Reasons to Build an Estate Plan
1. Designating who will manage your affairs if you become disabled and when you die. If you fail to do so, a court will decide for you not only who receives your wealth but who will make the distributions. You never know who the court will appoint. Keep control of your own future!
2. Planning for Medicaid and its impact on your estate if you must go into a nursing home. Nursing homes today can cost as much as $75,000 per year or more, and a long-term stay can easily impoverish all but the wealthiest families.
3. Avoiding probate, during your lifetime and when you die. Do you want the court controlling you or your assets? Probate proceedings are public, expensive, and time-consuming and should be avoided whenever possible.
4. Protecting children from a prior marriage if you die first. Second marriage planning can be complex and tricky. Expert legal guidance is needed to ensure your assets are preserved and your children of your first marriage will receive the proper share of their inheritance. For more details regarding estate planning, you can also visit http://www.einheuserlegal.com/farmington-hills-estate-planning-attorney.
5. Protecting assets inherited by your heirs from lawsuits, divorces and other claims. Make sure your assets are inherited by your loved ones, not the people you don't want to receive them, such as their ex-spouses, in-laws, creditors or the IRS.