The purpose of estate planning is to help you achieve your personal and family goals after you pass away. It ensures that your assets will end up in the hands of those people whom you wish them to go to so that you can reach your personal and financial goals even after you die. You also can reduce the amount of taxes paid by planning your estate in the right way to ensure that your heirs receive a more substantial inheritance.

Estate Planning Attorney

Know this; your state treasurer or an attorney may be the most significant beneficiaries when you pass on if you don’t have an estate plan. Your family will be able to avoid unnecessary taxation and high payments to an attorney with estate planning and trusts. Proper estate planning by a probate lawyer doesn’t have to cost a fortune, and it puts you in control of the division of assets. It gives you control from the grave on the disposition of your items besides saving dollars that you want to go to your family.

The saying that the only two sure things in life are death and taxes has existed for centuries. Death is certainty and something that must be faced, but people don’t like thinking about it. A plan for your estate consists of a set of documents that help you plan for taxes and death, and it is something that nearly everyone needs — regardless of their financial and familial affairs are complex or simple.

Do You Want Probate Courts To Decide For You?

Many of these are problems most of us never think of during our lifetimes or are things that we simply choose not to believe. But if there is no plan in place, these issues are handled by the courts. It is therefore essential to have a plan in place so that you can decide for yourself the best choices for your family, such as who will care for minor children, who will receive your property, and who will finalize your affairs.

Naming an Executor

You also name an executor or executrix for the estate in the will. This is the person in charge of distributing the property at your demise. It is best to name an alternate if the primary executor is unable to do the job. You can use a spouse for this or a trusted child. This person overlooks the work of the attorney at the time of your death and arranges for the distribution of your property. If you worry about finding you’ll want someone else later, don’t. You can change any part of your will at any time.

Estate planning can be a somewhat complicated matter, and it does require good judgment to ensure that you achieve the outcomes you desire. It gives you a choice while you are alive to determine who, what, when, where and how your estate will be handled. It also allows for substantial savings when dealing with tax issues, court costs, and attorney fees. Planning your estate also helps your loved ones avoid the burden of having to deal with bureaucracy and confusion after you pass away.

Planning an estate can be a bit overwhelming. However, a lawyer specializing in estate plans has the knowledge and experience necessary to guide you through the process while. When you have a good plan in place, you are given the peace of mind knowing that all of your affairs will be handled as you wish after you leave this earth.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols call 734.386.0224 today.

Different types of family issues can be handled with the help of professionals in legal practices. Legal professionals are needed for making wills and trusts in order to give property to legal owners. Trusts are made in order to handle all the finances in a professional manner. Wills are made by people at the time of death in order to distribute their property to their desired people.

• Many professionals in law are available in order to provide services for making wills and trusts to help users.
• With the help of professional assistance it is possible to get benefits in many ways and remain safe from legal complications.
• You can have your family law attorney who will work for you and deal with your family issues.
• All types of legal issues related with any family can be handled with care with the help of professionals.
• There are many legal complications which are involved at the time of distribution of property.
• If the family members are not able to settle the matters of property among them then they have to consult with legal professionals who will check the matters and get legal decisions.
• Those people who have property and money and who are willing to give them to a desired person at the time of their death must use wills.

They hire professionals in law who will draw up a will for them. This legal document is used after the death of the person. In this document all the details about distribution of property are mentioned to help in smooth working. All the heirs of deceased person are required to work as per instructions of will. Details are mentioned about the amount of property and money to be given after the death of owner of property.

Lawyers and attorneys are given wills to make sure that the details and instructions in the will are completed and followed. Many people like to make a trust so that they can give care and money to their desired people. Trust is handled by legal professionals as per instructions of makers of trust. A beneficiary is nominated in trust who will receive the benefits of trust.

There is a specific term for which trust will work and at the time of completion of that period the person nominated as beneficiary will receive the benefits. Trusts are working to make sure that the nominated people could receive benefits without problems. Mostly trusts are made for kids who are not mature enough to take care of themselves. A beneficiary is nominated who works to make sure that the rights of kids are completed till a specified time period.

On that time the rights of property are transferred to kids and they are able to use the property or other things in trust. These and many other family related matters are handled with care through professionals in law. Many people are using wills and trusts and using services of legal professionals. You can hire a family law attorney who will work for you and deal with all types of legal issues to make sure that you can get benefits.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols call 734.386.0224 today.

