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The Seven Dumbest Things People Are Told About Estate Planning - Part Two

Part Two

In our family estate planning & elder law office, we often find that people have misconceptions about estate planning that they get though the internet, their friends, and even other professionals.  There are various problems with the Part 2 topics below, but the most fundamental one is that believing any one of them may lead to bad decision-making

4. Talking about estate taxes is a waste of time.

For a majority of Americans, in the current tax year, estate taxes are not an issue – the exemption is currently at 5.49 million dollars. Every dollar above that exemption amount is taxed at a 40% tax rate for estate or “inheritance” taxes. So for those that have less, estate taxes aren’t an issue. This year.

That being said, Congress can change the estate tax exemption (they say they won’t – do you believe anything Congress says these days?). Unless you know that you will die in 2017, you can’t know...

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The Biggest Threat to Your Estate Plan:  It’s What You DON'T Know

Let’s Face It: You Don’t Know What You Don’t Know

 

When it comes to estate planning, the real problem is simple:  you think you know.  The internet, friends, neighbors – even the government shapes what we think we know when it comes to estate planning and asset protection. 

 

The reality is, though, that what I’m about to tell you is something that most attorneys don’t know – not even traditional estate planning attorneys.  Yes, it’s true. 

 

Long-Term Care is One of the Biggest Unresolved Issues in Estate Planning -That being said, long term care planning isn’t just about long term care insurance!

The need for long-term care is also one of the biggest threats to your lifetime financial security.  The statistics show us that a full one –third of all persons over 65 will have a need for long-term care, and a full one in ten will need long-term care for five or more...

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Do You Need To Avoid Probate?

What is Probate?  This is Our Definition & the True Reality -

“Probate is a lawsuit you file against yourself, with your own money, on behalf of your creditors.”

The Facts...

Probate is the legal process of presenting your Will to the Court after your death to authenticate it, and appoint your Executor/Personal Representative. Your Executor/Personal Representative must be appointed by the Court in order to collect and distribute your assets as stated in your Will. However, because it is a legal process, there are many steps that must be followed before your Executor can be appointed.

 

 

  • The probate process requires a Personal Representative be appointed - even in simple and/or uncontested cases.  
  • The Personal Representative must file numerous forms, follow an extensive and somewhat complicated process, and pay attention to deadlines and criteria throughout the entire process.  Most people find this to be exhausting, confusing, and a...
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Last Will and Testament - The Facts

This article regarding a last will and testament by Michigan lawyer Nicole Wipp and the Family & Aging Law Center PLLC is not, and should not be construed as, legal advice. It is for general informational purposes only. To better understand how this legal concept can be applied to you, consult with an attorney.

Last Will and Testament - What Do You Really Need to Know?

When it comes to wills, people tend to have a lot of misconceptions.  What, then, are the facts when it comes to a last will and testament?

LAST WILL AND TESTAMENT -

The Facts...

If you own assets in your name alone, they may pass from you to the people you love, as long as you leave a Will. Without a Will, your assets pass according to the State’s rules, also known as intestacy. The State may not pass your assets to the people you care about. You should be sure.

Also, you should know that...last will and testament

  •  A Will must go through probate! Basically, a Will is your ticket into probate court. (Many...
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Wills and Trusts - What You Think You Know (But Probably Don't)

This article regarding wills and trusts by Michigan lawyer Nicole Wipp and the Family & Aging Law Center PLLC is not, and should not be construed as, legal advice. It is for general informational purposes only. To better understand how this legal concept can be applied to you, consult with an attorney.

Clients often come to me with ideas about wills and trusts that they learned from friends, neighbors, and the internet.  I’ve come to realize that a lot of people think they know about wills & trusts - but they don’t

Unfortunately, most people don’t ever find out they don’t know, because by the time it comes to light, it’s simply too late.  Here are some frequently misunderstood facts about wills and trusts:

Wills: Your Ticket Into Probate Court

Listen and Learn! Nicole's Podcast Episode About Wills (click the orange arrow to listen):

 

  • A will is, essentially, your ticket into probate court. Many people think that if they...
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Estate Planning Checklist - Do You Need Estate Planning?

Here Are Eighteen Estate Planning Checklist Questions to Help You Learn Whether YOU Need Estate Planning

Many people have mistaken ideas about what estate planning is, or what it can do for you - and more importantly, for those you love. (These cover the most common concerns/concepts related to estate planning.)

  1. Do you have minor children or are you the legal guardian of a child under the age of 18?  Yes___ No__
  2. If your financial situation or finances become public knowledge, do you have concerns that predators might take advantage of loved ones in their time of grief or stress?  Yes____ No___
  3. If you got sick or injured, would you want to ensure that the person(s) that YOU say get to make your medical decisions if you can't do it for yourself? (And that a judge, or someone else, doesn't get to say who makes these decisions??)  Yes____ No___
  4. If you got sick or injured, would you want to ensure that the person(s) that YOU say get to make...
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