Less than one-third of Americans say they have a will or another type of estate planning document!* (Source: Caring.com).
Estate Planning encompasses not just planning for transfer of assets at death, but also planning for incapacity or disability during life. With an aging population, dementia is increasingly common and necessitates proactive and early planning, regardless of one’s age or health.
Goals with estate planning may include avoiding probate, planning for personal family issues including unique health issues or special needs, planning for a blended family, business succession planning, generational wealth transfer, charitable giving, or educational planning.
With Miracle Law you’ll receive a comprehensive estate plan and a holistic approach throughout the entire process. Attorney Miracle offers a complimentary consultation to discuss your assets, family dynamics, long-term care, potential nominee fiduciaries, and any special situation that may apply to you. Based on your concerns and objectives, Attorney Miracle will provide recommendations for which documents you'll need to accomplish those goals.
Once a plan is selected, a signing date is scheduled. You'll come back in for the signing and a detailed explanation of the documents, which typically includes discussion on how to accomplish trust funding. It's all pretty painless, and you will have peace of mind and feel better when the process is finalized.
You don't simply receive legal documents. The Comprehensive Estate Plan includes the following:
A leather binder featuring personalized estate planning information, all of your documents, and instructions for your successors. Everything in one place.
Each document has a summary tab describing its purposes and explaining when it takes effect.
A convenient guide to the location of your important documents and who to notify in the case of your disability or death.
Step-by-step instructions on re-titling assets of any kind to your Trust.
We personally record any deeds on your behalf and ensure all beneficiary forms are modified accordingly.
Every detail is anticipated, including care for children or pets, funeral and burial instructions, and even philosophical wills.
Your successor will be empowered to handle any necessary steps upon your incapacity or death. We include checklists of action-items.
When properly funded, a trust avoids probate for all of your assets and allows the trustee to have total control over your assets – saving your loved ones significant probate costs. Typically, you are the trustee until you become disabled or pass away.
A Trust provides a private, prompt, flexible and efficient method to distribute your assets after death. It protects against conservatorship proceedings if you become legally incompetent. It can avoid or reduce death taxes. A trust may provide protection from creditor actions for trust beneficiaries. Trusts are easily amended should circumstances change.
Careful planning allows them to maintain eligibility for income-based government benefits. Special Needs Trusts are divided into two categories: first-party (self-funded) or third-party, when they are created for the benefit or someone other than the grantor. Specific requirements accompany each type, and some may need approval from the probate court.
It does not avoid probate. Without a will, Michigan law governs distribution of property through a series of default rules. A Will also appoints a guardian and conservator for any minor children.
These powers will not be affected by your disability.
Your Patient Advocate is given broad authority to make many important decisions for you. In the "Living Will" section of these documents, you inform your health care providers, family and patient advocate of your wishes should you become unable to participate in medical treatment decision making for yourself. In certain situations, you ask that you be given comfort care and pain relief but that no life prolonging procedures be used.