When it comes to estate planning there are a number of professionals that can provide you assistance but none as thorough as an attorney that specializes in estate planning, family law, and/or elder law.  It is important to have the help of a professional when looking into creating a plan for the future and creating an estate plan.  An estate plan will help ensure that your property is distributed properly to your family and friends upon your passing.

Estate planning was designed to cover a person’s whole life span in matters related to their life and death.

Facts Surrounding Estate Plans

• You can hire an attorney that specializes in estate planning to assist you in establishing a reliable plan of action for your estate. This is helpful in case of your untimely passing or if something should happen to incapacitate you.  It allows your wishes to be known and followed through on.
• Having an estate plan in place not only offers you as an individual protection but your family as well.
• Estate planning allows you to avoid probate court and give protection to your family members and friends.
• An estate plan allows you to keep your money and property while you are living and transfer it legally to family.
• Many different benefits are derived from creating an estate plan. One benefit that is important is that you can nominate a person who will use the property at your death so that the property and other important belongings can remain safe from unauthorized access.  It also allows your property to be transferred to the desired people.
• Often times an attorney specializing in estate plans in order to get the biggest benefits. Professionals can offer up a number of options for users to choose from when they are creating plans for their estate.

All of these options will help make reliable selections when creating a detailed estate plan.  With the help of an estate planning attorney you get legal protection for your money, property, and other important things. Detailed investigation and reporting will be done and legal steps will be followed to make sure that you are going to use the property and transfer it to your desired persons.

These types of plans are important as these help in legal transfer of property from one person to another. Property matters are complex and take a lot of time to settle. In case of estate plan it is possible to transfer the property to the legal owner at the death of original owner.

Estate plans are reliable and legal in order to help users to remain safe from problems in transfer of property. There are many types of problems in connection with transfer of property when the original owner is dead. Estate plan is giving details about the legal owner who will use the property after the death of original owner.

The original owner is able to transfer the property and other things to desired persons with the help of estate plan. If you want to use the property and transfer it to legal owners of your choice after your death then you must use estate plan. You can hire attorney specializing in estate plans in order to get these types of services.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols call 734.386.0224 today.

Elder law is a field of the law that specializes in legal issues which affect senior citizens. Elder law planning covers quite a few topics, but there are a few key areas which routinely fall under its jurisdiction, namely health care, financial, and relationship needs.

Attorneys who specialize in this field will work closely with their clients, along with their families, to get an all-encompassing view of their needs. This practice of working closely with the client is the best way for a lawyer to tailor the best legal solution and ensure a high quality of life.

Attorneys working with the elderly can create plans for retirement, and help them acquire the long-term care they need. They will also take the necessary steps to protect their clients businesses, ensure the fair and equitable dispersal of valuables to the heirs and charities, according to the client’s wishes.

Health care issues are a major concern for the elderly and as the costs of assisted living or nursing home care can be quite substantial, proper planning needs to be in place to protect hard earned investments earned over a lifetime. Mismanagement in this area can often mean that the long-term care facility receives all of the person’s finances, rather than have it go to their loved ones.

Comprehensive elder law planning will put measures in place that protect the elderly should their health deteriorate to the point where they can no longer handle their finances. They can organize guardianships that go into effect once certain conditions are met, such as a doctor’s declaration about their mental health.

Not every elder law attorney can be an expert in every area so when choosing an attorney, ensure they have the expertise and experience to suit your situation. If not, most attorneys will be more than happy to refer you to one of their colleagues, if they are not in a position to meet your needs.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols call 734.386.0224 today.

Estate plans and wills are powerful documents. They grant you the ability to distribute your estate, appoint guardianship, pick your heirs, and give your most valuable belongings to your favorite people. It’s essential you have it in mind that a will is only a part of an estate plan, not an estate plan. A complete estate plan entails more than just a will. It should include an advanced directive, a power of attorney, and, if you so choose, trusts for your children, favorite charity, grandchildren or even a beloved pet.

Here is a concise explanation of each. An estate plan and a will grants you control over your assets, health decision, and a peace of mind for your family.

