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Estate Planning Law in Bloomfield Hills, United States involves the creation of a strategic plan for managing your assets during your lifetime and distributing them after your death. This legal field includes preparing documents such as wills, trusts, powers of attorney, and medical directives. It also addresses issues related to asset protection, taxation, business succession, and charitable donations. It's a pertinent area of law that anyone who has property, cash assets or dependents should consider stepping into at some point.
Though it's possible to create an estate plan on your own, consulting with an experienced attorney can be beneficial for several reasons. You may need a lawyer to navigate the complexities of tax laws and ensure your assets are distributed in accordance with your wishes. Lawyers can also help avoid probate, a lengthy and often expensive legal process. You might also need a lawyer if you have dependents with special needs, if you own a business, or if you have significant assets in 401(k)s or IRAs. Lastly, laws can vary state by state, making professional advice crucial for compliance.
In Bloomfield Hills, and Michigan at large, there are specific laws that govern estate planning. Wills must be signed by the person creating the will and by two witnesses. For trusts, Michigan law allows for the establishment of both revocable and irrevocable trusts. Michigan estate tax law aligns with the federal estate tax laws, which as of 2020 exempts estates valued less than $11.58 million. It's advisable to consult with a local lawyer to understand these laws in-depth and how they may apply to your situation.
While it's legally allowed, drafting your own estate plan without an attorney's expertise could lead to problems. The language might be misinterpreted, leading to property distribution against your wishes or unexpected taxation.
When a person dies without a will, their estate is divided according to the intestacy laws of Michigan. Generally, your closest relatives will inherit your estate. This may not always align with your personal wishes. Therefore, having a will is important.
Ideally, you should review your estate plan whenever significant changes happen in your life like marriage, divorce, birth of a child, or acquisition of significant property. Regardless, you should review your plan every 3-5 years.
Michigan generally recognizes out-of-state wills, provided they were valid in the state where created. Despite this, you should consult with a Michigan estate planning attorney after a move. They can advise if any changes are needed.
Michigan doesn't have a separate gift tax. However, large gifts may fall under federal gift tax law, and may be subject to taxation depending on their value.
For more detailed information, consult the Michigan Probate and Estate Planning section of the State Bar of Michigan website. Also check the Michigan Legal Help website, which provides a wealth of resource to help you understand estate laws in Michigan.
If you need legal assistance in estate planning, consider finding an experienced attorney who specializes in estate planning law in Michigan. Research online directories, seek recommendations or contact the State Bar of Michigan for a referral. Always verify the lawyer's credentials, and ensure they have the experience necessary to meet your unique needs.
