Probate Estate Planner Taking the Mystery out of Wills and Trusts
Probate Estate Planner is the Milford, Oakland County, Michigan based law firm of Raymond C. Barry & Associates, PLLC.
To Speak With an Attorney Right Away, Call: 248-505-1648
We provide every client with a free consultation, with no obligation. Our lawyers design and provide effective and affordable Wills and Trusts along with Medical and Financial Durable Powers of Attorney and other supporting documents. We take the time necessary to explain in detail to our clients what it is and how it works to ensure the efficient transfer of wealth with minimal tax consequences.
As an added benefit, our attorneys will conduct these free consultations in the privacy and comfort of our client's home at a time more convenient to them. In addition, our lawyers are willing to meet with clients at their office, work place or, if necessary, in the hospital.
Who Needs an Estate Plan?
Every person in Michigan that owns a home, has children and accumulated assets, needs an estate plan. A properly drafted testamentary estate plan will transfer wealth and property to a person's heirs by avoiding probate of assets and minimizing taxes after death. In addition, having an estate plan in place that includes durable powers of attorney will eliminate the need to go to probate court to petition for a guardianship over a loved one who has been incapacitated by illness or injury.
What Is An Estate Plan?
A common estate plan, in the simplest form, consists of three documents: a Will, a Revocable Living Trust and a Durable Power of Attorney. With each of these documents, a person creating the estate plan, known variously as a Testator, Grantor or Trustee, appoints a trusted individual known as a fiduciary, to carry out the directions of the maker of the will or trust at the time of the maker's death or incapacity.
What Is The Purpose Of An Estate Plan?
An estate plan, properly drafted and executed, applies the law of estate administration to accomplish the goals of the creator of the Will and Trust. Ideally, probate of assets is avoided, the beneficiaries and their distributions are kept private and estate tax is eliminated. The surviving spouse continues to live in the manner he or she became accustomed to during the life of both spouses. The children of the marriage, or previous marriage(s) are properly remembered in the distribution of the estate.
Why Do I Need An Estate Plan Now?
Because: FATE DOESN'T WAIT AND NEITHER SHOULD YOU! When life events happen, sometimes they happen fast and without warning. If a person is severely injured and incapacitated in an accident, it is too late to get a durable power of attorney signed. You are now forced to go to the probate court and petition for a guardianship in order to have the authority to make medical decisions on that person's behalf or conduct business.
If a person is killed in an accident or dies from a medical emergency, it is too late to sign a Will or make a Trust. The surviving spouse must now probate the decedent's estate (assets) in order to get authority to transfer ownership of the assets if they are not already properly titled or have designated beneficiaries.
It is too late to get life insurance and this can leave your family financially devastated.
Raymond C. Barry & Associates, PLLC
510 Highland Ave #203
Milford, Michigan 48381-1586
248-505-1648
Last Will and Testament A Will is the first building block in a complete Estate Plan to protect the Testator's assets for his or her heirs, appoint a Personal Representative and distribute accumulated lifetime wealth
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Trusts Trusts, both revocable and irrevocable, play an important role in proper probate and estate planning
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Power of Attorney A power of attorney allows you to authorize another person to act on your behalf in making business and medical decisions.
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Living Will A "Living Will" is a misnomer for what is essentially a durable power of attorney for medical decision making. It is not a "Will" at all.
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Probate Probate, in regard to decedent estates, is the legal procedure of administering and proving the validity of a Will.
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Special Needs Trusts Special Needs Trusts are written instruments drafted in a way that provides supplemental or discretionary funds to a child with a disability such as cerebral palsy, autism, Down syndrome or other im
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Death Taxes Death Taxes, aka: federal estate tax and inheritance tax, should be a primary consideration when drafting an estate plan.
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Gift Taxes Gift taxes: a tax imposed on transfers of property by gift during the lifetime of the transferor (person making the gift).
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Contact Us Contact Probate-Estate-Planner
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Estate Administration - Claims Against the Estate Estate Administration is the process of probating the estate of a deceased person.
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Deeds Deeds can be used to transfer real property and avoid probate
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Lady Bird Deed (aka: Enhanced Life Estate Deed ) A "Lady Bird Deed" is used to transfer real property to others at death, yet retain control over the real estate during life.
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Duties of the Personal Representative A person named in a will as a personal representative has many duties and responsibilities to the estate of the decedent.
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Inventory and Accounting Conducting an inventory and accounting of the decedent's property is a starting point in the administration of a decedent's estate.
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Community Property and Common Law Property Community property is all property acquired by a husband and wife after marriage.
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Attorney Profile Attorney Profile: the background, education and experience of attorney Raymond C. Barry
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Estate Planning for Retirement Assets, 401k and IRA Proper Estate Planning for your retirement assets such as 401k, 403b, Roth IRA and traditional IRA accounts are essential to avoid paying unnecessary taxes to the IRS.
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Choices of a Surviving Spouse A Surviving Spouse may accept the terms of the will or choose to take a forced share under Michigan Probate law.
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Estate Planning For Second Marriage In second marriage situations, there are special concerns to be considered when planning an estate.
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Prenuptial Agreements Prenuptial Agreements are tools that allow couples contemplating re-marriage to clarify financial rights, protect each other from debt and avoid arguments in case of divorce.
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Divorce and Your Estate Plan Divorce is a life event that requires a new or restructured estate plan.
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Testamentary Trust A Testamentary Trust is a trust that is created by a person’s Last Will and Testament.
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Long Term Care Long term care must be planned for well in advance in order to preserve assets and obtain the insurance necessary to provide the care you want in later years.
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Children Children over the age of eighteen need medical and general durable powers of attorney in order for parents to obtain medical information and make decisions on their behalf.
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guardians Part of the Estate Planning process for parents of minor children is choosing proper guardians to care for their children in the event of death of both parents.
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Charity For many people, providing for their favorite charity at death is an important part of the estate planning process.
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Funeral Funeral arrangements, unless made prior to the need for them, can lead an unsuspecting spouse or family member into buying unnecessary and unneeded services.
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Medicaid Medicaid is a jointly funded Federal and State program that provides health care coverage to many needy individuals and families who qualify.
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Social Security Deciding when to collect social security benefits is the most important financial decision you will ever make.
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HIPAA HIPAA is the federal privacy laws that protects an individual's medical information.
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Michigan Pet Trusts Pet trusts: Including your cat, dog or other pet in your will or trust can ensure their care after you die or become incapacitated.
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Estate Recovery Federal law requires each state to have a Medicaid Estate Recovery plan to reimburse Medicaid for money spent on plan recipients.
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Oakland County, Michigan Cities and Townships We Serve Probate-Estate-Planners.com serves western Oakland County, Michigan including Milford, Waterford, Novi & Wixom
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Unmarried Couples, Estate Planning in Michigan It is critical for unmarried couples in Michigan, living in a committed relationship, to have an effective estate plan in place to protect their loved one.
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Client Testimonials Client testimonials provide a way for the public to verify the character and ability of a lawyer before hiring him.
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