Estate planning allows you to prepare and forecast, during your life, for the supervision and control of your estate during your life and after death, maximizing gift, estate, and income tax in the process. By contrast, a will is a document that guides who will take your property after your death and it selects a legal delegate to ensure your wishes are carried out. An estate plan helps you plan for incapacity, reduce and eliminate uncertainties over the handling of a probate. It also minimizes the worth of the estate by decreasing tax and some other expenses. The ultimate goal of estate planning can be determined by the specific goals of the client and may be as simple or complex as the client’s needs dictate

It should be clear that an estate plan involves the trusts, will, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gift, and powers of attorney. It is the durable financial power of attorney and the durable medical power of attorney. In contrast, a will entails a property that is in your name when you die. A will never covers property possessed in joint ownership. A will never covers property possessed in joint ownership. For a property to be included in a will, it must be put in the estate plan. An estate plan covers every property that has been handed over to a trust. Some special decisions like whether to be buried or cremated can also be part of a will. It should be noted that some complex estate plans may even cover winding up a business.

A will go into effect only after you die, while an estate plan takes effect as soon as you create it. This implies that an estate plan contains documents like a trust, will, etc. which takes effect as soon as you create it. A will passes through probate. That implies that a court supervises the execution of the will and makes sure the will is authentic, and the property is shared the exact way the deceased wanted. A will permits you to name a guardian for your children and specify how your funeral should be. For an estate plan, you can plan for disability or provide savings on taxes. Your elder law attorney can tell you how best to use a will in your estate plan.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols call 734.386.0224 today.

Eѕtаtе рlаnning iѕ a term that is thrоwn аrоund a lot. And аlthоugh everyone agrees you ѕhоuld dо it, what is involved in the process is never ԛuitе explained in thоrоugh dеtаil. Pеrhарѕ thаt iѕ why ѕо mаnу people рut off thе tаѕk оf planning an estate and writing a will until thе last minute оr, wоrѕе, until it iѕ tоо lаtе. Lеt’ѕ detail not оnlу what еѕtаtе planning is but аlѕо what the еnd gоаlѕ оf planning уоur еѕtаtе should bе.

Eѕtаtе Planning, Whаt Is It?

Eѕtаtе рlаnning spans a rаngе оf fiеldѕ, inсluding thе drаfting оf a will, establishing trusts, reducing tаxеѕ, advance medical inѕtruсtiоnѕ, inѕtituting powers аttоrnеу, appointing truѕtееѕ, аnd buѕinеѕѕ succession planning. It involves сrеаting a fullу detailed рlаn thаt transfers уоur аѕѕеtѕ to thеir intended bеnеfiсiаriеѕ upon death. Whilе it ѕhоuld be wеll-ѕtruсturеd, it must аlѕо make rооm for flexibility.

Gоаlѕ аnd Rеwаrdѕ

Thе goals of planning уоur еѕtаtе and сrаfting a will аrе tо rеduсе lеgаl рrоblеmѕ, avoid expensive litigаtiоn, аnd rеduсе tаxеѕ. This, fоr аll its lеgаl complexity, rеԛuirеѕ the assistance аnd guidance аnd еxреrtiѕе of ѕеаѕоnеd lеgаl рrоfеѕѕiоnаlѕ whо ѕресiаlѕ in wills and еѕtаtеѕ. Cоmрrеhеnѕivе finаnсiаl and asset mаnаgеmеnt is оffеrеd during thiѕ рrосеѕѕ tо ensure that nо lоорhоlеѕ are lеft untiеd аnd nо dеtаilѕ аrе lеft оut, whiсh mау рrоvе to dеtrimеntаl tо thеѕе gоаlѕ in the еnd.

Before You Start Plаnning Your Eѕtаtе

Yоu will nееd a lawyer whоm уоu trust. If уоu dо not already have a lawyer, find оnе in уоur аrеа who ѕресiаlizеѕ in еѕtаtеѕ аnd willѕ, ѕресifiсаllу, tо hеlр уоu сrеаtе a solid ѕtrаtеgу that fitѕ уоur uniԛuе needs.  Don’t bе timid! If уоu аrе not ѕurе уоu hаvе fоund thе right legal representation, trеаt уоur firѕt meeting with thеm as an intеrviеw. Ask questions and don’t be аfrаid to ask fоr rеfеrеnсеѕ from сurrеnt сliеntѕ.

In рlаnning your еѕtаtе аnd creating a will, you have a vаriеtу оf орtiоnѕ, which you саn оnlу utilize with thе hеlр of  an attorney specializing in estate planning. It is wise tо соntасt legal rерrеѕеntаtiоn in your area as they will have the best understanding of  local laws that need to be recognized. Find a lаwуеr who ѕресiаlizеd in the аrеа оf willѕ and estate planning as they can guide you through the lоорhоlеѕ thаt саn еithеr nеgаtivеlу оr positively imрасt your efforts аnd gоаlѕ. A great lаwуеr will hеlр you tо dеviѕе a ѕtrаtеgу thаt is fullу in уоur fаvor and tаkеѕ full advantage оf аll estate lаwѕ.

