One main concern in many estate planning cases is asset protection. People want to be assured that when they pass away, their assets will go to their rightful heirs and not be diminished greatly to estate taxes or court fees.
There are many different reasons to seek asset protection in estate planning, including:
- Nursing Home Costs
- Problem Beneficiaries
- Taxes & Fees
In many cases, people wish to protect their assets by keeping them out of probate. This can be done through establishing a Living Trust. In addition, some estates may qualify for small asset probate if the total value of the estate is under $18,000, according to Michigan probate law.
Protecting Your Assets in Probate
There are many different situations to plan for in protecting your assets. Ideally, you want to be sure that your assets will be distributed according to your final wishes to beneficiaries such as a surviving spouse, children or charity.
Protecting assets does not necessarily mean avoiding probate. In addition, avoiding probate will not always protect all of your assets.
The skilled and experienced team of estate planning attorneys at Kelley & Evanchek, PC has handled hundreds of different estate planning and asset protection cases over the years. We are here to help guide you through the process of planning for your estate and answer any questions you may have.
Contact us online or call today at (734) 397-4540 to set up a free legal consultation.