Protecting Your Legacy Through An Estate

“What you leave behind is not what is engraved in stone monuments, but what is woven into the lives of others.”
– Pericles, General of Athens

At MacDonald Law, P.C., we have the tools to help you protect your legacy, sidestep conflict and avoid court with a proper estate plan. What constitutes a proper estate plan will differ from one family to the next. Although everyone should have a will, not everyone needs a living trust. Consider a living trust, however, if any of the following apply to you:

• You would like to avoid your financial information from becoming a public probate record.
• You are married with children under 18 years of age.
• You are in a blended family with children from other relationships.
• You are a single parent with a problematic ex who could become conservator for the children and spend their inheritance before they turn 18.
• You are interested in a “generation-skipping transfer” (GST) trust. During the child’s life, the trust assets are used for the health, education, maintenance and support of the beneficiary. After your child’s death, the assets go to your grandchildren, without taxation to your child’s estate.
• You have assets valued at over $11.58 million, which is the 2020 federal estate tax exemption.

If you do not have an estate plan, or wish to revise an existing plan, please contact us for a complimentary consultation. We would also be happy to assist you in any business, real estate or asset protection matters.

How We Help You Plan Your Legacy

We create comprehensive estate plans that protect your assets and provide for your loved ones according to your wishes. Our services address every aspect of estate planning to give you complete peace of mind:

• Wills
• Trusts
• Powers of attorney
• Patient advocate designations
• Probate
• Trust administration

Serving since 1995, our lawyer will tailor each estate plan to our client’s unique needs and goals.

Is There A Way For To Pass Assets Down To Your Grandchildren But Not Your Children?

Generally, yes. There are many different options that protect your assets while also ensuring that they are passed to the correct heir. A generation-skipping trust (GST), for example, allows you to pass assets on to your grandchildren while “skipping” your children. This protects those assets from being taxed twice, as they will only be subject to estate taxes as assets inherited by your grandchildren. You can also earmark funds to be used for educational purposes, which is another way to prevent them from being heavily taxed. In addition, you can also establish a trust for a specific grandchild. The best way to determine the ideal solution for your situation is by speaking with attorney.

What Is The Best Way To Include Real Estate In An Estate Plan?

One of the most common ways to pass real estate to a beneficiary is to put it into a trust. While the paperwork to do this can be time-consuming, it will ensure that your assets are passed to the correct heir at the appropriate time. Another way to include real estate in your estate plan is by establishing co-ownership with your designated beneficiary. By doing this, the real estate asset may be able to avoid going through probate and will pass efficiently to the person you choose.

How Can You Protect Your Estate Plan From Being Public Knowledge?

Consulting with an attorney about what information you want to protect is a good first step. With the help of your estate planning attorney, you could create a revocable living trust, which will stay private between you and any specifically named trustees. After you pass, your trustee will carry out your last wishes, and they will likely not become public record.

Personalized Estate Plans For Your Life

You’ve worked hard to build your legacy; now let us protect it. Call 248-775-5338 today or send us an email to schedule your first appointment and create an estate plan that works for you and your family.