In our next installment on estate planning we will go more in depth into the process and how it will affect your heirs and probate as it affects your end goal of transferring your assets.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols call 734.386.0224 today.

When creating an estate plan it is important to ensure that you are incorporating all the features in the correct way.  This is the main reason that you always hire a professional estate planning attorney to assist.  There are several common mistakes that can be made when preparing an estate plan.  In this installment on estate planning we will discuss the most common mistakes in estate planning to help you avoid making them.

The number one mistake that is made when drawing up an estate plan is not appointing a guardian for your children.  You must appoint a clear cut guardian for your children, in writing, to avoid problems at a later date.  Children under eighteen years of age need to be cared for by a guardian.  When you take the time to talk with individuals in your life about this responsibility and make it official by stating your desired wishes in your estate plan it will be easier to ensure the children will be properly cared for until they are eighteen.  Otherwise, like everything else, guardianship of your children will be determined in probate by the court.

Another common mistake in estate planning is to think that once you have a plan in place that it will forever be current and doesn’t need updating.  Your estate plan must be updated regularly when changes occur.  The birth of a child, grandchild, purchase of estate, and new investments are all changes that will require your estate plan to need updating.  It is in your best interest to get in the routine of updating your estate plan every three years if not more often.  If a fall out occurs within the family but your estate plan was already erected the individuals still have legal rights to your estate.  It is crucial to keep your estate plan up to date and file with an attorney specializing in estate plans and probate law.

Another common issue that is overlooked is inheritance tax.  When you are giving something to someone it is crucial that you account for the taxes that they will be incurring.  There are ways to minimize tax liability to the recipient.  If there a large state of liability, you have to be sure that you are dividing up the tax liability among different individuals.  Doing so makes it easier to account for tax liability and do your best to minimize it.

Proper estate planning should be done in conjunction with an attorney specializing in probate law and estate planning to avoid future issues involved.  An estate plan should ensure that this transition in your life is predictable and non problematic for your heir’s.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols call 734.386.0224 today.

In order to create a proper estate plan you need to have an understanding of not only your investments but also your personal possessions.  It is also crucial that you are aware of and working with an attorney knowledgeable of the local laws and regulations.   The entire process can seem quite overwhelming if you don’t have the right professionals working with you to create a flawless estate plan to help ensure your estate avoids probate upon your passing.

A qualified estate planning attorney is best equipped to help you through this complex spider web of organizing your assets and creating a solid plan of action in the event of your untimely passing.  It is important to recognize that there is a difference between the types of attorneys that can help you create an estate plan verse one that can get you out of a criminal charge, divorce, or other such legal matters.

In order to create a flawless estate plan it is important that you work directly with an attorney that specializes in estate planning and a variety of issues that come along with aging such as elder law, probate law, wills and trusts, and more.  In this installment on estate planning we will share with you three tips to help you in finding and utilizing an attorney specializing in creating estate plans.

• Ask your family and friends for references to attorneys that they may have previously used to create their estate plans.  Working with an attorney in estate planning that you already have a remote connection to can generally start the process in the right direction.  The process of creating a plan for the transfer of your estate can be complex and complicated.  Working with a proven trust worthy attorney from the state can help.
• Get professional references from your financial advisor. They have inside information when it comes to working with area attorneys.  Your financial advisor is incredibly familiar with your financial assets.  They have worked in conjunction with many area attorneys and can guide you to a reputable estate planning attorney from the start. It is beneficial that your attorney and financial advisor have a working relationship as well to ease future transactions with the estate.
• Take time to spend researching the internet for not only estate planning attorney reviews but also information that is up to date on estate planning. The more you know about estate planning ahead of time the more prepared you will be.  Finding a local estate planning attorney is in your best interest as they will know the ins and outs of the estate regulations in your area.  The internet is a great source to get additional information to help make an educated decision.

As you start looking for an estate planning attorney remember to check for solid references from family, friends and trusted professionals.  To follow up recommendations and to gain more understanding of the process head to the internet for additional research.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols call 734.386.0224 today.