As you have recently begun considering the condition of your estate in Michigan and are assessing your requirements for planning your future, you may have considered getting a will. However, with so many components of an estate plan, is having a will that important? Understanding the value of a will may be helpful as you go forward with planning your estate.
In the wake of your divorce, you may be facing multiple challenges. For example, you could be upset over the outcome of a child custody dispute, or you may have concerns about how your financial future will be affected by your marriage coming to an end. For some people, estate planning issues may also need to be taken into consideration following their divorce. For example, some people may need to revise their estate plan to remove their former spouse as a beneficiary, or else they may be entitled to some of the assets. Or, someone may have given their ex a great deal of control over the estate.
There are many different legal issues which may arise in the wake of a divorce, from calculating child support payments to the division of marital property. However, those involving children, such as a custody dispute, can be very hard. Moreover, there are other ways in which the parents of minors should protect the best interests of their child. For example, this may include making revisions to an estate plan.
Estate planning can be a complex procedure. Even if you make all the right decisions regarding your assets and property, there might still be conflicts between your heirs. Not only can this greatly draw out the process, it may end up incurring your estate even more money. While you can't always prevent conflicts from occurring, Kiplinger offers the following advice to help mitigate issues between heirs.
There are many reasons why people decide to look over their estate plan, whether they split up with their marital partner or simply have a change of heart. However, some people need to revise their estate plan following a car crash that has brought major changes into their lives, both physically and financially as well. Motor vehicle collisions can disrupt a person's life in many different ways and it is essential for those who are struggling with the consequences of a wreck to do all they can to recover, which may include ensuring that their estate will be distributed properly.
When contemplating estate planning, parents in Michigan should seriously consider putting money away for their child's future college tuition. Even parents of young children need to start thinking about this, as tuition continues to rise every year. When looking at savings and investment options, parents should begin by determining not only potential tuition but also books and other course-related expenses.
You may have already spent some time making some end-of-life plans, but a Michigan will or trust often only addresses part of the equation. At Bebout, Potere, Cox & Bennion, PC, we often provide advice and assistance to clients who want to ensure that their health care decisions are in the right hands.
Your primary thought when purchasing life insurance in Michigan is probably to provide for your family if you die suddenly. How that policy is set up and who you name as beneficiary could make a big difference in when your children receive the money, and how much, as well.
Many Americans may find it easer to discuss retirement needs rather than estate planning. The former may include fun goals, like retirement vacations, perhaps a move to a warmer climate, or simply more time to take up a hobby or check items off one’s bucket list. Thinking about one’s passing, in contrast, often feels more like a duty or an obligation owed to one’s surviving family members.
A common theme in estate planning is providing for the educational costs of beneficiaries. Today’s post takes a look at an increasingly popular option, tax-advantaged 529 savings plans. This type of plan may help cover school expenses when a child reaches college age.