Sheehan & Associates, P.L.C.

Estate Planning And Probate Archives

Choosing the right trust for your circumstances

Trusts are a very common estate planning choice for those who have significant assets. This is true for several reasons, but most notably, it is because holding assets within a trust enables the assets to skip the probate process at the end of the estate planner's lifetime.

What are the disadvantages of not making a will?

Making a will and planning your estate effectively takes time and effort. Many people avoid engaging in the practice of planning their estate because they do not want to spend too much time thinking about the inevitability of death. The prospect of death is a morbid topic, but planning your estate does not need to be. In fact, planning your estate can be an uplifting activity because you can plan how your assets will benefit others in the future.

Considerations for an heir with special needs

You have a child with special needs. You provide support and assistance right now, but you are very conscious of the fact that your child will need extra help when you pass away. You're considering leaving them the bulk of your money in your will, knowing your other children will understand.

Wealth protection strategies should influence your estate plan

When starting to think about estate planning, you will likely come to realize the importance of wealth protection. When wealth is not protected strategically, it can become subject to high tax rates at the end of your lifetime. Additionally, assets can be vulnerable to losses if poor financial decisions are made regarding other assets.

Important steps when developing your estate plan

Wealth management professionals advise their high-net worth (HNW) clients to take some important steps when developing their estate plans to help ensure a seamless transition of their wealth to their heirs and beneficiaries. However, these steps are wise for just about anyone, even if your estate isn't in the millions of dollars.

Dealing with sibling rivalries when creating your estate plan

When you're developing your estate plan, it's important to acknowledge challenging family dynamics that might cause conflicts after you're gone. Many people don't like to admit to their estate planning attorney -- or to themselves -- that their children don't get along or that their blended family isn't exactly The Brady Bunch. However, attorneys have heard it all. By knowing what your concerns are, they can help you develop a plan that will minimize conflict.

When should you revise your will?

If you already have a will in place, congratulations! You're a step ahead of many Americans who never get around to writing one and leave their loved ones to deal with the courts as they settle their estate. However, it's essential to review your will and other estate planning documents on a regular basis -- at least annually -- to determine whether any changes are warranted.

Incorporating gift-giving into your estate planning

As part of their estate planning, people often decide that they would prefer to give away some of their assets while they're still alive. This way, the recipient can enjoy the gift -- whether it's money or property -- right away, and the donor can see their gift is appreciated. If you're considering giving a gift of considerable value to a loved one or other recipient, it's important to understand the potential tax implications.

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Sheehan & Associates, P.L.C.
1460 Walton Blvd , Suite 102
Rochester Hills, MI 48309

Toll Free: 877-600-7891
Phone: 248-218-1473
Fax: 248-650-5368
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