The Value Of Creating An Estate Plan Today

An estate plan is for anyone who has a house, 401(k), IRA, or checking and savings account. An estate plan is for people who’ve just gotten married or had a new child enter their family. An estate plan can also be for people who have had significant changes in their lives or relationships.

At Kuiper Kraemer PC in Grand Rapids, we understand that when it comes to planning for your future and the future of your loved ones, there is no one-size-fits-all approach. This is why we tailor each plan to fit your family, your wishes and your goals.

The Help You Need With Many Estate Planning Tools

Because everyone is in different stages of their careers, personal lives and financial paths, different tools are better fits for some people than others. If a marriage or divorce is happening, you may want to discuss your estate plan and any updates with an attorney.

• Wills: From the simple to the complex, a will tells your loved ones what you intend for your children, yourself and your assets. There is no better way to make your wishes clear.
• Power of attorney (POA) for finances: This is an easy way to ensure that someone will have the authority to pay your bills and manage your finances if you become unable to do so.
• Health care directive: This simple document lets your loved ones know what types of care and medical procedures you want taken should tragedy strike. It relieves your family of the burden of having to guess. It can also help them avoid blame, guilt and arguments.
• Health care proxy: When you designate a person to make health care decisions for you, you are giving them the authority to speak on your behalf about the decisions. This takes the strain off your family and helps prevent the contention a “group” approach can foster.
• Revocable trusts: Many families, even with seemingly modest assets, can benefit from having their assets in revocable trusts. We can discuss whether this is a good option for your estate.
• Probate: The estate threshold for Michigan residents for 2021 is $24,000. If the assets outside of a trust or other shielded account are more than that, the estate will be processed through probate.
• Business estate: If you, your spouse or your family owns a business or part of a business, it is crucial to have a plan in place regarding what happens to the business if you are no longer running it or are no longer an owner or part owner.

We can also have an in-depth discussion about the Michigan and federal estate taxes that you may face and strategies to make the most of your assets.

Let’s Sit Down And Plan Together

No matter what your Michigan estate planning needs are, we can help. Call 616-537-1016 to set up a time to meet with us. You can also reach out and tell us a bit about what you are looking for via our website contact email. In Grand Rapids, we offer estate planning services to clients in the city and the surrounding communities.