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Creating An Estate Plan Can Raise Questions – We Have Answers

When you’ve worked hard to create a legacy, the thought of passing it to the next generation can be overwhelming. How can you ensure that your wishes are carried out? How can you be confident that your family won’t be swept up in a long probate battle? At MacDonald Law, P.C., we can answer those questions and more. Continue reading to learn more about how we help families create estate plans that work for them.

Is there a way for me to pass assets down to my grandchildren but not my 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 I protect my 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.

Call Us To Help Protect Your Legacy

Making decisions that impact your future is hard, but making decisions that impact the futures of your family and friends can be so much harder. Call 248-775-5338 today or send us an email to start creating an estate plan that gives you confidence in the future.