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Estate planning for high-net-worth individuals

Mar 23, 2022 | Estate Planning

Are you getting ready to plan your estate in Michigan? This can be a complex and tricky procedure at the best of times. It can be even more difficult to figure out if you are a person with a high net worth. If this is the case, you will need to carefully plan each move. There are a few things you can do to make it easier.

Appoint someone that you can trust

The first step of successful estate planning is to make sure to appoint an estate planner that you can trust. This is the person who will be in charge of seeing to your interests if you become disabled or pass away. The person you appoint should be someone with experience in estates and related legal matters.

There are a few key aspects that you will need to consider before you plan your estate. One of the most crucial will be to minimize your estate taxes. You will need to know your tax limits for such matters as gifts, estates, and generation-skipping. These change often, so it’s good to keep up to speed on these issues.

Leave provisions in case you become disabled

You need to have a reliable plan in place for the distribution of your assets in Michigan. This will be even more important if you should become disabled and unable to speak for yourself. There are certain provisions that you will need to put in place before this occurs.

These include appointing someone with the power of attorney. You can also file a living will or establish a revocable trust. You will also need to consult with your estate planner to find the best way to avoid probate. The sooner you resolve these matters, the easier it will be to avoid complications.