolve it at any time. When you are alive and well, you can act as the trustee and the beneficiary, and you can change the terms in any way that you see fit.
In the document, you name a successor trustee to assume the role after you are gone, and you name successor beneficiaries. After your passing, the trustee would follow your instructions and distribute assets to the beneficiaries. The probate process would not be a factor, and you could in fact instruct the trustee to distribute a certain amount to the beneficiaries each month or at any intervals that you dictate.
These are the two most commonly used vehicles of asset transfer, but there are others. We provide each and every one of our Harrison Township estate planning clients with personalized attention, so we can gain understanding of your situation and make the appropriate recommendations when you come into the office for a consultation.
In addition to our estate planning work, we are also elder law attorneys. The most significant elder law issue that we deal with is the matter of long-term care and the expenses that go along with it. According to the United States Department of Health and Human Services, about 70 percent of senior citizens will someday need living assistance. Many will reside in nursing homes, and you can expect to pay six figures for a year in a nursing home in the Harrison Township area.
Medicare will not pick up the tab for a stay in a nursing home, but Medicaid will pay for nursing home care if you can obtain eligibility. That is a big if, because there are low income and asset limits. However, if you take the right steps at the right times, you can divest yourself of assets so that you can obtain Medicaid eligibility if and when you need it without losing anything in the process.
Give Us a Call Today!
We would be more than glad to help if you would like to speak with us about any estate planning or elder law matter. You can schedule a consultation right now if you give us a call at 586-493-7661.