By: Gene F. Turnwald
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At The Law Office of Gene Turnwald, we create comprehensive estate plans for our clients throughout Greater Lansing and the State of Michigan. Our law firm is dedicated to providing personally custom and tailored legal solutions. We work closely with you to determine your goals and then we develop customized solutions for your wills, trusts, and other documents to distribute your hard earned assets they way you want to. The fact of the matter is that everyone should plan for the organization of their estate. Do you have assets that you want control over? Then you need to have a plan in place for the distribution of your assets and estate. If you happen to pass away before making a plan, you are allowing the State of Michigan do make the decisions for you and that is certainly not something most people want. Gene Turnwald offers the following Michigan estate planning services:
- Estate Planning
- Living Wills in Michigan
- Power of Attorney
Living Wills in Michigan
The whole purpose of a will is to aid individuals with the distribution of asses and if required to determine the guardianship of all children after death. Our attorneys are here to help you both assist you in carrying out your wishes and greatly reduce some taxes that are payable upon death. Gene Turnwald and our attorneys will use our decades of experience to create a will that satisfies our clients wishes but also meets all legal requirements by The State of Michigan and federal law. Assets that are to be distributed can be broken down into two separate categories.
Tangible assets are physical items that you can touch and hold financial value or many times historical or sentimental value as well. Oftentimes, these are the items that are most prized by members of the family and distribution can become contentious. Some examples of tangible assets include:
- Fine Jewelry
- Guns or Firearms
- Coin Collections
- Other Collections (stamps, comic books, baseball cards, etc.)
Intangible assets are non-physical assets that can take a variety of forms. These type of items are usually much more difficult to divide. Gene Turnwald will help you consider the future possibilities of these assets. Intangible assets or gifts to consider include:
- Mutual Funds
- Intellectual Property
- Franchise Rights
Trusts in Michigan
The attorneys at The Law Office of Gene F. Turnwald have decades of experience preparing all types of trusts in Michigan. Trust play a critical role in every estate plan regardless of the amount of wealth of the individual. The use of various forms of trusts is one of the best ways to avoid probate and is also the best way to transfer both tangible and intangible assets to your family and loved ones. We base all of our estate plans on the circumstances and wishes of our clients. Trusts are no different. We will help clients create a portfolio of trusts based on their exact needs. Some examples include:
- Revocable Trusts
- Irrevocable Trusts
- Life Insurance Trusts
- Family Trusts
- Bypass Trusts
- AB Trusts (Also called Marital Trusts)
- Credit Protections Trusts
Having the right plan for trusts and other estate planning tools is essential for you family and loved ones after death. It makes the probate process much more simple, easy, and quicker. It also maximizes the value of your assets available to disperse.
Protect Yourself With the Powers of Attorney
Power of attorney is primarily used to appoint someone to be in charge and handle your financial and medical needs in the occasion that you are incapacitated. According to Michigan Law, a power of attorney is a document that appoints another individual the power or authority to make financial, property, and all other legal decisions on your behalf. Some reasons for developing this document is declining mental health, possible sickness, and simply getting older.
It’s impossible to predict the future and nobody wants to think about themselves as not being able to make sound decisions. Unfortunately, it does happen and it’s best to have a plan in place. Instead of putting your life in the hands of the courts or judge, you should select someone capable of handling your affairs if the worse does happen.
Michigan Estate Planning Attorneys Can Help You
Estate Planning is an afterthought for a lot of individuals, but it is extremely important to use wills and trusts to organize all of your assets and arrange distribution of everything to your family, loved ones, or descendants.
Our estate planning lawyers have helped hundreds of individuals create customized solutions for their estates and we can help you to.
We can fully answer all your questions and concerns along with explain the various options to protect your property.